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ESG and Sustainability
Conister Bank wants to make a difference – The momentum towards greater sustainability in the financial services sector has grown significantly in recent years.
As an organisation we are committed to reducing our carbon footprint and increasing our sustainability as a business, to help our customers and the Isle of Man Government to achieve net zero emissions by 2050.
We aim to operate a business that acts responsibly, is sustainable and which promotes sustainability in what it does. This is not new; it is part of our vision. We believe that the best long-term results will be created with the essential balance between customers, employees, shareholders, and the people and institutions outside of the organisation.
The need for sustainability has never been greater. The impending threat from climate change has meant businesses and Governments must rapidly decarbonise to achieve a zero-carbon economy. The Covid-19 pandemic has further highlighted many of the important issues facing our planet, businesses, and communities, and the need for us all to take a robust and proactive approach.
Conister Bank’s work on sustainability is built on a commercial foundation and we have responded to the role that we as a finance company can and should play. For us, it makes sense to base our work on the view that “all progress counts”. This means focusing on supporting customer progress and facilitating our customers’ options for making sustainable choices and decisions.
What is ESG?
ESG stands for Environmental, Social, and Governance. These three pillars provide the framework influencing positive changes in society, encouraging businesses to be responsible and sustainable.
Conister Bank is leading from the front and aims to be a leader for the Isle of Man and the wider financial sector as a business that properly mitigates and responds to ESG risk and embraces the opportunities that being sustainable and responsible business offers.
- Audit of the current situation
- Calculate Carbon Footprint
- ESG Objectives
- ESG Tactics & Initiatives
- Establish core KPI’s, Measurement and Metrics to track progress
- Integration of ESG into Conister Bank’s operations and Green Finance lending
- Integration of ESG into wider Manx Financial Group
04 - Review & Control
- Reviewing KPI’s, Measurement, and Metrics
- Staff & Customer Engagement
- Engage with TCFD, UNPRB, UNSDG, key market benchmarks
05 Restart Process
- Disclose results Financial and Annual Reporting
- Create a new strategy based on results
On-Going ESG Activities - 2021 Highlights
o We have undertaken our first carbon footprint measurement and aligned our reduction pathway with the Science-based Targets (SBTs) global initiative – ensuring global warming is limited to well below 1.5 degrees Celsius.
o We have introduced a recycling policy to minimise our waste generation and encourage reuse where possible. Our Green Team has introduced the Plastic Free July competition into the Douglas office – awarding prizes to the most conscientious savers.
o We continue to encourage sustainable commuting at Conister Bank. This has resulted in the introduction of an Electric Bike scheme launching in August, where we will be providing electric bicycles and training for colleagues who wish to decarbonise their commute.
o As a community Bank, we pride ourselves on keeping our customers and our community at the heart of everything we do. Attending and sponsoring events like the ‘Royal Manx Agricultural Show’ and the ‘Home and Lifestyle Expo’ allows us to continue to support and engage with our customers directly.
o As part of our green initiative, all colleagues were delivered a presentation on the findings from our 2019 and 2020 carbon footprint performance. Everyone at Conister Bank was encouraged to get involved and provide suggestions on how we can further reduce our carbon impact.
o Clara, Conister’s Head of Management was so encouraged by the Banks green initiatives that she has since set up a new kerbside recycling collection business on the Isle of Man – Recyclecollect.im – and continues to help Conister Bank develop our recycling initiative.
o We take a top-down and bottom-up approach to ESG integration. ‘The Executive ESG Committee’ and ‘The Green Team’ have been established to maximise integration and create a clear hierarch of ESG responsibility levels. We understand that the key to ESG success is strong leadership and ensuring everyone is on board.
Reporting Frameworks, Standards, Benchmarks and Initiatives, and Global Commitments
The sustainability landscape has seen the evolution and expansion of new global frameworks, standards, and ratings. Conister Bank has chosen to align its ESG strategy with:
- The United Nations Sustainable Development Goals (UN SDGs)
- Taskforce for Climate-Related Financial Disclosures (TCFD)
- United Nations Principles for Responsible Banking (UN PRB)
In combination these three frameworks provide Conister Bank’s ESG strategy with:
- A best practice approach to sustainable banking (UN PRB)
- Global ambition and aligned outcomes (UN SDG)
- International credibility and transparency (TCFD)