Bank's Certified ESG Products jump to $9.7 billion, as greenwash fears rise



  • Almost 50% balance sheet Certified – 42% assets and 57% liabilities   
  • Certified mortgages and deposits up from zero to $9.2 billion in 3 years
  • Certification essential as greenwash fears rise in ESG boom

5th April, 2022 Teachers Mutual Bank Limited has today released figures showing its Responsible Investment Association of Australasia (RIAA) Certified product portfolio has grown by $1.4bn from $8.3 billion to $9.7 billion in the 6 months to December 31, 2021. The Bank’s RIAA Certified products now make up 42% of assets and 57% of liabilities on the balance sheet.

Commenting on the results, Teachers Mutual Bank Limited CEO, Steve James, said:

“We’re delighted by these figures showing the rapid growth of our Certified Responsible Investment products. In the 3 years that we first certified all our retail mortgages and deposit products with RIAA, these have gone from zero to $9.2 billion, all at zero cost to the consumer. RIAA Certified products now make up almost half of our balance sheet; it’s a huge achievement which we’re very proud of. The rapid growth is because this is built in as standard, not a bolt-on green niche. We are a force for good where social responsibility drives everything, and these figures prove that.”

Teachers Mutual Bank Limited is the only bank in Australia with all wholesale products, mortgages and deposits certified as Responsible Investment by the RIAA, and is the only bank named as a Responsible Investment Leader by the RIAA.

The data follows RIAA’s recent consumer report showing 72% of the population are concerned about greenwashing, and that independent verification of sustainability claims is becoming key to winning trust. The RIAA national conference starts on April 6th with a doubling of attendees over 2021.

Head of Socially Responsible Banking, Corin Millais, said that RIAA Certification is of increasing importance amidst a rise in greenwashing:

“Certification is the cure for greenwash. We’ve invested in the toughest ESG standards such as RIAA and B Corp, because third-party assessments give people proof that we can be trusted, that we are a leader, and that we really are a force for good in banking. We can guarantee 100% that the money you borrow from us for your mortgage never comes from damaging industries such as fossil fuels, tobacco, gambling, and nor do we fund those industries with your deposits.”

A chart showing the continuing increase in TMBL's ESG certified products over time.

Notes for editors 

Market results of our Responsible Investment Association Australasia (RIAA) Certified products

  • In the 6 months to 31 December 2021, Teachers Mutual Bank Limited’s total RIAA Certified product portfolio increased by 17% ($1.4bn) from $8.3bn to $9.7bn. 
  • In the 18 months to 31 December 2021 total RIAA Certified product portfolio increased by 116% ($5.2bn) from $4.5bn to $9.7bn.
  • Since the retail products were Certified by RIAA on 1 December 2018, RIAA retail mortgage and deposit product portfolio increased from zero to $9.2 billion in 3 years. 
  • The breakdown of Certified products on the balance sheet is 42% (assets) and 57% (liabilities) as of 31 December 2021.
  • More at: Reports and publications | Teachers Mutual Bank Ltd