Our Sustainability Journey
Capital One has made progress on its Sustainability Journey since 2009
Climate change, and the associated efforts to address it, will be one of the biggest influences on the world in the decades ahead. This has important implications for our strategy and risk management as we consider how climate change will impact the various businesses and communities we serve over time. We can also play a significant role in addressing the future impacts of climate change and the associated transition to a lower-carbon economy, in conjunction with other businesses, governments, and future advances in technology and evolving consumer preferences.
Our sustainability journey began over a decade ago with the establishment of our Environmental Sustainability Office. Since then, we have set and achieved multiple goals to improve the sustainability of our business< operations. We are currently working on our fourth generation GHG reduction goal, which is to reduce Scope 1 emissions by 50 percent and Scope 3 (categories 1-14) emissions by 50 percent by 2030. This goal was informed by the Science Based Targets Initiative (SBTi) and aligns with a 1.5°C target ambition, but has not been reviewed by that organization.
In 2022, we advanced our work to improve the sustainability of our internal operations, understand the financed emissions of our customers, educate consumers, identify and manage climate risks, and work with businesses to develop and finance sustainable solutions.
Capital One has been on its sustainability journey for more than a decade
2009: Set first GHG reduction target of 10 percent (from a baseline year of 2008).
2012: Achieved original GHG reduction target one year early, driving an 18 percent reduction.
2012: Updated our baseline emissions, setting second GHG reduction goal of 25 percent by 2020 (from a baseline year of 2012).
2017: Met second GHG goal four years early, driving a 25 percent reduction.
2017: Set goal for 100 percent renewable electricity and 3rd GHG reduction goal of becoming carbon neutral for Scope 1 and 2 emissions and business travel emissions in Scope 3.
2020: Established internal price on carbon of $15 per metric ton of carbon dioxide equivalent (CO2e).
2020: No longer use carbon offsets to achieve our GHG reduction targets. Introduced goal to reduce Scope 1 emissions by 50 percent and Scope 3 (categories 1-14) emissions by 50 percent by 2030 (from a baseline year of 2019).
2021: Joined the CDP Supply Chain program to engage and encourage our suppliers to help reduce GHG emissions within our supply chain. Named a Senior Advisor to the CEO to serve as the Head of Climate for the enterprise.