If you’ve been part of the Moneybox journey for a while, you’ll know that we’re proudly a carbon-neutral company. For the fifth year in a row, we’ve offset our total carbon footprint for the whole year of 2023 and continue to be a signatory on the UN Climate Neutral Now Initiative.

As part of our commitment to being carbon neutral, we work closely with UN Climate Change verified Alectro every year to conduct an in-depth analysis of our carbon footprint. 

This year, five years after we began this journey, we’re thrilled to see that despite growing tenfold as a team, we’ve actually decreased our carbon emissions per person by 0.12 tCO2e – from 0.84 tCO2e/employee in 2019 to 0.72 tCO2e/employee in 2023. This is well below the UK domestic target goal of 2.0 tCO2e/employee. Plus, we’ve been able to maintain a consistent overall footprint of 227.52 tCO2e.


At a glance

It’s really promising to see that, even though we’re back to pre-pandemic level of activity and the business has grown greatly since then, we’ve managed to reduce and maintain our emissions at a lower level than pre-pandemic.



2023 carbon emissions deep dive


How we analysed our carbon footprint

We worked with third party Alectro to analyse all of Moneybox’s operational activity.* That’s everything from office facilities to work-from-home setups, and employees and suppliers. This allows us to map our carbon footprint and help us achieve carbon neutral status to the accredited standards. Every offset meets the toughest criteria** to have the largest impact possible.




Emissions summary

Our emissions are categorised into three main areas: operations, facilities and transport.



Unsurprisingly, our operations make up for the bulk of overall emissions at 54.29%. That includes everything from cloud computing, food and drink, to purchased goods, and postage and distribution. Essentially, anything that goes into the day-to-day running of Moneybox.

Second to that is transport at 25.31%. Since we moved to a hybrid model of working, we’ve seen this figure come down considerably from 36.3% in 2019 – despite the team growing from double to triple digits.

Facilities, which covers things like heating, water, and working from home set ups, make up the smallest portion of our emissions at 20.4%. Since many Moneybox employees rent privately and therefore don’t necessarily have control over how economical their at-home set up is, work from home is a top contributor to our footprint – but it’s great to know that we can offset those emissions.



Our five year progress



Since our first carbon reporting year, a lot has happened at Moneybox. We’ve:

  • Completed two successful crowdfunding rounds
  • Helped Moneybox customers save and invest more than £6bn
  • Launched our hugely popular Cash Lifetime ISA, which has helped thousands of people achieve their dream of buying their first home
  • Gone from a team of just 33 to more than 330!
  • Introduced our popular Cash ISA, which allows customers to save tax free and earn a great rate all at once
  • Expanded our offering to include our Moneybox Pension – helping our customers to build a retirement fund worth waiting for 
  • Brought our award-winning mortgage services into the world
  • Won a whole host of awards, including Best Investments Provider at the British Bank Awards and What Mortgage Awards Best First-time Buyer App
  • Welcomed more than 1.3 million people working to turn their money into something greater
  • Launched US stocks – one of our most requested features


It’s brilliant to see that, even while we make huge progress and the team continues to grow (tenfold!), we’ve been able to reduce and maintain our carbon emissions at a level lower than pre-pandemic. 


How we offset our carbon footprint



To offset our total company carbon footprint and remain a carbon neutral company, we have supported two Gold Standard projects that sit within the United Nations Sustainable Development Goals (SDGs).

We took it to a vote to decide which projects to support. Out of a possible 17, the goals the team felt were most important were:

  • SDG 1 No Poverty
  • SDG 2 Zero Hunger
  • SDG 3 Good Health and Wellbeing
  • SDG 4 Quality education
  • SDG 5 Gender Equality
  • SDG 6 Clean Water and Sanitation
  • SDG 13 Climate Action


Projects we’re supporting

To offset our carbon output, we’re supporting two projects that best target these SDGs. 


Safe Water Project In Bangladesh (SDGs: 3, 5, 6, 13)

The project will provide safe water to people in Bangladesh through borehole and chemical disinfection. It will decrease the consumption of non renewable biomass for water boiling so as to protect forest ecosystems and reduce related greenhouse gas emissions. All while improving water quality and indoor air quality.

Read more about the project 


Efficient And Clean Cooking For Households In Somalia (SDGs: 1, 3, 7, 8, 13)

This project aims to distribute highly-efficient, improved cook stoves across households in rural and urban areas of Somalia. 

Currently, a large majority of the Somalian population relies on biomass fuels for cooking, driving particularly high deforestation rates in an already arid landscape. Plus, using an inefficient traditional stove costs Somalian families as much as $50/month, and the excess smoke creates health problems. 

This project helps families transition to one of the most fuel-efficient biomass stoves, which reduces charcoal consumption by 64% – slowing deforestation and saving Somalian families $130 million to date. It also reduces indoor air pollution by 65%, with families reporting that they get ill less often. These health benefits, tied with fuel and time savings, help reduce gender inequities, improve lives, and save forests.

Read more about this project 


What’s next?

Now that we’ve managed to reduce our footprint as much as possible and maintain it, we’re we’re looking to the additional things we can do to have a better impact on the world around us. That includes:


  • Launching our Green Team. Our dedicated Green Team will meet regularly throughout the year to discuss new ways we can lower our emissions, set green KPIs for the business, raise awareness among employees on how we can make better individual choices.
  • Reviewing our Socially Responsible fund labels. As part of regulations, we’re assessing our Socially Responsible fund labels to ensure they are correct, capable of being substantiated, and could not be considered ‘green washing’.


And here’s what we’ll continue to do:

  • Annual carbon footprint analysis – Regularly reviewing our energy consumption helps us monitor our progress and identify areas for improvement.
  • Annual offsetting – Supporting offsetting projects to the value of our annual consumption means we’re contributing to positive community projects and ensures we remain a carbon neutral company.
  • Signatory of the UN Climate Neutral Now Initiative – Being a signatory, and the first UK Fintech company to sign the initiative in 2020, we hope to encourage more young companies from the UK and around the world to take climate action early on and to grow their businesses in a responsible and sustainable way.
  • Hybrid working – A hybrid working model casts the right balance between the two and will ensure we maintain level energy use.
  • Our ESG practices – We believe it’s important to be transparent about how we operate and what effect Moneybox has on the planet and its people. You can find all our environmental, social and governance practices at the ESG at Moneybox webpage.
  • Helping our colleagues reduce their carbon footprint – Waste knowledge and management was one of the top requests from our employee survey. So, we’re going to start sharing more knowledge and tips with the Moneybox team on how to reduce individual waste. Further, we’ve ensured all of our waste bins around the office are clearly labelled for normal waste and recycling.
  • Cycle-to-work scheme – We’ve recently introduced a cycle-to-work scheme to encourage our team to travel green wherever possible.
  • Environmentally Preferred Purchasing (EPP) – We have a strong EPP strategy which means purchasing products or services that have a less negative effect on people or the environment. Moneybox drives this strategy by choosing local suppliers and good quality goods. For example, our office coffee is supplied by Pact who source all coffee directly from farmers and pay 65% above the Fairtrade base price, on average.


View our 2019 Carbon Neutral report

View our 2020 Carbon Neutral report

View our 2021 Carbon Neutral report

View our 2022 Carbon Neutral report


*The project with Alectro was undertaken in the period between 2nd January 2024 – 26th March 2024, based on qualitative and quantitative data gathered from the period between 1st January 2023 – 31st December 2023.


**Emission profiles: 

Organisational boundaries: We will use the operational control approach to establish the organisational boundary of Moneybox’s carbon reporting. As defined by the GHG Protocol, this will include Operations where you have the full authority to introduce and implement operating policies. Under this approach, 100% of GHG emissions from all owned and leased facilities over which the Moneybox has direct operational control are included.

Operational boundaries: All GHG emissions associated with the organisational boundary are included and categorised as Scope 1 (direct), Scope 2 (required indirect), and Scope 3 (optional indirect) emissions.

For more information about the United Nations Framework Convention on Climate Change (UNFCCC) initiative, Climate Neutral Now, visit: ClimateNeutralNow.org

For more information about Earth Day 2024, and to provide your support to fight climate change please visit https://www.earthday.org/earth-day-2024/