Social responsibility

Banks can make a difference on climate change.

Acting on climate change

Teachers Mutual Bank Limited is taking active steps to combat climate change through our credit and lending policies and other initiatives.

  • We’re a leader in fossil fuel-free banking.

    Climate change is the largest and most urgent environmental issue facing us. Now, more than ever before, people are acting with the planet in mind. The environmental damage caused by banks is largely caused by their investment and lending operations for fossil fuels. 

    The bank does not take money from, or lend to the fossil fuel industry.  Our Policy is that we do not;

    • directly lend to, buy equity or debt in any large scale greenhouse polluting activities from fossil fuel exploration, extraction, production and use
    • directly invest in any large scale greenhouse gas polluting (i.e. fossil fuel exploration, extraction, production and use) activities or companies

    Fossil fuel free banking products 

    We pioneer innovative financial solutions to combat climate change which are bank wide, not as a green niche.

    We were the first bank to launch a $1 billion ethical wholesale investment with fossil fuel free criteria. This was expanded in 2018 to include all retail mortgage and deposit products. 

    Combined, retail and wholesale fossil fuel free products represent about 97% of all products the bank sells. 

    Greening our operations 

    As well as taking action on climate change through our investment and lending policies, we target net zero for our own operations.

    Net zero and carbon neutral 

    We have installed 1,826 LED lights and 727 solar PV panels on our five owned buildings. Solar PV on our roofs generated 19% of our power needs and saved 213 tonnes of CO2.

    Combined with energy efficiency, mandatory LEDs and carbon offsets, the Bank has “net zero” buildings – those which generate clean energy and have net zero carbon emissions. 

    A carbon neutral bank since 2013

    We offset all emissions from electricity and fuel use to zero, making us a carbon neutral bank. We buy certified carbon offsets from the Mytrah Wind Power Project – a wind farm in India that provides both clean, renewable energy and a range of benefits to local communities.  

    The project runs a scheme for surrounding villages that invests in improving access to education and clean water, empowering young women and reducing unemployment, contributing to six UN Sustainable Development Goals.