Signed UK Cash Industry Environmental Charter — Net Zero 2030 target In 2021 Vaultex signed the UK Cash Industry Environmental Charter, committing to Net Zero for Own Operations & Business Travel by 2030, 100% Renewable Electricity by 2022, and single-use non-recyclable plastic elimination targets for note centres by 2030.
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100% Renewable Electricity target by 2022 Vaultex committed to achieving 100% renewable electricity in own operations by 2022 as part of Cash Industry Environmental Charter.
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Single-use plastic elimination targets in note/coin centres Eliminate single-use non-recyclable plastic in note centres by 2030 (25% in 3yrs, 50% in 5yrs, 100% in 10yrs). Reduce single-use non-recyclable plastic in coin centres to <45% of plastics waste by 2030.
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Aligned reporting to UN Sustainable Development Goals Report explicitly aligns to UN SDGs including 3 (Good Health), 5 (Gender Equality), 8 (Decent Work), 9 (Industry/Innovation), 10 (Reduced Inequalities), 12 (Responsible Consumption), 13 (Climate Action), 14 (Life Below Water), 15 (Life On Land), 17 (Partnerships).
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Primary: Green Path — employee-driven single-use plastic & paper reduction 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.
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Dependent: Virtual Cash Centre (VCC) — co-locating supplier ATM operations 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.
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Dependent: Plastic reduction through cash industry collaboration 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.
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Dependent: Optimised cash-in-transit (CIT) routing 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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Move to 100% renewable electricity by 2022 As a signatory to the UK Cash Industry Environmental Charter, Vaultex has committed to 100% renewable electricity for own operations by 2022. The Charter also commits members to continuously pursue energy efficiency measures and renewable electricity in properties, products and services. Carbon emissions reporting is undertaken through the Carbon Disclosure Project (CDP) in line with shareholder bank obligations.
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Offsetting only after reductions, using VCS/Gold Standard credits 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.
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