UNFCCC RACE TO ZERO – PLEDGE & PLAN
RACE TO ZERO PLEDGE
Declaration of Participation – Community Member Company
Our company recognises the importance of making a full and lasting commitment to reducing the greenhouse gas
emissions from our activities, in support of the wider commitment of the world to limit global temperature increases
and the impact on the planet.
As a signatory member of the Network Net Zero Community we commit to the following:
1. For our company to achieve Net Zero in line with the Science Based targets set out by the UNFCCC i.e. toachieve Net Zero no later than 2050 and target a 50% reduction in emissions by 2030.
2. To set realistic short and long term targets that are designed to achieve our Net Zero commitments.
3. To report the total Greenhouse Gas emissions of our business regularly and for our performance to be partof the Community’s annual reporting back to the UNFCCC.
We acknowledge that our commitment will be reported on the Network Net Zero website.
Prepaid Financial Services Ltd made its pledge to the Race to Zero via the Network Net Zero Community on05/08/2020]. The record of the pledge can be found at https://www.futurenetzero.com/un-race-to-zero/.

Pledge to be Net Zero
50% Emissions Reduction

Year
2050
2030

Potential Year (if ahead of target)
2050
2030

KEY HIGHLIGHTS OF OUR NET ZERO STRATEGYPFSL are a low carbon using organisation in relation to their Scope 1 and 2 emissions and the majority of their carbon will be in Scope 3
They have recently downsized the office and will be looking at reducing the following to cover all scopes:
1.
2.

3.

Reduction in business travel - learning from the lessons of the pandemic and reducing face to face meetings and associatedtravel, where possible (Scope 1 and 2). Target timeline 2023
Reduction in use of plastic prepaid cards, replacement with cardboard or, ideally, virtual cards – this policy, which is undertaken
on an EML Group basis, will reduce carbon emissions associated with manufacture and disposal/ end of life and also supports
our goals regarding sustainability (Scope 3)
Re-use/ re-cycling of PCs/ laptops and other personal IT equipment – IT equipment from employees leaving are wiped,
reconfigured and returned to stock use by new employees. (Scope 3)

Proposed Future Carbon Reduction Initiatives
In the future we hope to implement further measures such as:
1.
2.

3.

Reduction in employee commuting – PFS have adopted a ‘remote first’ policy for its employees, with offices used as a ‘meetinghub’ only when necessary. This is expected to reduce the commuting journeys and associated Scope 3 emissions.
Behavioural changes – internal campaigns to increase awareness of energy and waste costs, use of packaging and airconditioning. In terms of paper usage/ printing and minimising office waste, we anticipate that this will be enhanced further bythe remote working policy
Energy efficient IT equipment – replacement of IT equipment with more efficient/ lower energy using equipment.

FUTURE NET ZERO STANDARD– ACCREDITATION REPORT- (July 2021 – June 2022)
CARBON FOOTPRINT ASSESSMENTCarbon Footprint Progression
Benchmark Year 2kg CO2e3,660% ChangeYear 3Year 4Year 5Year 6

Year 7

Year 8HISTORIC EMISSION REDUCTION PROGRESS DURING THE REPORTING
PERIOD
Emissions reduction activity is summarised below:

EnergyConsumption - kWhs
BenchmarkPrevious%Green Consumption - kWhsCurrent%ElectricityGas
OtherBenchmark Previous
26,640%Current%

26,640Total
Commentary
Total kWhs are 26,640, which is equivalent to 500.56 kg CO2e.

PFSL use have been using energy supplied by SSE’s green tariff. This has been confirmed by the landlords at site
and in writing to us. Although this a green tariff there is still some associated carbon through T&D losses whichhave been accounted for.
The company has taken the above data directly from bills. The company started their benchmark in a larger
office at the start of the year in Langham House and therefore consumption has fallen once they entered thesmaller site based at Great Helens Street. Moving to smaller offices and introducing flexible working has
enabled PFSL to benefit in their journey in relation to carbon reduction.
Carbon stated is lower than normal for the following reasons:1) During this period most staff were working from home, and this has not been taken into account forthis year and will be added in the following period once data is available
2) The company is already using green energy, and this would normally be 90-95% lower than brownwhich has already removed circa 4,500 kg CO2e.
Energy at site is mainly used for normal day office work and there is no gas at site as the heating is all controlled
through air conditioning systems. The air conditioning system has not been refilled in the period.
The majority of PFSL’s carbon will reside in their scope 3.

Business
TravelCars
Vans/Trucks
RailTubeBus
Plane
Other
Cycling (onlygreen)
Walking(only green)

Travel - Miles
Benchmark
6,840
3,200

7,140

Previous%

Green Travel - Miles
Current%

Benchmark Previous %Current%Total

17,180Commentary
Total miles/km are 17,180, which is equivalent to 3,159.32 kg CO2e.
Business travel has been measured using expense records for mileage and we have taken the annual usage anddivided this equally. Going forward PFSL will be recording this on a monthly basis for more accurate reporting.
They are no hybrid or electric vehicles in the business and they usage comes from 1 car.
Train and Plane usage has also been averaged based on annual expense records.
These journeys are all customer meetings, and this being said, PFSL are looking at reducing these going forward
by promoting more virtual meetings.

EmployeeCommuting

Travel - Miles
Benchmark Previous%

Green Travel - Miles
Current%

Benchmark Previous %Cars
Vans/Trucks
RailTubeBus
OtherCycling (onlyGreen)
Walking(only green)
Total
Commentary
Employee commuting will be calculated in their scope 3

Detailed/DirectCarbon

kg CO2eBenchmarkPrevious

Material used
Waste disposal
Water Supply
Water treatment
Other 1Other 2Other 3
Other 4
Commentary
PFSL do not produce any direct carbon at site%

Current%

Current%

CARBON EFFICIENCY ASSESSMENTIntensity Metrics

BenchmarkPrevious

kg CO2e/unit

kg CO2e/unit%
ChangeCurrent%
Changekg CO2e/unit

Per Employee
1.63
Per £1,000Turnover
1.26
2Per m OfficeSpacePer m2Production
SpacePer kWhElectricity
Per kWh Gas
0.54
Per Road Mile Car
Per Road Mile
– Van/HGVPer Pupil

Commentary
Prepaid Financial Services Limited (PFSL) are a licensed emoney issuer in the UK providing prepaid debit cards andaccounts to Clients and cardholders in the UK. They work predominantly with UK government entities. PFSL
currently have 2 sites in the UK and employ 50 staff in total, Great Helens Street (HQ) and a smaller site inCheshire with 4 staff. They began their benchmark at a different site, and we have used data from both sites toform the benchmark.
PFSL are part of a larger global organisation called EML Payments. PFSL are beginning their FNZ journey bycalculating their Scope 1 and 2 carbon emissions for their main UK Site based in London. They will then also
calculate their carbon at the second site in the next phase.
The main site deals predominantly in the management, sales, administration, and support functions as all
manufacturing takes place with third parties which will be accounted for in their scope 3 calculation.
The delivery of these cards and subsequent calculation will also be included in their scope 3.

Action Plan (including short term targets) to reduce carbon footprint and achieve net zeroPFSL are a low carbon using organisation in relation to their Scope 1 and 2 emissions and the majority of theircarbon will be in Scope 3
They have recently downsized the office and will be looking at reducing the following to cover all scopes:
1. Reduction in business travel - learning from the lessons of the pandemic and reducing face to facemeetings and associated travel, where possible (Scope 1 and 2). Target timeline 2023
2. Reduction in use of plastic prepaid cards, replacement with cardboard or, ideally, virtual cards – this policy,
which is undertaken on an EML Group basis, will reduce carbon emissions associated with manufactureand disposal/ end of life and also supports our goals regarding sustainability (Scope 3)
3. Re-use/ re-cycling of PCs/ laptops and other personal IT equipment – IT equipment from employees
leaving are wiped, reconfigured and returned to stock use by new employees. (Scope 3)

Proposed Future Carbon Reduction Initiatives
In the future we hope to implement further measures such as:
1. Reduction in employee commuting – PFS have adopted a ‘remote first’ policy for its employees, withoffices used as a ‘meeting hub’ only when necessary. This is expected to reduce the commuting journeys
and associated Scope 3 emissions.
2. Behavioural changes – internal campaigns to increase awareness of energy and waste costs, use ofpackaging and air-conditioning. In terms of paper usage/ printing and minimising office waste, we
anticipate that this will be enhanced further by the remote working policy
3. Energy efficient IT equipment – replacement of IT equipment with more efficient/ lower energy using
equipment.

Given the outsourced model adopted by PFS, the carbon emissions management processes and reduction plans
adopted by our suppliers are a further critical element. For significant relationships (existing and new), PFS willconsider the carbon footprint and associated carbon reduction plans to ensure that those plans are consistent with
PFS’s net zero target.

Assessor’s comments

Assessor Signature:
Assessor Name:
Date:Standard and methodology used
PFSL categorises its Greenhouse Gas (GHG) Emissions as Scope 1,2 or 3 as referred to in the WBCSD – WRIGreenhouse Gas Protocol (revised edition, dated March 2014). Emissions in Carbon Dioxide equivalent (CO2e) for all
scopes are calculated using the conversion factors listed in BEIS Greenhouse Gas Conversion Factors for the relevant
12-month period over which the Carbon Footprint is calculated. Procured renewable electricity and gas is calculated
in accordance with the WBCSD – WSI Scope 2 Guidance on procured renewable energy (2015).
Data Quality / Confidence
The data used to generate this report has been collected from various sources and converted to CO2e using the CBN
Expert Dashboard. This dashboard has been Certified under the future Net Zero Standard to ensure that it is a trueand fair reflection of the both the units of consumption and the resultant GHG emissions of the reporting firm.
*Scope 3 Emissions
PFSL is committed to measure and act to reduce its emissions in all 3 categories. This report reflects the amount ofScope 3 emissions that it has been technically feasible and cost effective to measure and take action against. PFSL
remains committed to work with its entire supply chain to ensure as much of its Scope 3 emissions are able to beaccurately measured and to develop actions that target long term reductions in this emissions category.
** Offsets
As part of the commitment of PFSL to target reductions in its GHG emissions and, ultimately, attain Net Zero thecompany will review and report all offsetting that it enters into. All offsetting options will be considered andreported included, formally certificated schemes (e.g. Gold Standard) as well as more informal schemes. Where
offsetting is done against informal schemes, details of the calculation logic will be reported.
Offset schemes (if appropriate)
Scheme name
Details including weblink

Signed on behalf of Prepaid Financial Services Ltd

Name:
Lorraine Buhagiar
Position: UK Managing Director
Date: 05/08/2022

Signed on behalf of Advantage Utilities Ltd

Name: Paul Rekhi
Position: Head of Administration
Date: 05/08/2022

The data in this report has been produced using the CBN Expert dashboard and the figures
have been certified under the future Net Zero Standard. The certification and licencenumber for the period for this report is shown here.
Signed for future Net Zero

Name:
Position:

Date: