In 2021, PTSB became a supporter of the Task Force on Climate-related Financial Disclosures (TCFD). The TCFD is a climate-related financial disclosure framework designed to promote more informed investment, credit, and insurance underwriting decisions and, in turn, enable stakeholders to better understand the concentrations of carbon-related assets in the financial sector and the financial system’s exposures to climate-related risks
The disclosure recommendations are structured around four thematic areas that represent core elements of how an organisation operates, including: governance, strategy, risk management and metrics and targets.
PTSB engaged Sustainalytics, a leading independent ESG and Corporate Governance research ratings and analytics firm, to produce an ESG Risk Rating for the organisation. ESG Risk Ratings measure a company’s exposure to industry-specific material Environmental, Social and Governance (ESG) risks, in order to determine how well a company is managing those risks.
Following the process, the Bank received a ‘low’ rating, recognising that enterprise value is considered to have a low risk of material financial impacts driven by ESG factors. Company ratings are categorised across five levels: negligible, low, medium, high and severe.
More information on Sustainalytics.
PTSB has furthered its commitment to environmental transparency by disclosing its environmental impact through CDP, the non-profit that runs the world’s leading environmental disclosure platform.
The Bank achieved a CDP rating of C during the 2022 disclosure cycle, indicating an awareness level of engagement. The awareness score measures the comprehensiveness of a company’s evaluation of how environmental issues intersect with its business, and how its operations affect people and ecosystems.
By completing CDP’s annual request for disclosure on climate change, the Bank is demonstrating the transparency and accountability vital to tracking progress toward a thriving, sustainable future.
Following a comprehensive programme of work, in 2020 the Bank was honoured to receive the ‘Business Working Responsibly Mark’ (The Mark) from Business in the Community Ireland (BITCI). The Mark is an external accreditation recognising best in class Responsible Business Programmes in Ireland and as such, the Bank has joined a prestigious group of only 40 other companies who have achieved this accolade.
As part of this accreditation, our CEO Eamonn Crowley, sits alongside the CEOs of other member companies as part of the Leaders Group on Sustainability – a collaborative group who work with key stakeholders to drive Environmental, Social and Governance (ESG) change across the country. The Bank will continue to work alongside BITCI to develop our Sustainability Programme in the years that lie ahead.
More information on the Business Working Responsibly Mark.
In 2021, PTSB added our signature to Business in the Community Ireland’s Low Carbon Pledge, deepening our commitment to long-term sustainability and committing to new climate action goals.
The Pledge focusses on setting carbon emissions reduction targets based on science by 2024 and will include measuring and reducing our entire carbon footprint in line with the Paris Agreement and the latest IPCC findings. It calls on companies like PTSB to set robust carbon emissions reduction targets based on science, ultimately achieving a net-zero economy by 2050.
More information on Low Carbon Pledge.
In 2021, PTSB added our signature to Business in the Community Ireland’s Elevate Pledge, committing to building inclusive workplaces that are representative of all members of our society. Workplaces have become more diverse, incorporating a multiplicity of backgrounds, experiences and identities.
This has brought huge benefits to Irish business. However, diversity alone is not enough. Workplace inclusion is about creating a culture where everyone feels welcome, has access to opportunities and is supported to thrive.
