Nationwide Building Society is a British financial institution that operates in the retail banking sector. It is the largest building society in the world with over 15 million members and assets worth over £245 billion. The society was founded in 1846 as the Provident Union Building Society and has since grown to become a major player in the UK banking industry. Nationwide is committed to sustainability and has been taking steps to reduce its carbon footprint and promote renewable energy.
Decarbonisation is a key focus for Nationwide. The society recognises the urgent need to reduce greenhouse gas emissions and mitigate the effects of climate change. In 2019, Nationwide set a target to reduce its carbon emissions by 50% by 2030, compared to 2016 levels. The society is also committed to achieving net-zero carbon emissions by 2050. To achieve these targets, Nationwide is implementing a range of measures, including energy efficiency improvements, renewable energy generation, and carbon offsetting.
Corporate energy is another area of focus for Nationwide. The society is committed to reducing its energy consumption and increasing the proportion of renewable energy it uses. Nationwide has implemented a range of energy efficiency measures across its estate, including LED lighting, building management systems, and energy-efficient heating and cooling systems. The society has also installed solar panels on the roofs of several of its branches, generating renewable energy on-site.
Corporate power purchase agreements (PPAs) are an important tool for Nationwide in its efforts to increase its use of renewable energy. PPAs allow businesses to purchase renewable energy directly from generators, providing a stable, long-term source of renewable energy. In 2020, Nationwide signed a PPA with a wind farm in Scotland, which will provide the society with 23% of its electricity needs. The PPA is expected to save Nationwide around £3 million over the next 10 years and reduce its carbon emissions by around 7,000 tonnes per year.
Renewable energy is a key part of Nationwide's sustainability strategy. The society is committed to increasing the proportion of renewable energy it uses and has set a target to source 100% of its electricity from renewable sources by 2030. Nationwide is investing in a range of renewable energy technologies, including wind, solar, and biomass. The society is also exploring the potential of emerging technologies such as hydrogen fuel cells and energy storage.
Nationwide's commitment to sustainability extends beyond its own operations. The society is working with its suppliers and partners to promote sustainable practices throughout its supply chain. Nationwide has developed a sustainable procurement policy, which sets out the society's expectations for its suppliers in terms of environmental and social responsibility. The society also works with its customers to promote sustainable practices, offering a range of green products and services, including mortgages for energy-efficient homes and savings accounts that support renewable energy projects.
In conclusion, Nationwide Building Society is a leading player in the UK banking industry and is committed to sustainability. The society recognises the urgent need to reduce greenhouse gas emissions and mitigate the effects of climate change. Nationwide is implementing a range of measures to reduce its carbon footprint, increase its use of renewable energy, and promote sustainable practices throughout its operations and supply chain. The society's commitment to sustainability is reflected in its targets to reduce its carbon emissions and source 100% of its electricity from renewable sources by 2030. Overall, Nationwide is a shining example of a company that is taking meaningful action to address the urgent issue of climate change.