Tandem has announced that it has offset 100 per cent of its operational emissions in 2024 by purchasing over 3,300 tonnes of carbon credits.

As the UK carbon credits market still finds its feet, the bank said it has partnered with Climate Impact Partners (CIP) to ensure every credit delivers proven impact.

Tandem said CIP is recognised globally for delivering trusted, independently verified offsets and will help the bank to invest in long-term projects.

Statistics from corporate carbon offsetting company One Tree Planted and the MIT Climate portal shows that offsetting over 3,300 tonnes of CO₂ is equivalent to taking over 700 cars off the road for a year, preventing about 2,000 London-New York flights or matching the work of 330,000 trees absorbing carbon for a year.

Building on 2024 success, this year’s investment will continue to fund rooftop solar energy projects in Kenya and Uganda which the bank claims will deliver immediate, high-impact and measurable results.

In parts of Kenya and Uganda, many homes are still off the grid and families rely on kerosene lamps, which Tandem said are expensive, smoky and dangerous.

Rooftop solar projects deploy a system which provides three LED lights, a lithium-ion battery and options to charge phones or power radio.

A built-in mobile payment plan makes them affordable even for low-income households, the bank said, effectively bring microfinance to clean energy.

The system helps to reduce CO₂ emissions as kerosene use falls, indoor air becomes cleaner and safer, and families get reliable power.

Beyond cutting carbon, Tandem said the project delivers tangible social benefits, empowering communities most affected and least responsible for climate change.

“CIP deliver the gold standard in carbon credits, so it’s great to again partner with them – we know that it will have a real, tangible and measurable impact,” said James Streeter, Tandem’s head of sustainability. “But this is just one pillar of our Sustainability strategy.

“We rolled out our new Sustainability framework last year, reporting enhanced disclosures on all Scope 1, 2 and 3 emissions. We’re continuing to work on it and reduce emissions across the board!”

Tandem explained that offsetting alone will not solve climate change, adding that it believes its footprint should be neutral while it works on reducing other emissions at source.

Tandem has committed to reaching net zero by 2030 for Scope 1 and 2 emissions and by 2050 for Scope 3, following as closely as possible Science Based Targets initiative (SBTi) guidance.

The bank said that in 2024 it cut Scope 1 and 2 emissions by over 50 per cent by moving offices and removing natural gas heating.

Across its UK offices, Tandem is switching to renewable electricity, upgrading appliances, reducing waste and cutting travel.

Additionally, the bank shares it is addressing supply chain emissions by gathering sustainability data from more than 150 suppliers to help target and reduce indirect carbon impacts.

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