London, May 1, 2025: Leeds Building Society has dramatically improved the accuracy of its reported financed emissions within its residential lending portfolio thanks to a new partnership with Experian.
The improvement aligns with the transition to a low-carbon economy and the Government’s Net Zero ambition. As part of that journey, UK lenders are obliged to report Scope 3 financed emissions, which can account for anywhere between 80% and 95% of a business’ total footprint*.
By reporting Scope 3 emissions, lenders can identify potential climate risks in their portfolios and also uncover opportunities for investing in low-carbon projects. However, a major challenge is access to accurate, robust and up-to-date data to gain a clear picture of their financed emissions.
By deploying Experian datasets, the building society has been able to access aggregated and anonymised property level energy data and emission factors for properties in its portfolio. This has removed its reliance on estimated EPC data which was found to have overestimated its residential mortgage emissions by more than a third (36%).
Graeme McRitchie, Head of Prudential and Enterprise Risk, Leeds Building Society, said: “Improvements in the accuracy of our climate data is key to underpinning our climate transition plan to ensure we are accurately reporting and informing our reduction plans.
“We are delighted with the impact Experian’s Meter Insights has already had on our reporting, and shows how accurate data can have a real, tangible impact on businesses.”
Scott Harrison, Director of Market Engagement, Business Information, Experian UK&I, said: “Rich granular data is fundamental for any business wanting to achieve its goals.
“Experian’s first-in-class data expertise means we can support pioneers such as Leeds Building Society, helping them move away from estimated to far more accurate, precise financed emissions data. This not only ensures higher quality reporting but also enables lenders to track tangible progress. Ultimately, it will help them comply with upcoming mandatory reporting rules as they work towards the goal of Net Zero."
Traditionally, lenders have relied on Energy Performance Certificates (EPCs) to estimate property emissions based on average energy consumption and historical emission factors. In addition, not all properties are required to have an EPC, and their validity spans only ten years, during which time significant changes in a property's energy efficiency may occur.
Following its implementation, Leeds Building Society has rebaselined and increased its existing emission targets inline with requirements of the Science-based Targets initiative (SBTi), ensuring its future reduction ambitions are based on the more accurate data and continue to align with goals of the Paris Agreement.
ENDS
Notes
Experian analyses primary energy data from meter readings to report actual energy consumption and associated carbon dioxide emissions for financed buildings and tenant businesses in the UK. It provides businesses with precise, accurate data on scope 1 and 2 emissions, energy consumption data, and total financed emissions for residential and commercial properties, enabling accurate scope 3 emissions reporting.
To find out more visit: Meter Insights | Experian Business
*The Department for Energy Security and Net Zero, Scope 3 Emissions in the UK Reporting Landscape, October 2023
Media contact:
Robert Goodman, PR Manager, Corporate & Business, UK&I, Experian
Tel: +44 7989 398 498 / Email: Robert.Goodman@Experian.com
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