EQS-News: Tinkoff becomes the first financial institution in Russia to join the Science Based Targets initiative
Tinkoff bECOMES the first from Russia financial institution to join the Science Based Targets initiative
Earlier in November, Tinkoff disclosed its total carbon footprint for the entire value chain
Moscow, Russia – November 30 2021.
Tinkoff To become the first Russian financial institution to join the Science Based Targets (SBTi) initiative, a global body that enables companies to set ambitious, science-based emissions reduction targets in line with the latest scientific advances in climate science. It aims to accelerate businesses and financial institutions around the world to halve their emissions by 2030 and achieve net zero emissions by 2050.
SBTi advocates for the establishment of science-based goals as a means of limit the environmental impact of companies and financial institutions and stimulate their competitive advantage in the transition to a low carbon economy. Science targets are greenhouse gas emission reduction targets that are consistent with the level of decarbonization required to meet the Paris Agreement targets – limiting global warming to well below 2 Â° C above pre-industrial levels and continue efforts to limit warming to 1.5 Â° C.
By joining SBTi, Tinkoff has committed to setting science-based emission reduction targets – across the value chain – that are consistent with keeping global warming at 1.5 Â° C above. above pre-industrial levels. Tinkoff is also committed to a long-term goal of achieving zero net emissions by 2050 at the latest.
Setting a science target is a five-step process which, along with signing the initiative, also involves developing science-based emission reduction targets in accordance with SBTi criteria, validating them with the SBTi, announcing them to the market and disclosing their progress according to SBTi protocols. As a signatory, Tinkoff commits to completing the first four milestones by August 2024 and achieving zero net emissions by 2050 at the latest.
The initiative is a partnership between the Carbon Disclosure Project (CDP), the United Nations Global Compact, the World Resources Institute (WRI), the Worldwide Fund for Nature (WWF) and one of the commitments of the We Mean Business Coalition. By joining SBTi, Tinkoff joins Business Ambition for 1.5 Â° C and Race to Zero, the campaign supported by the UN.
Oliver Hughes, co-CEO of the Tinkoff Group, commented : âTinkoff has always been a driver change in the financial services industry, fueling innovation and implementing the latest technologies to build outside his financial ecosystem and lifestyle. We are now to apply the same drive and energy To to help tackle the most pressing global challenge of our time: climate change. As a finance organization, we are uniquely positioned to influence other players through our operations and we are committed to ensuring that we move forward in all of our business activities and across the value chain.
Earlier in November, we disclosed our full carbon footprint across the entire value chain for all three scopes, making us, to our knowledge, one of the first fintechs in the world to do so.
We are proud to become the first Russian financial institution to join the Science Based Targets initiative and we look forward to doing more with our partners, contractors and other stakeholders to grow our business sustainably and reduce greenhouse gas emissions.
Alberto Carrillo Pineda, Managing Director of the Science Based Targets initiative, said: ” There’s no time to lose. The transformation to a net zero economy is inevitable. Hundreds of companies are leading the way by setting ambitious science goals of 1.5 Â° C. To have any chance of maintaining a habitable planet, we urgently need more companies to act on climate science and decarbonize our economy. ”
Disclosure of greenhouse gas stocks
Tinkoff analyzed and recently published its greenhouse gas (GHG) inventory for the three scopes for the entire value chain for 2019 and 2020. To access data, methodology and other related information , please follow the connect.
The Group’s total carbon footprint is significantly lower than what traditional financial institutions and IT companies typically show.
The emissions of the seven GHGs listed in the Kyoto Protocol have been assessed. Analysis of the Company’s business processes shows that its operations result in CO emissions??, CH??, NOT??O (Scope 1, Scope 2 and scope 3), and HFC (hydrofluorocarbon) emissions (Scope 1). Direct and indirect energy-related emissions represent 0.7% in 2020 and 1.1% in 2019 of total emissions, while other indirect emissions represent around 99%.
To ensure that Tinkoff’s results are comparable to those of other companies, the most widely used standard in the world, the GHG Protocol Corporate Accounting and Reporting Standard (GHG Protocol), was used. This methodology was used to determine the calculation limits, the main calculation approach and the supporting methodological documents used for the calculation.
Tinkoff also applied additional generally accepted calculation methodologies for certain categories of emissions such as the 2006 IPCC Guidelines for National Greenhouse Gas Inventories, International Energy Agency (IEA); IPCC, AIE, UK Department for Business, Energy and Industrial Strategy, and Quantis Scope 3 assessor.
About the Tinkoff Group
TCS Group Holding PLC is an innovative provider of online financial services for retail and SMEs. It includes Tinkoff Bank, its mobile virtual network operator Tinkoff Mobile, Tinkoff Insurance, its asset management company Tinkoff Capital, Tinkoff Software DC, a network of development hubs in major Russian cities, and Tinkoff Education. The Group is currently developing the Tinkoff ecosystem, which offers financial and lifestyle services.
The Group was founded in 2006 by Russian entrepreneur Oleg Tinkov and has been listed on the London Stock Exchange since October 2013.
The Group’s core business is Tinkoff Bank, a fully online bank serving over 18.5 mn customers and is the heart of the Tinkoff ecosystem. Tinkoff is Russia’s 3rd largest retail bank in terms of active customer base.
Tinkoff Bank is the second largest player in the Russian credit card market, with a share of 14.5%. TCS Group Holding PLC’s IFRS net profit for 3Q’21 was 16.5 billion rubles. The ROE was 42.6%.
Without a branch, the Group serves all of its customers remotely through online channels and a cloud-based call center. The center has more than 10,000 employees, making it one of the largest in Europe. To ensure the proper delivery of the Group’s products, the Group has a national network of more than 10,000 representatives.
Global Finance named Tinkoff Bank the world’s best consumer digital bank in 2020 and 2018, and the best consumer digital bank in Russia in 2020, 2019, 2018, 2016 and 2015. Tinkoff was also named the best European retail bank in the world. year by Retail Banker International in 2020. In 2021, the banker recognized Tinkoff Bank as the best performing bank in Russia. The bank’s mobile application has always been hailed by independent local and global experts as the best of its kind (in 2013, 2014, 2015, 2016 by Deloitte and in 2018 by Global Finance).
Certain information contained in this announcement may contain projections or other forward-looking statements regarding future events or the future financial performance of the Group and Tinkoff Bank. You can identify forward-looking statements by words such as âexpectâ, âbelieveâ, âanticipateâ, âestimateâ, âintendâ, âwillâ, âcouldâ, âcouldâ or “Could”, the negative of such terms or other similar expressions. The Group and Tinkoff Bank wish to warn you that these statements are only predictions and that actual events or results may differ materially. The Group and Tinkoff Bank do not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unforeseen events. Many factors could cause actual results to differ materially from those contained in the projections or forward-looking statements of the Group and Tinkoff Bank, including, among others, general economic conditions, the competitive environment, risks associated with operations in Russia, technological speed and market developments in the sectors in which the Group operates, as well as many other risks specifically related to the Group, Tinkoff Bank and their respective operations.