Teachers Mutual Bank Limited named Green Bank of the Year
Teachers Mutual Bank Limited (TMBL) has won Green Bank of the Year in Finder’s Green Awards for 2022.
TMBL was recognised as a sustainability leader in the annual Finder Green Awards as judged by Finder, a global fintech and Australia’s most-visited comparison site.
The awards recognise the businesses that are sustainability leaders in their categories and help Australians make sustainable choices.
Green Bank of the Year criteria
To be eligible for the award, a company must have offered retail banking products to consumers in Australia in the 12 months prior to 31 December 2021.
General environmental criteria:
Current performance: 24%
- Emissions intensity
- Emissions intensity (inc. offsets)
- Energy from renewable sources
- Waste avoiding landfill
Environmental targets and reporting: 11%
- Emissions target
- Renewable energy target
- Waste target
- Public climate change plan
- External benchmarks/accreditation
Sector-specific environmental criteria:
Sustainable financing approach: 52%
- Negative screening
- Positive screening
- Climate positive financing
Climate-friendly products: 13%
- Deposits linked to sustainable outcomes
- Incentives/discounts for sustainable purchases or behaviour
- Carbon neutral products
- Other (specify)
TMBL was the first bank to sign up to the investor-led Climate League 2030 position to cut Australia’s emissions by 45% by 2030 in line with the Paris Agreement. Our commitment is to reach an additional $20 billion in Certified Responsible Investment products by 2030.
We are the only bank in Australia to have all wholesale and retail mortgages and deposits certified by Responsible Investment Association of Australasia (RIAA) on the basis of zero fossil-fuel industry investment – as of December 2022 our RIAA product portfolio was $9.7billion.
We are the only bank named as a Responsible Investment Leader by RIAA.
We have been net zero for our direct greenhouse gas emissions since 2012 (Scope 1 and 2).
We cut our emissions as we grow. In the past five years, whilst total assets increased 76%, we reduced our Scope 1 and 2 emissions by 47% and our emissions intensity by 70%. As part of our reduction strategy, we have invested $850,000 in our offices to install solar panels and other green initiatives.
Teachers Mutual Bank Limited was a finalist for this award in 2021 and 2020.
For more information about the Awards, visit Finder Green Awards 2022: Winners and finalists.