March 14, 2022

TSB: Using advice to do what matters for the environment

Learn how in 2020 TSB launched its first responsible business strategy, the ‘Do What Matters Plan’, Designed to support its customers, colleagues, communities, the businesses it works with, and to reduce the bank’s impact on the environment.

TSB is a retail bank with a heritage stretching back to the start of the savings bank movement over 200 years ago. Today TSB is a full-service bank, its 7,000 employees serve over 5 million customers online and on their mobiles, over the phone, and across its branch network – the 7th largest in the UK.

In 2020 TSB launched its first responsible business strategy, the ‘Do What Matters Plan’, setting out relevant and meaningful actions and goals, aligned to relevant national and international targets. Designed to support its customers, colleagues, communities, the businesses it works with, and to reduce the bank’s impact on the environment.

TSB became a Business in the Community (BITC) member in 2019, but the relationship pre-dates this, as TSB began working with BITC on its diversity and inclusion policies in 2016. This experience led TSB to decide to make use of BITC’s Environment Advisory Services, to help translate its ambition to reduce its impact on the environment into a strategic plan with meaningful actions. “When we first met with colleagues at TSB, they had environment executive sponsorship, and were delivering programmes and activities at a smaller scale, but they needed to develop their strategy so it could guide and structure the activities being done,” says BITC Environment Adviser Elizabeth Edgington.

BITC Environment Advisers supported TSB through expert led one-to-one meetings and by delivering two workshops for senior staff – the first focused on helping TSB to develop public environmental commitments and the second advised on strategy and governance. Federika Coll, TSB Responsible Business Manager, said: “We were determined to deliver our sustainability ambitions. The one-to-one sessions and the workshops helped us to sharpen our thinking, understand tried and tested tools to land on meaningful and measurable actions, and to learn from other businesses”.

This support helped shape TSB’s campaign to be net zero for Scope 1 and Scope 2 emissions – encompassing fuel and utilities usage – and commit to be accredited by the Science Based Targets initiative to support its net zero strategy for Scope 3 emissions – which encompass a wider range of operational, supply chain, and investment activities. TSB has also encouraged employees to measure their own carbon footprint by promoting a World Wide Fund for Nature (WWF) calculator through its internal networks.

This year, TSB is working to establish partnerships with five of its key suppliers to help deliver new environmental investments in green business programmes by the end of 2021. These partnerships demonstrate the further steps TSB is taking to progress its ‘Do What Matters Plan’. Reflecting on the bank’s future ambitions, Federika says: “We’re proud of the start we’ve made. And we know there is more we both want and need to do. Every day I’m bowled over by the enthusiasm of TSB colleagues to get involved. So, we’re focussed on harnessing this energy to help us baseline our Scope 3 emissions, define a pathway to net zero across all three scopes, and do what matters for our planet. “

BITC’s Environment Advisory Services are accessible for all businesses looking to take their sustainability journeys further. According to Federika, for TSB, they provided “a thorough package of support I’d recommend for anyone – whether you’re just starting your sustainability journey or want to test out what you’re already doing. A big thumbs up from me.”

If you are a BITC member, contact your Relationship Manager or our Membership Team to discuss how we can support your responsible business ambitions.

If you are not a member of BITC contact the Advisory Services team for more information.

40 years of working it greener

Formed in 1982, and with HRH The Prince of Wales as our Royal Founding Patron, BITC is the largest and longest established membership organisation dedicated to responsible business.

In 2022, we are celebrating our 40th anniversary. To mark the occasion, we are recognising businesses, like TSB, who have been part of our mission to make businesses greener by reducing environmental impact.