Making a difference for our environment
Climate change is a major global issue and we are committed to the role we need to play in addressing the problem through our lending services and in the way we run our bank.
Lending to the low-carbon economy
The most important thing we can do is help our customers to reduce their greenhouse gas emissions and save energy and costs. As an island nation, low-carbon energy independence is critical to Ireland. By financing low-carbon projects, we are helping our customers to mitigate their emissions, save energy and reduce costs. These are key factors in reducing Ireland’s dependency on fossil fuel consumption.
In 2016, we continued to provide finance for a number of renewable energy projects. Amongst the largest of these was the NTR Wind Energy Fund, financing the development of two significant wind farm projects in Northern Ireland. Combined they will displace in excess of 42,000 tonnes of carbon per annum, providing a more sustainable source of power for consumers across the island of Ireland. These projects are significant not only in helping to reduce fossil fuel consumption but also in supporting new jobs in the local community.
Equator Principles
As a subsidiary of RBS and a significant lender to low-energy projects in Ireland, we abide by the Equator Principles – a voluntary set of standards adopted by banks for assessing and managing social and environmental responsibilities in project financing.
We will not provide project finance to borrowers who cannot comply with the Equator Principles. Read more about these commitments at: www.rbs.com/sustainability/sustainable-banking-at-rbs.html
Reducing our direct operational footprint
In 2015 the group set new five year targets for carbon emissions, energy and water, to sit alongside the existing paper reduction target (set in 2012). We have achieved these targets ahead of our 2020 target. We remain committed to reducing the environmental impact of serving our customers, and we are in the process of setting new ambitious targets. The table shows our successful progress against these targets. Our emissions per FTE have reduced in 2016, indicating efficiencies have been achieved, and these are in part due to changes in work practices and more efficient use of multi-occupancy buildings.
Supplier engagement and sustainable sourcing
The performance of our suppliers is critical to our business and we expect them to operate in an ethical and environmentally sound way. As a minimum requirement our suppliers should adhere rigorously to all relevant human rights, labour, health & safety and environmental laws, as well as to our RBS group Ethical Code for Suppliers and Group Environmental Policy.
Ethical and environmental requirements are built into our supplier tender process to ensure suppliers meet sustainability requirements. We work with many of our key suppliers to continually improve their sustainability performance and take an active role in ensuring their supply chain adheres to the correct requirements.