Planet
Doing what matters for the environment is an important consideration for our customers, colleagues, and other stakeholders we work with, including regulators. As we learn more about our role in supporting a just transition to a green economy, we’ve realised how integral sustainability is to every part of our business. That’s why planet is a central feature of our plan. And why we’ve kept it as simple as possible to make it accessible to all. Our Do What Matters 2025 plan focuses on reducing our impact on the environment, meeting the highest international standards and supporting those we serve to make sustainable decisions.
Pathway to net zero 2030
In January 2021, we set out our plan to reduce TSB’s operational emissions to net zero by the end of 2030. This includes heating, cooling and power used across our estate. We’re focused on optimising the energy we use and helping to educate our employees on how they can support this ambition through targeted training. Setting and delivering against science-based targets enables us to reduce our emissions further. And it means we’ll expand on our Scope 3 disclosures and targets to include supply chain, commuting and homeworking, and financed emissions.
We do the best we can to eliminate as much of our operational emissions as possible, but where we can’t, we support and invest in high quality nature-based solutions. In the UK, we partner with Forest Carbon to support projects, accredited by the Woodland Carbon Code, to protect, manage and restore ecosystems. And further from home, we support Forest Carbon’s ArBolivia agroforestry project in Bolivia. The project is quality assured under the Gold Standard, one of the world’s leading independent carbon and climate change project certification standards.
Helping our customers reduce their impact on the environment
We recognise our responsibility in enabling our customers to make sustainable choices. That’s why we’re continuously exploring ways to make it easier for them. In June 2021, we launched our Green Additional Borrowing Mortgage product – offering cheaper borrowing rates to encourage our customers to improve the energy efficiency of their homes. And in December 2021, we launched a new partnership with Cogo, so that customers can now monitor and reduce their carbon footprint.
Additionally, we’re working with small businesses through our FinTech innovation lab to address a number of challenges facing our consumers, including creating solutions to improve customer and small business engagement on sustainability and climate change.
“I decided to improve my home and contacted TSB to borrow some money to complete the work. We’d looked at moving to a bigger, and more expensive house, but with the cost of living going up it made more sense to us to stay put and renovate the house we already have. Part of the loan has paid for making my home more energy efficient and saving me money on my energy bills - something that’s important to me. And as it qualified as a green home improvement loan, I’m paying less for the money I’ve borrowed too.”
James Sargeant,
TSB mortgage customer
TSB mortgage customer
Creating a more environmentally focused workforce at TSB
To succeed in reaching our goals, everyone at TSB has a key part to play. We’re building a climate confident workforce and creating opportunities to develop sustainable knowledge and skills so that our colleagues can build sustainability into their day-to-day decision making.
In 2021, we launched our colleague-led TSB Green Team, which now has over 400 members. This active group has a vital role in helping to build a climate confident workforce by challenging us to do more and encouraging climate change discussions.
“I’m a member of the Green Team at TSB, a colleague environmental network which brings people together from across the business to support the commitments in our Do What Matters Plan. I’m proud that TSB have taken steps in the right direction and committed to a pathway to net zero. And I look forward to being part of the solution, not the problem.”
Steve Jones,
Bank Manager, Torquay branch
Bank Manager, Torquay branch
Empowering business customers
We’re helping our 140,000 business banking customers, the majority of which are small businesses, to be more sustainable. Earlier this year we unveiled Plan it with Purpose, in collaboration with Enterprise Nation and Aviva, to get behind the national effort to help 20,000 businesses implement sustainable best practice. The programme has been designed to support small and medium businesses and business owners by increasing their understanding of environmental and social issues in the UK.
“This is a really great initiative and something I’m pleased to see TSB being involved in. I think the more focus we can give to this agenda the greater the exposure it will get and the more prominent it will be in the thoughts and minds of our business customers as well as TSB colleagues. I think it’s commendable to champion those businesses that place sustainability at the heart of what they do and reward them for the differences they’re making in this area.”
Tom Gawne,
Business Banking Relationship Manager and member of our Green Team
Business Banking Relationship Manager and member of our Green Team
