Our path to
What we've achieved so far and what we plan to do next
Why Net Zero?
In February 2021, we set a 2030 Net Zero target.
We're doing this for a few reasons:
1. Humanity is under a code red warning.
2. We must transition to a lower-carbon economy.
3. The last decade was the hottest in 125,000 years.
4. It's our responsibility to drive change and influence others.
Our four-step
Net Zero strategy
1. Measure
Define a baseline (2021) and measure our total carbon footprint.
Set SBTi-aligned 1.5º pathway targets of 30% reduction by 2025 and 90% by 2030.
2. Set targets
Reduce our emissions in line with a 1.5º pathway.
3. Reduce
The last resort. Find a credible offsetting provider or develop our own carbon capture technology to reduce our emissions.
4. Offset
20% absolute emissions reduction in supply chain
Major milestones (so far)
Aurora Group's emissions now measured and accounted for
Expanded emissions coverage across investment portfolios
In 2021, we...
Focused on measuring our emissions across our subsidiary companies.
Improved data accuracy by engaging suppliers and focusing on spend-based data.
Set an interim target for 2025, for Scope 1, 2 and 3 using SBTi guidance.
Commited to reducing our footprint at head office, where we could have the most impact.
Then in 2022, we...
Reduced our total emissions by 20% from our baseline year.
Concentrated on improving our data across the supply chain and engaged with our top 20 suppliers.
Worked with the Aurora Group to measure and report on their footprint.
Our investment portfolio approach
Lack of data on emissions reduction is a challenge for our investments. But we’re improving data coverage and developing a more robust Net Zero strategy.
So far, we have...
• Tracked emissions for 120 of 224 quoted companies.
• Trained investment and sales teams on Net Zero.
• Established a 100-home care homes fund with annual emissions reporting and a Net Zero target of 2040.
• Given portfolio companies a platform to track emissions and set reduction goals.
How Octopus works
Octopus is split into four core businesses: Octopus Investments, Octopus Money, The Aurora Group, and Octopus Energy.
Each business has its own Net Zero strategy, some of which are listed below. In 2023, we will continue to develop these strategies.
Continue to engage with suppliers to improve data. This year, we aim to reach a total of 50 suppliers.
Plan for our top 50 suppliers to measure their footprint by 2024 – 50% to be aligned to a science-based target.
Reduce business travel emissions by putting a internal carbon budget in place.
In 2023, we're going to…
At Octopus Investments
Launch an internal campaign to encourage our employees to make more sustainable choices.
Teach employees about our climate commitments in inductions and continue to run workshops.
Become verified by the SBTi – we're currently working out the methodologies behind each investment strategy.
Octopus Money and the Aurora Group will implement data-gathering processes in their supply chains. We'll work with them to track this information and establish an approach to business travel through a travel policy and carbon budget. This will help to reduce their emissions and achieve their sustainability goals.
Within our group of companies
Octopus is addressing climate change from both sides. While we're reducing our own emissions, we're also investing in climate solutions and companies speeding up the transition to a lower carbon economy. This is because we believe that both are essential to achieving Net Zero.
Have a question? Get in touch with our Impact & Sustainability Team.
So, to sum it up...
Our 2022
carbon footprint
Net Zero
Brought the Aurora Group into our reduction plan.
Our Net Zero target was aligned with the B Corp Climate Collective, which has since partnered with the Science-Based Targets initiative (SBTi). And this year, we plan to become verified by the SBTi.
Right now, our reduction pathway includes our Scope 1, 2, and 3 emissions (business travel and supply chain) across Octopus Investments, Seccl, Octopus Money, the Aurora Group and our Manchester and Australia offices.
Science-Based Targets initiative (SBTi) offers guidance on how to set an emissions reduction pathway aligned to a 1.5º temperature increase from pre-industrial times.
Across our Scope 1, 2 and 3 (business travel and supply chain) emissions.
This includes Octopus Investments, Seccl, Octopus Money, our Manchester and Australia offices.
Our reduction plan with Aurora included:
*We’ve used location-based emissions, reflecting the average emissions intensity of our local grid area.
**Business travel and purchased goods and services.
Top 20 suppliers engaged in sustainable business practices
We made all the possible adjustments to our office and operations to improve our footprint and energy efficiency.
Our water usage is as low as possible:
• Reduced amount of water coming out of taps in bathrooms.
• 100% dual-flush toilets.
• Sensors on urinals and taps to minimise water use.
Our waste system has improved:
• Zero waste to landfill process.
We make sustainable purchasing decisions:
• Paper, pens, teabags, cups etc.
Our electricity consumption is at a minimum:
• Office operating at 100% renewable energy.
• Air conditioning systems are set to the most energy-efficient temperature.
• 100% of office lights have been dimmed
by 20%.
• Censored lighting to reduce the time it’s turned on.
• Bulbs were changed to daylight bulbs, and LED lights were installed.
• Printers reduced from 16 to 2 to minimise printing.
Moving online:
• Most client communications have moved online to our Octopus Online platform.
• Introduction of digital business cards.