Teachers Mutual Bank Limited’s emissions decrease 56% as assets increase by 88% since 2016: Energy and Emissions Report released
Teachers Mutual Bank Limited’s (TMBL) Energy and Emissions Report has been released, reporting the Bank’s emissions have decreased by 56% as assets increase by 88% in the seven years to 30 June 2022.
The key Report highlights include:
1. In the seven years between FY16 and FY22, the Bank has grown considerably:
- Total assets up from $5.5 billion to $10.4 billion (+88%)
- Members up from 77,000 to 230,000 (+24%)
- Employees up from 461 FTE to 546 FTE (+18%)
- The number of offices occupied doubled from six to 12
2. The Bank reduced its annual Scope 1 and 2 GHG emissions by nearly 1200 tCO2-e, from 2,093 tCO2-e in FY 2016 to 920 in FY 2022, a 56% reduction.
- Given the increased size and activity at TMBL, this means a significant reduction in emissions intensity over time
- the Bank’s emissions intensity reduced by 77% from 0.38 to 0.09 tCO2-e per million $ of assets
- the Bank’s emissions intensity reduced by 63% from 4.54 to 1.68 tCO2-e per FTE
- The vast majority (93%) of Scope 1 and 2 emissions are from electricity use at its offices
3. Total investment of $965,000 in emissions reduction and avoidance measures at its buildings
- 83% ($803k) of total expenditure has been on solar PV, LED installations and EV cars, including 3,300+ energy efficient LED lamps, 641 solar PV panels in all of its owned offices, which have generated approx. 18% of the Bank’s total electricity consumption
- Only 3% of spend is on renewable energy offsets
- Given the Bank’s growth in offices and employee numbers, emissions would have increased even more in a BAU scenario without these proactive measures.
4. The Bank offsets its remaining GHG emissions and has been a net zero and carbon neutral bank for all Scope 1 and 2 emissions (electricity and fuel use) since 2012.
- Prior to FY22, c.20% of electricity used by the Bank was sourced from its own renewable energy (through solar panels) and the remainder was offset through the purchase of renewable carbon offsets from an accredited provider.
- In FY22, renewable power represented 99% of all electricity used due to Greenpower contracts at nearly all of the Bank’s offices.