Lloyds Banking Group sustainability score: 38/100

Lloyds reports 20,441 tCO₂e Scope 1 and 4 tCO₂e market-based Scope 2 for 2024 with Deloitte limited assurance. Operational emissions fell 5.76% year-on-year. 100% renewable electricity since 2019; new 50 GWh/year solar PPA with Low Carbon and wind PPA with SSE Renewables.

664,022 tCO₂e Scope 3 across 7 of 15 GHG Protocol categories; financed emissions 33 MtCO₂e (2022). Coverage extended to 96% of financed portfolio by end-2024 using PCAF standard. Sector-specific targets for 10 industries. Reporting granularity declined from 8 to 7 categories in 2024.

Operational Scope 1&2 on track (58.67% toward 90% reduction by 2030). But financed emissions static at ~33 MtCO₂e; InfluenceMap found 3.1:1 fossil fuel to green financing ratio 2020-2024, misaligned with IEA Net Zero 2050. Nine of 15 climate targets are intensity-based, not absolute reductions.

RE100 member since 2019/20 with 100% renewable procurement. 2024 solar PPA (50 GWh/year) and wind PPA covering ~25% of demand. Market-based Scope 2 of 4 tCO₂e confirms near-total elimination. Target to halve total energy consumption by 2030, already over halfway. Active gas removal in branches.

Dedicated nature strategy with TNFD-aligned assessment of 46,000+ agricultural clients using Earth Blox. Partnership with Woodland Trust to plant 10 million trees by 2030. Co-chairs Deforestation Workstream with HSBC. However, financed portfolio still carries significant nature risk exposure; deforestation-free portfolio not achieved.

Zero-waste target by 2030 (divert 90% of operational waste from landfill/incineration). Operational waste reduction target 80% by 2025 from 2014/15 baseline. Food waste redistribution via Olio (2,223kg across 18 locations). Limited public reporting on actual circularity outcomes; supplier tracking via Emerald Standard shows year-on-year improvement.

Water-neutral operations target by 2030 via reduce-reuse-replenish hierarchy. Consumption tracked across full estate with reduction target. Building efficiency improvements planned with innovative water reuse technologies. Residual consumption to be offset through watershed conservation. Operational water impact low for financial services; ambition is notable.

SBTi-validated net zero operations by 2030 (90% Scope 1&2 reduction from 2018). Founding member of NZBA (dissolved). 15 climate targets disclosed, but only 6 are absolute; 9 are intensity-based, reducing accountability for portfolio decarbonisation. Plans carbon credit purchases for residual 2030 emissions.

Detailed annual sustainability report (2024) with TCFD, CSRD alignment and Equator Principles reporting. Deloitte independent limited assurance. Chief Sustainability Officer role. CDP A-1 (2023), EcoVadis 72. Board-level oversight. PCAF financed emissions methodology publicly disclosed. UN Global Compact signatory since 2016.

ASA upheld greenwashing complaint December 2024, banning LinkedIn ad claiming renewable energy financing while omitting 32.8 MtCO₂e financed emissions. Rainforest Action Network documented £16B fossil fuel financing 2016-2023, up £500M in 2023. InfluenceMap: 3.1:1 fossil fuel to green ratio 2020-2024. ClientEarth: $6.45B to new fossil infrastructure since 2015.