OneSavingsBank (OSB) Group has stated that urgently tackling climate change and promoting green finance underpins the future prosperity of the UK.

As part of this commitment, OSB Group is pledging to achieve net zero emissions by two milestones: by 2030 emissions made through the Group’s operating footprint and by 2050, emissions across its business activities including where customers use its products and services, for instance emissions from the properties the Group lends on.

Recognising that for any business to achieve net zero it will need the collaborative support from key stakeholders across its industry and beyond, including policy makers, the Group has joined the United Nations Net Zero Banking Alliance (NZBA), and is developing a transition plan in accordance with science-based targets.

From 2022 it will announce products and services to support and invest in greener finance, helping its customers make the lifestyle changes required in their homes, businesses and investments by creating green products and services that make it easier for them to invest in tackling climate change.

Andy Golding, CEO of OSB Group, said: “I am delighted that following our decision to become carbon neutral for our operational emissions in 2021 and to demonstrate our continued and long-term dedication to climate change, we have joined the Net Zero Banking Alliance and committed to assist with our industry’s efforts to achieve its decarbonisation goals and to achieve net zero gas emissions by 2050.

“Not only have we committed to mitigate the operational emissions of 2021, we are doing the same for 2020 and will continue to do so whilst we progress towards net zero. We’ve carefully selected quality, verified carbon mitigation schemes, focussing on areas aligned to the decarbonisation of the housing sector. The projects include a solar energy project in India, bringing reliable solar power and solar water heating systems to buildings reliant on grid electricity. A large scale renewable energy infrastructure projects that reduce greenhouse gas emissions from the growing global demand for energy and builds sustainable infrastructure. A smaller innovative project in the built environment, where bricks for housing are mechanically compressed, avoiding the need for firing, and saving the equivalent of 14 trees per home that is built.

“We believe that even though there is much detail still to be defined in the UK’s pledge to cut greenhouse gas emissions, it’s critical for us to make the pledges we have announced today and to take a committed stance. This commitment has energised us to develop detailed plans to achieve this ambitious goal for the Group and its stakeholders and I’m looking forward to the journey ahead of us.”