Carbon per million dollars of revenue. The legacy industry-standard reference (CDP, MSCI). Useful for cross-sector context, but distorted by margin — high-margin firms appear artificially efficient. Read alongside the operational and asset intensities for the full picture.
OpEx (operating expenditure) is the running cost of the business — staff, services, energy, materials. This shows how carbon-intensive operations are per million dollars of spend. Removes the margin distortion that revenue-based ratios introduce.
EVIC (Enterprise Value Including Cash) is the firm's total capital footprint — equity + debt + cash + minority interest. The EU's standard intensity measure (SFDR PAI 3) — answers: how much carbon does each million of capital deployed in this business produce?
PP&E (Property, Plant & Equipment) plus leased real-estate assets is the firm's physical infrastructure on the balance sheet. This shows the carbon intensity of that physical footprint — uses Scope 1+2+3 for consistency with the other headline intensities. Surfaces stranded-asset risk for asset-heavy firms.
How the firm describes its decarbonisation approach in its own words — alongside the headline numbers above. Self-reported, page-cited.
September 2024 marked the completion of a full transition to 100% Renewable Energy Guarantees of Origin (REGO)-backed electricity across the entire Vaultex estate. Paired with energy efficiency investments — occupancy lighting sensors, Building Energy Management System (BEMS) across all locations, and 'PowerPerfector' voltage optimisation at the four largest sites — Vaultex has reduced electricity consumption by 44% since 2017. Significant emissions reductions are anticipated in next year's reporting as a result of the REGO transition.
Under the Cash Industry Environmental Charter, Vaultex commits to reducing emissions as close to zero as possible before offsetting remaining emissions. Where offsetting is adopted, projects must be considered carefully and accredited to standards such as VCS and Gold Standard with clear frameworks for accounting, auditing and registering carbon credits. No durable removals (DAC/BECCS) are mentioned.
Vaultex uses ESOS audits to identify energy savings, deploying occupancy lighting sensors, a Building Energy Management System across all sites, and PowerPerfector voltage optimisation at the four largest sites. BEMS provides real-time consumption data enabling scheduling of heating/cooling to operational demand. These measures delivered a 44% cumulative reduction in energy consumption since 2017.
The Green Path campaign has eliminated >33 tonnes of plastic and 175,000 sheets of paper annually through measures including: removing 4.1M+ single-use note wrappers (PBNEs), switching to reusable cloth coin bags (saving 3.75t plastic/year), removing twin trip ATM bags (19t plastic), replacing single-use plastic seals with reusable cable ties, and switching to sugar-cane copier paper. Plastic use reduced 31% since 2017 (~239 tCO2 saved).
Digitisation initiatives include the ISA cash processing system rollout, scan-to-file technology, and Risk team optimisation (eliminating 150,000+ sheets of paper/year). Paper usage reduced 45% since 2017, saving ~75 tonnes of CO2. Transition from onsite to virtual data centres also planned to cut energy use across multiple locations.
Zero-to-landfill policy for IT and telephony waste maintained since 2016, via partners Tier 1, Revive IT and local charities — repurposing laptops, mobile phones, keyboards in UK and overseas. Food waste segregation rolled out across estate in March 2024 following Birmingham pilot. Targeted recycle-the-unrecyclable initiative launched in early 2024. Landfill waste reduced 27% since 2017 (~51 tonnes diverted).
Launched September 2019, Green Path crowdsources environmental ideas from frontline employees. Successes include: removing ATM countback stickers (619,000/year saved), scan-to-file for coin route sheets (25,000 sheets paper/year), replacing single-use plastic coin bags with reusable cloth bags (215,500 bags / 3.75 tonnes plastic/year), replacing plastic seals with padlocks at cashier workstations (430,000 seals / 2.6 tonnes/year), and eliminating multiple automatic print-outs.
Vaultex invested in PowerPerfector voltage-optimisation technology at its four largest sites and a Building Energy Management System (BEMS) providing real-time data. This allowed scheduling of heating/cooling on timers and identifying downtime for energy-sapping equipment. Energy consumption fell from 7.56M kWh (2017/18) to 6.45M kWh (2019/20), with an 8.9% reduction projected for 2020/21. Regular ESOS audits and occupancy lighting sensors complement the approach.
Vaultex works closely with suppliers to obtain accurate emissions data for procured materials and services. Approach applies the five 'R' principles (Remove, Reduce, Replace, Reuse, Recycle) and pursues ISO 14001 alignment in supplier selection. Supplier Code of Conduct being enhanced in 2025 with expanded environmental provisions. Scope 3 emissions reduced 35% since 2017.
VCC consolidates cash handling under one roof at six active UK sites, eliminating separate depot steps. Reduces CIT (Cash in Transit) vehicle miles by over 28,000 per year, preventing ~35 tonnes of CO2 emissions annually, and eliminates ~13 tonnes of single-use plastics per year via direct cassette packing from high-speed note sorters.
VCC merges supplier ATM cassette replenishment into Vaultex premises, eliminating bulk cash transfer between Vaultex and third-party cash centres. Results in fewer cash-in-transit trips (reduced mileage and fuel), closure of third-party depots (energy reduction), and reduced waste through optimised space. Initiative supports decarbonisation of the wholesale cash supply chain.
Vaultex works with shareholder banks Barclays and HSBC to reduce paper and plastic strapping/banding, and collaborates with plastic processors to divert all plastic from landfill. Through the Cash Industry Environmental Charter, exploring reusable alternatives industry-wide. Targets: eliminate single-use non-recyclable plastic in note centres by 2030; reduce in coin centres to <45% by 2030.
Vaultex liaises with suppliers to establish the most effective and efficient cash-in-transit routes that reduce mileage but maximise delivery service across the UK. This minimises fuel use and Scope 3 transport emissions.
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