UK FI Sustainability Reporting Benchmark 2024

What this is (in brief):

‍We reviewed annual reports and related disclosures from 61 UK banks, building societies and fintechs to see what is being said and done on climate and wider sustainability. It’s a practical read for leaders and sustainability teams in UK financial services, looking to benchmark their efforts and plan their focus for the next delivery and reporting period.

Download the full report.

What stood out

• Integration beats inflation. Sustainability sections are getting longer, but the stronger reports fold climate and social factors into the main strategy and risk story rather than bolting them on.
• Transition plans are starting to appear on paper. More institutions are publishing or signalling plans, with clearer milestones and governance. Still early, but the direction is good.
• Emissions reporting is maturing, unevenly. Scope 1–2 is now table stakes. Financed emissions and value chain coverage are expanding, but depth and methods vary widely.
• Materiality needs a step up. Too many “material” topics, too little prioritisation. Proportionate, decision-useful assessments linked to value creation separate leaders from list makers.
• Language is shifting. Less casual use of “net zero” and "carbon neutral", more realism about reduction pathways and adoption of good practice approaches and terminology like beyond value chain mitigation.

What to do next

1. Integrate, don’t inflate. Put sustainability in the core narrative: strategy, capital allocation, risk, remuneration. Fight the urge to expand page count.
2. Publish a transition plan you can iterate. Imperfect but clear beats perfect but late. Starting to grapple now with the important trade-offs that transition planning raises will pay dividends longer term.
3. Tighten materiality. Fewer, better priorities grounded in your business model and value chain. Don't use materiality as a box-ticking or reporting exercise but as a critical underpinning to strategy.

How to use this benchmark

• Sense check your report structure and depth against peers.
• Borrow what works (integration, interim targets, governance clarity).
• Identify moves you can make this year to improve decision usefulness rather than adding pages.

Download the 2024 Benchmark.

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