Tandem Bank is making another bold move in the fight against climate change, working with Climate Impact Partners to offset 100% of its operational Scope 3 carbon emissions for 2023.
Tandem has made strong headway on emissions: Scope 1 reductions are well underway, and Scope 2 emissions have been reduced to zero, with all Tandem offices now powered by renewable electricity. This initiative with Climate Impact Partners centres on offsetting operational emissions — all emissions both directly and indirectly related to Tandem with the exception of those from lending products — by purchasing 3,013 tonnes of high quality carbon credits. This contribution is making an immediate impact by financing essential projects that drive real emissions reductions globally.
The revenue generated by the sale of carbon credits is being used to support Rooftop Solar Energy projects in East Africa, helping bring solar lighting systems to households across Kenya and Uganda. This initiative not only cuts down on CO2 emissions but also improves health by reducing indoor air pollution and providing affordable, clean energy to communities heavily impacted by climate change. Some of the world's most advanced mobile-based payment technology is built into the solar lighting systems, effectively providing microfinance, particularly to low income users.
Why offsetting matters
Offsetting offers a practical solution for immediately tackling unavoidable emissions and complements the internal reduction work Tandem is doing to bring emissions and customers emissions to Net Zero. The mechanism operates like a seesaw, with every unit of CO2 emitted being balance out by projects that cut CO2 elsewhere. In Tandem’s case, that means supporting renewable energy initiatives that reduce emissions while creating real benefits for communities hardest hit but least responsible for climate change.
Alex Mollart, Chief Executive Officer, said: “Banking shouldn’t cost the earth. At Tandem, we’re helping people live greener lives — whether it’s through loans for energy-efficient homes or green savings - whilst reducing carbon footprints. As we work towards our own net zero targets, offsetting lets us act now. Partnering with Climate Impact Partners, with their 20+ years of expertise in carbon offsetting, means we know the projects we support are making a real, verified impact on the climate."
Kate Meikle from Climate Impact Partners explained: “We work with leading organisations to deliver action on climate change and create a more sustainable world. Our joined-up approach helps organisations address their environmental impacts through high-quality carbon market solutions that also deliver positive impact for nature and local communities.”