Permanent TSB has today launched a new sustainability strategy that includes commitments to introduce a range of sustainable finance products; reduce the Bank’s carbon emissions; and maintain a nationwide branch presence in communities throughout Ireland. Permanent TSB also joins the global Task Force on Climate-related Financial Disclosures (TCFD) network to increase transparency and hold the Bank accountable for meeting its sustainability and climate action targets

The strategy comprises of four main pillars:

  • Addressing climate change and supporting the transition to a low carbon economy
  • Elevating the Bank’s social and community impact
  • Enhancing Permanent TSB’s culture, and investing in its people culture, to support individuals working in the Bank
  • Championing small business and creating an organisation that is fit for the future

Permanent TSB has made significant progress on its Sustainability journey over the last number of years. Highlights include accreditation to the ‘Business Working Responsibly Mark’; committing €350,000 to O’Cualann Co-housing Alliance to support the development of over 1800 affordable homes; winner in the Employee Empowerment and Trust category at the 2021 CIPD Awards; and, becoming the first retail bank to be awarded the Guaranteed Irish symbol.

The new strategy has been designed to align the Bank’s activities with the requirements of customers, colleagues and shareholders to serve communities in a more sustainable way, while playing a stronger role in addressing climate change and supporting the green transition. Key activities under the new strategy the Bank include:

  • Introducing a range of sustainable finance products
  • Setting science-based emission reduction targets by 2024, which will include measuring and reducing its entire carbon footprint in line with the Paris Agreement and the latest Intergovernmental Panel on Climate Change (IPCC) findings
  • Continuing to reduce its carbon emissions each year, aiming for a cumulative reduction of 60% by 2024 (from a 2009 baseline year)
  • Maintaining a nationwide branch presence in communities throughout Ireland
  • Targeting social issues through the Bank’s partnership with Social Entrepreneurs Ireland
  • Enhancing transparency through reporting the Bank’s progress in reaching sustainability targets
  • Introducing new hybrid working arrangements for colleagues
  • Continuing to enhance the accessibility of its products and services for all customers
  • Elevating the impact of the Bank’s Community Fund supporting local community initiatives nationwide

A key feature of the new strategy is the Bank joining the global Task Force on Climate-related Financial Disclosures (TCFD) network, which includes more than 2,700 major companies worldwide and over 30 in Ireland.

By joining this network, Permanent TSB has committed to support the TCFD’s programme of enhancing the quality and detail of climate-related financial disclosures. The move forms part of a major Sustainable Finance Ireland (SFI) campaign, supported by Sustainable Finance Skillnet and the UN-convened Financial Centres for Sustainability, to increase participation by Irish companies in supporting TCFD.

Providing enhanced climate-related disclosures means the Bank and other TCFD supporters are committed to greater transparency in their climate-related targets and their performance in meeting these targets. This commitment reflects the increasing importance being attached to climate-related targets both by the organisations themselves and by investors.

Eamonn Crowley, Permanent TSB Chief Executive, said:

‘The global climate crisis has elevated the Sustainability agenda not only in Ireland, but around the world. We see it in the continued shift in consumer trends and the growing demand for sustainable products and services – not just in the financial services industry, but more broadly across other sectors. The conversation is only getting started.  Now more than ever businesses, such as Permanent TSB, have a significant role to play in supporting our stakeholders to navigate the green transition and to embrace the opportunities that Sustainability brings.

Our Sustainability Strategy gives us an opportunity to put our purpose into action - enabling us to play our part in addressing the global climate crisis, elevate our social impact, enhance our culture, and deliver what matters most to our customers and colleagues.

At the heart of our Strategy is a commitment to reporting transparently and we are proud to have added our signature to the TCFD, supporting the Irish campaign.’

Stephen Nolan, Managing Director of the UN-convened Financial Centres for Sustainability (FC4S) network, said:

‘I am delighted to see the launch of the new Permanent TSB sustainability strategy, and their enhanced focus on climate-related disclosures based on the TCFD recommendations. The Irish TCFD campaign, supported by the Sustainable Finance Skillnet and UN-convened FC4S focused on supporting Irish firms to implement the TCFD recommendations and to enhance the levels of climate-related disclosures overall. Embraced by PTSB, this campaign will continue to support firms into 2022 as an output of the recently published Irish Sustainable Finance Roadmap. With PTSB supporting Roadmap delivery, the successful delivery of the PTSB sustainability strategy is key as we work towards achieving roadmap ambition’

You can view permanent tsb's sustainability strategy here.

 

Notes to editors

About Sustainable Finance Ireland

A public-private initiative, Sustainable Finance Ireland works to position and promote Ireland as a leader in sustainable finance. It achieves this by providing thought leadership, raising awareness on excellence and best practice, building capacity in the sector, and catalysing innovation with supportive frameworks and tools. All activities align with government’s Ireland for Finance strategy and annual action plans, including the annual Climate Finance Week Ireland series and the Sustainable Finance Skillnet.

About the Irish TCFD campaign

An output of the Ireland for Finance Action Plan 2021 and aligned to the Reporting element of the COP26 Private Finance strategy, it aims to increase Irish support of the TCFD and to enhance the levels of climate-related reporting and disclosures in Ireland. To date, more than 30 Irish firms have signed up to TCFD. More information on the programme can be found here. 

About Permanent TSB

Permanent TSB has a long banking history in Irish communities, with roots that stretch back over 200 years. Throughout this time, its focus has been on delivering exceptional customer service and connecting with local communities, providing mortgages and community banking services.  Permanent TSB has a presence in 76 locations nationwide and is a leading provider of Retail and SME banking in the Irish Market, serving over 1 million customers.

For media queries, please contact:

Leontia Fannin

Email: Leontia.fannin@permanenttsb.ie

Phone: 087 9733143

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