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Minimising our footprint

We take care to identify, manage and minimise our impact on the environment, both in terms of the impact of our lending products and our own operational impact.

Minimising our footprint

We operate in mortgage, consumer and commercial finance markets and therefore the overall environmental impact of our operations is low. However, we are committed to identifying, measuring and managing how our actions affect the environment and finding ways to reduce their negative impacts.

46%

Reduction in emissions since 2017

84.5%

Electricity purchased from renewable sources

45%

Waste diverted from landfill

Environmental initiatives

Waste to energy

Waste to energy

All the general waste produced at our principal sites, outside SFS, was disposed through an approved waste contractor using Waste to Energy initiatives, resulting in no waste from these locations being disposed at landfill.

Fenchurch Street offices

New premises

In 2021, we centralised our London operations in one location. Our new location is a more modern, green building built to the latest BREEAM standards. It uses hydrogen fuel cells and all waste is segregated on site.

Future goals

In December 2021, we will undergo an independent assessment of the energy performance at two of our main sites. The recommendations from this assessment will help inform our future goals for operational decarbonisation.

Environmental policy and risk management

We comply with all applicable laws and regulations relating to the environment and include these within our legal compliance framework. Our environmental commitment is included in our Health, Safety and Environmental Policy, which is approved by our Chief Executive and our People Director.

Our environmental commitments are approved by our Chief Executive and kept under regular review.

The environmental risk inherent in our operations is managed by the Group Property function and is within the remit of the Chief Operating Officer. It is monitored within our operational risk management framework by the second line Operational Risk function and the Operational Risk Committee.

Energy data is collated by Group Property, the division responsible for managing Paragon’s premises. Consumption figures for all locations occupied, whether directly owned or tenanted, are actively monitored. This is reported upwards to Board level.

We comply with the Energy Savings and Opportunities Scheme. This is a UK Government initiative, under an EU Directive, and requires us to identify and reduce our energy consumption.

Paragon has not been involved in any prosecutions, accidents or similar non-compliances in respect of environmental matters and has not incurred any fines in respect of such matters.

Specialist Fleet Services (SFS)

SFS leases refuse collection vehicles to local authorities throughout the UK and carries out additional aftersales activities that include servicing, maintenance and breakdown support. This means it has the most significant potential environmental impacts within the Group.

SFS operates from several workshops around the UK and has exposure to several waste streams (oils, vehicle parts etc) that come from its workshop activities. These are effectively managed under an environmental management system that is certificated to an International Standard – ISO14001:2015. A dedicated health and safety manager has direct responsibility for environmental issues at all SFS sites.

Supply chain and procurement

We are committed to identifying, targeting and addressing inefficiencies in our supply chain and our procurement function works with key suppliers to identify solutions to continue to reduce the environmental impacts of our business activities whether direct or indirectly.

Our main suppliers are our outsourced savings administrator, legal and professional services providers, building lessors and IT service providers, who are exposed to similar operational environmental risks as us.

Supply chain

Energy

During the past five years we have achieved a 46% reduction in CO2e emissions from our sites. Much of this has been achieved through a combination of efficiency improvements and greater consideration of the impact sourcing decisions can have on our overall carbon footprint. The reduction in energy consumption since 2020 has been driven principally by the impact of the pandemic and the increase in working from home.

Emissions and energy graph

Our carbon emissions are grouped into three categories:
Scope 1 Scope 2 Scope 3
Emissions produced directly from our operations, which include emissions from our fleet of company cars aand the heating and cooling of our offices Emissions associated with our purchased electricity Emissions generated by expensed staff, our water usage and waste processing

Waste and water

In addition to minimising our waste, we plan to increase the proportion diverted from landfills to recycling or energy production.

Waste graph
Water graph