03 November 2021

TSB joins UN-convened Net-Zero Banking Alliance

In line with its commitment to confirming its net-zero ambition, TSB joins the Net-Zero Banking Alliance (NZBA), an industry-led, UN-convened alliance of banks worldwide, committed to aligning their lending and investment portfolios with the goals of the UN Paris Agreement by 2050 or sooner. This falls under TSB’s work on Scope 3 greenhouse gas emissions, as laid out in its pathway to net zero.

Earlier this year TSB announced its commitment to achieve operational net zero by 2030 in line with the Science Based Targets initiative and as part of TSB’s Net-Zero Strategy. Today’s announcement by the bank further strengthens this commitment to using science-based methods to align with the goals of the Paris Agreement and to provide transparent disclosures.

TSB’s CEO Debbie Crosbie said: “TSB has already committed to be net-zero in our operations by 2030. By joining NZBA we’re now making a public commitment to go even further, by aligning our lending portfolio with the most ambitious targets set by the Paris Climate Agreement to limit global temperature increases to 1.5°C from pre-industrial levels by 2050.”

Representing almost a quarter of global banking assets, with over 50 members from 27 countries and $37 trillion in total assets, the Alliance is a critical step in the mobilisation of the financial sector for climate. It recognises the vital role of banks in supporting the global transition of the real economy to net-zero emissions through their investment and lending portfolios.

Alliance members commit to:

  • Set scenario-based interim targets for 2030 or sooner for priority sectors
  • Prioritise areas of most significant impact, i.e. the most greenhouse gas-intensive and emitting sectors
  • Annually publish emissions and emissions intensity
  • Take into account the best available scientific knowledge
  • Set first target(s) within 18 months of signing and report annually thereafter
  • Disclose progress against a board-level reviewed transition strategy

The NZBA is convened by the United Nations Environment Programme Finance Initiative and is the banking element of the Glasgow Financial Alliance for Net Zero, chaired by Mark Carney, UN Special Envoy on Climate Action and Finance ahead of COP 26.

TSB is proud to join leading peers from the banking industry in a collective effort to reach net-zero emissions by 2050 and will engage with its clients to support them in their transition plans and accelerate action on climate.

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About the Alliance

The industry-led, UN-convened Net-Zero Banking Alliance brings together over 50 banks representing almost a quarter of global banking assets, which are committed to aligning their lending and investment portfolios with net-zero emissions by 2050. Combining near-term action with accountability, this ambitious commitment sees banks setting an intermediate target for 2030 or sooner, using robust, science-based guidelines. The Alliance will reinforce, accelerate and support the implementation of decarbonisation strategies, providing an internationally coherent framework and guidelines in which to operate, supported by peer-learning from pioneering banks. It recognises the vital role of banks in supporting the global transition of the real economy to net-zero emissions.

www.unepfi.org/net-zero-banking

About TSB

TSB is a UK retail bank with a trusted customer brand and heritage stretching back to the start of the savings bank movement 200 years ago. TSB offers full retail banking to more than five million customers, online, digitally, via phone and through our branch network. In August last year we launched our Do What Matters Plan, which commits to creating social and environmental, as well as economic value.