In 2021, PTSB became a supporter of the Task Force on Climate-related Financial Disclosures (TCFD). The TCFD is a climate-related financial disclosure framework designed to promote more informed investment, credit, and insurance underwriting decisions and, in turn, enable stakeholders to better understand the concentrations of carbon-related assets in the financial sector and the financial system’s exposures to climate-related risks
The disclosure recommendations are structured around four thematic areas that represent core elements of how an organisation operates, including: governance, strategy, risk management and metrics and targets.
For more on our TCFD Report, please visit page 40 of our Annual Report, located here.
PTSB engaged Sustainalytics, a leading independent ESG and Corporate Governance research ratings and analytics firm, to produce an ESG Risk Rating for the organisation. ESG Risk Ratings measure a company’s exposure to industry-specific material Environmental, Social and Governance (ESG) risks, in order to determine how well a company is managing those risks.
Following the process, the Bank received a ‘low’ rating, recognising that enterprise value is considered to have a low risk of material financial impacts driven by ESG factors. Company ratings are categorised across five levels: negligible, low, medium, high and severe.
More information on Sustainalytics.
In 2023, we continued to further our commitment to environmental transparency by disclosing PTSB’s environmental impact through CDP (formerly the Carbon Disclosure Project), the non-profit that runs the world’s leading environmental disclosure platform. We achieved a CDP rating of B during the 2023 disclosure cycle, indicating that the Bank addresses its environmental impacts and ensures good environmental management.
By completing CDP’s annual request for disclosure on climate change, the Bank is demonstrating the transparency and accountability vital to tracking progress toward a thriving, sustainable future.
For more on our CDP Report, please visit page 39 of our Annual Report, located here.
Following a comprehensive programme of work, in 2023 the Bank was honoured to recertify to the Business Working Responsibly Mark (The Mark) from Business in the Community Ireland (BITCI). The Mark is an external accreditation recognising best in class Responsible Business Programmes in Ireland and as such, the Bank joins a prestigious group of only 41 other companies who have achieved this accolade.
As part of this accreditation, our CEO, Eamonn Crowley sits alongside the CEOs of other member companies as part of the Leaders Group on Sustainability – a collaborative group who work with key stakeholders to drive Environmental, Social and Governance (ESG) change across the country. The Bank first received the Mark in 2020.
We will continue to work alongside BITCI as we continue to embed our Sustainability Programme in the years that lie ahead.
More information on the Business Working Responsibly Mark.
In 2021, PTSB added our signature to Business in the Community Ireland’s Low Carbon Pledge, deepening our commitment to long-term sustainability and committing to new climate action goals.
The Pledge focusses on setting carbon emissions reduction targets based on science by 2024 and will include measuring and reducing our entire carbon footprint in line with the Paris Agreement and the latest IPCC findings. It calls on companies like PTSB to set robust carbon emissions reduction targets based on science, ultimately achieving a net-zero economy by 2050.
More information on Low Carbon Pledge.
In 2021, PTSB added our signature to Business in the Community Ireland’s Elevate Pledge, committing to building inclusive workplaces that are representative of all members of our society. Workplaces have become more diverse, incorporating a multiplicity of backgrounds, experiences and identities.
This has brought huge benefits to Irish business. However, diversity alone is not enough. Workplace inclusion is about creating a culture where everyone feels welcome, has access to opportunities and is supported to thrive.
