Net zero by 2040 target approved by Board In September 2023, the Board approved the ESG strategy committing Pay.UK to achieving net zero emissions by 2040 or before, with intermediate targets being set and key work mapped out for 2023-2025.
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CFO Michael Ellis appointed as Executive Director to the Board Michael Ellis was appointed to the Board as Executive Director and CFO in August 2023, adding executive capacity alongside the CEO.
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Chief Policy and Engagement Officer (CPEO) directorate established David McPhee was appointed CPEO and a new Policy and Engagement directorate was created, consolidating policy, industry engagement and external communications.
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NPA programme paused pending National Payments Vision Following the Government's Future of Payments Review and recommendation for an NPV in late 2023, Pay.UK paused the NPA programme procurement process and reduced programme size and spend heading into 2024.
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ISO 27001 information security certification obtained Pay.UK formally received ISO 27001 certification in August 2023, demonstrating commitment to international standards for information security management.
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ESG strategy developed; expanded GHG reporting scope for transport Pay.UK developed its ESG strategy in 2023 and continued GHG reporting per GHG Protocol. Scope 3 transport emissions from employee-owned vehicles increased notably (4.5 tCO2e vs 1.7 tCO2e in 2022) likely reflecting more office attendance post-pandemic.
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ESG strategy and roadmap approved including diversity and inclusion commitments Board approved high-level ESG strategy and roadmap in September 2023, including commitments to net zero by 2040, D&I targets aligned to FCA guidance, and resource reduction targets for water, fossil fuels, energy and waste.
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Primary: Electricity consumption reduction via hybrid working and operational efficiencies Pay.UK's largest source of emissions is electricity purchased for its London office (2 Thomas More Square). The firm has reduced electricity consumption from 303,471 kWh (2022) to 272,591 kWh (2023) despite more colleagues returning to the office post-pandemic, attributing this to its long-standing hybrid working approach and operational efficiencies. Specific measures include decommissioning redundant kitchen infrastructure, enhancing meeting room heating/cooling controls, and desk-sharing to reduce IT energy demand.
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Primary: Office energy management and equipment upgrades Pay.UK has implemented a series of office-level energy reduction initiatives: adding Framery meeting pods (described as among the most sustainable available) to avoid office build-out, decommissioning a catering kitchen to reduce lighting and AC demand, enhancing meeting room HVAC controls with new hardware and software, and consolidating kitchen deliveries to reduce transport impacts. These measures contributed to a 7.2% reduction in total GHG emissions year-on-year.
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Primary: Zero-waste-to-landfill estate and recycling initiatives Pay.UK operates a zero-waste-to-landfill estate managed by Bywaters. Dual-zone bins support dry recycling and other waste streams. Additional initiatives include recycling coffee grounds through colleague home composting and increasing use of plant-based products to reduce non-recyclable plastic waste. These measures form part of the firm's broader ESG strategy targeting reduced waste generation.
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