Specialist lender OSB Group has joined the United Nations Net Zero Banking Alliance (NZBA), and is currently developing a transition plan.
The group has pledged to achieve net zero emissions through its operating footprint by 2030, expanding to zero emissions across its business activities including its products and services, for instance emissions from the properties it lends on, by 2050.
OSB says it fits in with the group’s ethos “to help our customers, colleagues and communities prosper” as it “recognises that urgently tackling climate change and promoting green finance underpins the future prosperity of the UK.”
From 2022, it will announce products and services to support and invest in greener finance products and lifestyle and home changes; however did not provide detail on what those products might actually look like, nor how they will help UK landlords and homeowners become greener.
OSB is however taking on carbon mitigation schemes focussed on decarbonising the housing sector abroad, including a solar energy project in India, and a smaller project that mechanically compresses bricks, avoiding the need for firing and thus saving around 14 trees per house built.
Andy Golding, CEO, OSB Group, said: “We have joined the Net Zero Banking Alliance and committed to assist with our industry’s efforts to achieve its decarbonisation goals.
“We believe that even though there is much detail still to be defined in the UK’s pledge to cut greenhouse gas emissions, it’s critical for us to take a committed stance. I’m looking forward to the journey ahead of us.”