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Supplier name: Octopus Electric Vehicles (part of Octopus Energy Group Limited)

Publication date: 17th October 2026

Achieving Net Zero

Octopus Energy Group Limited has approved near and long-term science-based emissions reduction targets with the SBTi, we commit to reaching net-zero greenhouse gas emissions across our value chain by FY2040.

Baseline Year: FY2024 (1st May 2023 - 30th April 2024)

Baseline year emissions (market-based): 14,832,247 tCO2e

We used the Operational Control Approach to measure our GHG emissions, as we believe it is the most valuable in helping business leaders make impactful and sustainable decisions.

We measured our Baseline Year footprint in line with the Greenhouse Gas Protocol’s Corporate Accounting and Reporting Standard, with a third-party measurement partner. 

Our most recent footprint: FY2026 (1st May 2025 - 30th April 2026) 

This year the Group changed its carbon accounting provider, but uses the same approach and protocols as previous years. This period the Group’s Streamlined Energy and Carbon Reporting (SECR) report was provided with limited assurance by an independent third party in accordance with ISO 14064-3 and ISAE 3000 (revised). 

The Group does not have emissions associated with GHG categories 10 and 14. Since our baseline measurement, we have continued to improve data quality and now measure GHG categories 2, 4, 5, 8, 9, and 12, which were previously reported in more overarching categories (i.e. Category 1) in our baseline footprint. In addition, following its split from the Group, Kraken operations were excluded from the Group’s FY26 emissions. Nonetheless calculated separately, Kraken’s emissions would have made up less than 0.1% of the Group’s footprint. 

Our most recent footprint (market-based): 20,397,476 tCO2e

Emissions reduction targets

Octopus Energy Group Limited is committed to achieving net-zero greenhouse gas emissions across its entire value chain by FY2040, aligning with the Group's 1.5˚C campaign ambition.

Near term targets:

Scope 1 & 2:

Reduce absolute Scope 1 and Scope 2 GHG emissions 42% (respectively) by FY2030 from a FY2024 base year.

Scope 3:

Reduce Scope 3 emissions from all sold electricity 88% per MWh by FY2030 from a FY2024 base year.

Reduce absolute Scope 3 GHG emissions from the use of sold products (natural gas) 59% by FY2034 from a FY2024 base year.

Long-term targets:

Scope 1 & 2:

Reduce absolute scopes 1 & 2 (market-based) GHG emissions 90% by FY2040 from a FY2024 base year.

Scope 3:

Reduce absolute scope 3 GHG emissions 90% by FY2040 from a FY2024 base year.

Reduce absolute emissions associated with the sale, transmission and distribution of fossil fuels by 90% by FY2040 from a FY2024 base year.

Maintain a minimum reduction from all sold electricity 88% per MWh from FY2030 through FY2040 from a FY2024 base year. 

All these targets apply to 100% owned subsidiaries of OEGL.

Completed Carbon Reduction Initiatives

We are committed to reducing our operational emissions. Our global Scope 1 emissions decreased 43% from FY2025 to FY2026 as we continue to electrify our Octopus Energy Services’ vehicles. For FY2026 96% of all our UK fleet vehicles were BEV, as we continued to install EV chargers in our engineers’ homes and accelerate the fleet-wide rollout of Octopus Electroverse top-up cards. Market-based building electricity emissions also decreased by 11% from FY2025 to FY2026 as we continue to switch our facilities to clean electricity, now making up 92% of our facility electricity consumption. As a result, total market-based emissions (from fleet and facilities) have reduced 29% from FY2025 to FY2026. 

As outlined in our most recent Energy Saving Opportunity Scheme (ESOS) Phase 3 progress update 1 report (submitted in December 2025), we continue to implement strategies to reduce our energy consumption and Scope 1 and 2 emissions across our UK facilities.

Our commitment to a zero-carbon future extends to our products and services. 100% of our wholesale electricity comes from zero-carbon sources. We achieve this by purchasing energy certificates and directly buying renewable electricity through Power Purchase Agreements (PPAs). Furthermore, Octopus Energy Generation (OE Gen), manages over £8.5bn in renewable asset funds across 21 countries, with a combined capacity of 5.9GW, enough to power 2.8 million homes annually. All OE Gen’s's UK-based wind and solar projects consider biodiversity net gain and will purchase statutory biodiversity credits when necessary, in line with UK government guidance. Through the expansion of renewable generation, demand-response schemes (like Free Electricity Sessions) and our flexible and smart tariffs, we aim to accelerate the electrification of heating and transport and prevent the curtailment of green electrons on the grid.

The rising demand for smart meters, solar, storage, EV infrastructure, and heat pumps is a significant commercial opportunity for The Group. We install over 1 million of these devices in the UK and across our international markets annually. This year, energy price shocks resulted in increased customer demand for LCT, with a 50% spike in solar panel sales following the Iran conflict. This is a trend we expect to continue as wholesale energy prices continue to be dictated by expensive fossil fuels rather than cheaper renewables. We also recently acquired Kuppa, a smart home-energy software startup, enabling the Group to make low-carbon home upgrades faster, easier and cheaper. One of our biggest opportunities is in the electrification of domestic heating, which could accelerate further if electricity prices aren’t tied to high gas prices. We continue our heat pump rollout in the UK, Germany, Spain, France and Italy having successfully launched the Cosy 12, delivering comfort and efficiency for larger homes. The UK government currently offers £7,500 grants for air source heat pumps such as Cosy, stimulating demand. All these technologies come together through our unique Zero Bills Home offering, with over 5,000 homes committed across four countries in partnership with more than 60 leading housing developers.

Across the UK and the European countries where the Group operates, in FY26 we installed approximately 983,000 smart meters (FY25: 903,000) and 94,000 other low-carbon technology devices (FY25: 65,000), comprising EV chargers, solar and battery installations and heat pumps. Rising low-carbon tech orders at the end of the year reflected the outbreak of the conflict in Iran, as customers looked to shield against gas price volatility. Octopus Electroverse ended the year reaching over 1,600,000 customers with more than 1,400,000 connected chargers (FY25: 880,000 customers and 980,000 connected chargers).

Octopus Electric Vehicles (OEV) plays a vital role in reducing transport-related carbon emissions by simplifying the switch to electric vehicles. In the last financial year (FY26), OEV's leased Battery Electric Vehicle (BEV) UK fleet grew by approximately 63% from FY25, reaching 44,900 vehicles and ranked among the top 10 largest EV leasing businesses in the country, whilst the business also successfully launched in Germany during the period. 

Since our financial year end the fleet has grown further, to over 57,000.

Electroverse has solidified its position as Europe’s largest public charging network, now encompassing over 1.4 million public EV chargers in more than 40 countries. 

In addition to LCT deployment, the market opportunity in flexibility markets is glowing globally.By shifting demand we’re able to make the most of the renewables we already have, reducing the need for additional grid capacity and drastically reducing the need for burning fossil fuels at times when renewables aren’t so abundant. In the U.S. the Group acquired a majority stake in Uplight, a leading provider of customer engagement and flexibility management solutions that rapidly transform customer participation into dependable grid capacity. This contributes to the Group having one of the largest flexibility portfolios in the world (Megawatts under management), both through our range of customer products and through our grid-scale battery tolling in Octopus Energy Trading. 1 million UK Octopus customers now use smart tariffs like Agile, Cosy, Snug and Intelligent Octopus to shift their usage to cheaper times and cut bills. IO Go is the UK’s most popular EV tariff, it helps decentralise power and dynamically balance grids whilst helping customers typically save an average of £771 compared to our standard tariff.. 

We advocate for the decoupling of wholesale electricity prices from gas prices to insulate customers from fossil-fuel driven shocks, as well as publicly challenge the industry to do more to make power cheaper and cleaner more widely. We are vocal advocates for these policies in all our operational markets and in multilateral forums such as the European Commission, COP, and Davos. Additionally, we have chaired and contributed to multiple projects under the Sustainable Markets Initiative to convene private sector stakeholders to decarbonise energy and heating globally.

• Procure 100% zero carbon electricity for our facilities globally by FY30
• Electrify 100% of our OES BEV fleet vehicles by FY30
• Reducing the emissions related to gas (Scope 3 Category 11) by driving the electrification of heating in the retail markets we operate in
• Pioneering domestic battery rollout through Octopus Nook
• Roll out Swaptopus to deploy ultra-fast HGV battery swapping technology, helping decarb the trucking industry
• Continue to grow one of the largest flexibility portfolios in the world (Megawatts under management)
• Continue to offer smart energy solutions
• Delivering 100,000 “Zero Bills” homes by 2030
• Continue to grow Electroverse to simplify and accelerate the switch to electric vehicles, reducing charging costs and utilising abundant zero carbon electricity. 
• Continue to expand the number of charge point operators (CPOs) Octopus supplies with 100% zero carbon electricity. 

This Carbon Reduction Plan has been completed in accordance with PPN 006 (formerly PPN 06/21) and associated guidance and reporting standards for Carbon Reduction Plans.

Emissions have been reported and recorded in accordance with the published reporting standard for Carbon Reduction Plans and the GHG Reporting Protocol corporate standard and uses the appropriate Government emission conversion factors for greenhouse gas company reporting.

Scope 1 and Scope 2 emissions have been reported in accordance with SECR requirements, and the required subset of Scope 3 emissions have been reported in accordance with the published reporting standard for Carbon Reduction Plans and the Greenhouse Gas Protocol Corporate Value Chain (Scope 3) Standard.

This Carbon Reduction Plan has been reviewed and signed off by the board of directors (or equivalent management body).

Signed on behalf of the Supplier,

Oliver Boots

Chief Commercial Officer

Octopus Electric Vehicles Limited

Date: 17th October 2026

Disclaimer:

The Group’s mission is building a greener, cheaper, and fairer energy system. As part of the Group, Octopus Electric Vehicles contributes to the Group’s carbon footprint whilst also helping deliver our carbon reduction initiatives. Therefore the ambitions and deliverables of the Group’s decarbonisation pathway also apply to Octopus Electric Vehicles.