Stepping up the drive to net zero .....

In January this year, we set out our plan to reduce TSB’s own emissions to net zero by the end of 2030 – part of our wider commitment as part of the?Do What Matters ??plan. This means reducing operational emissions across our estate (heating, cooling and power) and business travel, in line with the global Paris Agreement.

In 2020, we reduced our carbon emissions by 66% compared to 2019 and working closely with Sabadell group, as TSB we are working to reduce these further over the years ahead.??

Doing what matters in partnership

Emissions arising from our supply chain – also known as ‘Scope 3’ emissions - are more complex to quantify and control. I believe that tackling climate change is a shared endeavour, so to support our work in baselining these emissions we are lucky to be able to learn from, and collaborate with, some of the world’s leading companies.

Partnering with our integrated facilities management provider, ISS, we are working to embed a net-zero mindset across our business. Together we have been shortlisted for the Institute for Workplace and Facilities Management (IWFM) Impact Awards in the ‘Positive Climate Action’ category.?

Our partners including Adobe, Communisis and Microsoft are assisting us with digitising processes which has resulted in the reduction of paper usage, among other benefits. Using Microsoft’s Sustainability Calculator we can further understand emissions arising from our use of cloud-based computing.

A colleague-led approach

To succeed in reaching our goals, everyone has a key part to play. Our colleague-led TSB Green Team, which has over 250 members,?has a vital role in building support,?discussion?and momentum to shape long-standing positive behaviours for the environment.?

The group encourages colleagues to share tips for making small changes to our everyday lives, in and out of the workplace.?In recent weeks, it has been awesome to see so many colleagues participate in local environmental initiatives such as Plastic Free July, Great British Litter Pick, and the upcoming WRAP Recycle Week.

I’m also pleased to share our partnership with Forest Carbon. Together we will be supporting nature-based solutions to protect, manage and restore ecosystems affected by climate change. Through these projects, accredited by Gold Standard and Woodland Carbon Code, we hope to enable colleagues with volunteering opportunities so they can learn about the importance of healthy ecosystems, biodiversity and the role these play in addressing the impacts of climate change. Here in the UK, this includes supporting a forestry project run jointly by Forest Carbon and the Borders Forest Trust in South Lanarkshire, around 30 miles from our Edinburgh head office.

At senior leadership level, we have established a Climate Change Steering Group, with representatives from across the business areas. By reporting into our Executive Climate Change Committee, this group is ensuring visibility and a joined-up approach to all our activity in this important space.

Delivering to high standards and helping customers

TSB are committed to reviewing our strategy regularly and exploring where we can further reduce our footprint further. We’re currently putting the finishing touches to our estate decarbonisation and energy efficiency plans, and next year we’ll be submitting our targets to the Science-Based Targets initiative to validate that they’re in line with the scale of the change we need to make.

I’m also pleased to announce our membership of the Partnership for Carbon Accounting Financials (PCAF) a network of financial institutions from across the world who have come together to put in place a shared framework for measuring and reporting on financed emissions – like mortgages.?

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As we get TSB’s operational emmissions in order, we are also supporting customers in living more sustainably.??

Earlier this summer, we launched our?green additional borrowing product ??to help mortgage customers reduce the carbon footprint of their home, in line with principles laid down by the Green Finance Institute. This builds on our tree planting programme with?Eforests ?, now in its second year, which so far has helped over 28,000 customers across Britain to offset the carbon footprint of their home move.

Our partnerships with?Wealthify??and?ApTap?offer customers the support to go green with their investment portfolio and switch to sustainable energy suppliers.

With COP26 in Glasgow on the horizon, I hope that by sharing our plans, and making these commitments openly, we can reassure the public and our customers that despite being a relatively small business, TSB is playing its part and we are prepared to be held accountable for living up to the ambitions we are setting ourselves.?

In common with many other businesses and other organisations, we still have a long way to go to meet our overall goal of net zero – but we have made a good start. I am confident we have a clear plan of action to achieve this and I look forward to keeping you updated as we continue the journey.?

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