Tandem has offset all of its operational emissions for the 2024 financial year by purchasing more than 3,300 tonnes of verified carbon credits from Climate Impact Partners (CIP), funding rooftop solar projects in Kenya and Uganda.
The bank, which has set its sights on becoming the UK’s leading green digital lender, said the move reflects its broader goal of helping to make renewable energy affordable and accessible.
The carbon credits, independently verified by CIP, equate to taking more than 700 cars off the road for a year or avoiding around 2,000 London–New York flights.
Tandem’s investment supports rooftop solar schemes that bring reliable, clean power to off-grid households. The systems replace kerosene lamps — still common in parts of East Africa — with safer, low-cost solar lighting that can also charge phones or radios via lithium-ion batteries.
According to Tandem, the benefits go far beyond cutting carbon. Indoor air quality improves, families can work or study after dark, and local economies gain a boost from affordable, decentralised power.
Natalie Taylor, director of client solutions at Climate Impact Partners, said: “Tandem is demonstrating what credible climate action looks like by taking responsibility now and supporting projects that deliver immediate high impact and measurable results.
“The rooftop solar initiative in East Africa not only cuts carbon emissions but also transforms lives by providing clean affordable energy to communities who need it most.”
James Streeter, Tandem’s head of sustainability, added: “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.
“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.”
WORKING TOWARDS NET ZERO
Tandem said offsetting forms only one part of its wider approach to sustainability. The bank aims to achieve net zero by 2030 for Scope 1 and 2 emissions, and by 2050 for Scope 3, in line with Science Based Targets initiative (SBTi) guidance.
In 2024 it cut Scope 1 and 2 emissions by more than half after relocating offices and phasing out natural gas heating. Although commuting and business travel emissions fell, overall Scope 3 emissions rose slightly to 3,320 tonnes of CO₂ due to higher spending on goods and services.
The bank is continuing to switch to renewable electricity, reduce waste and travel, and collect sustainability data from more than 150 suppliers to help address its supply chain footprint.
Tandem also goes beyond mandatory reporting, publishing an annual standalone sustainability report. Its most recent edition showed that customers using Tandem’s green products avoided more than 70,000 tonnes of CO₂ emissions – equivalent to the total monthly emissions of the seaside town of Blackpool.
