PTSB launches new Sustainability Strategy up to 2027

RTÉ News​

6 days ago

PTSB has today launched its new Sustainability Strategy, which covers the years from 2025 to 2027, and which will focus on channeling investment and directing impact towards areas that enhance societal wellbeing.
These include a specific focus on providing finance to SMEs that have an environmental and social impact as well as expanding supports for personal customers through sustainable products and services.
The bank also plans to enhance its financial literacy and financial wellbeing and also plans to reducing carbon emissions in line with Science Based Targets.
It will also invest in local community initiatives and advocating for social inclusion, such as PTSB's Community Funding Programme and its partnership with autism charity AsIAm.
Meanwhile, a new report from PTSB shows that most Irish businesses are looking at new commercial opportunities in sustainability, in areas such as energy efficiency, climate technology, circular economy, renewable energy and organic food production.
PTSB's latest "Reflecting Business" report also shows more and more Irish businesses see the benefits of sustainability initiatives for both their commercial and their environmental benefit.
The research found that 78% of Irish businesses see the sustainability market as a major growth opportunity to win more customers and increase revenues, while 92% say their customers are interested in sustainable products and services.
It also reveals that 74% of business here said they have supported customers in making more sustainable choices, or plan to do so, while 73% said they have engaged with suppliers to source more sustainable goods or services, or plan to do so.
Meanwhile, 80% of businesses said they are are interested in Impact Lending, where loans are offered to businesses on the basis of providing a positive environmental or social impact.
Despite rising costs and global economic uncertainty, today's research found cautious levels of optimism among businesses, with 98% of businesses expecting to grow or remain the same over the next 12 months. 45% are expecting growth, 53% expect to remain the same, while 2% expect to decline.
PTSB said that increased cost of goods and global economic turbulence are seen as the biggest challenges to growth that face businesses, with 36% citing increased cost of goods as an issue and 35% citing global economic turbulence.
But despite these headwinds, 80% of businesses feel it is likely or somewhat likely that they will invest further in their business over the next 12 months, with 20% saying they are not likely to.
Leontia Fannin, PTSB's Chief Sustainability and Corporate Affairs Officer, said the research shows that more and more Irish businesses are identifying the commercial opportunities that sustainability can bring.
"Customers are changing their buying habits to become more sustainable and businesses are increasingly seeing the benefits of reflecting this shift, enhancing both their own offering and how they source their supplies," she said.
"By embracing sustainability, businesses are changing their behaviours, not just for the environmental and societal benefits this can bring, but for the cost efficiencies and commercial benefits too," she added.
Seán Farrell, PTSB's Head of Business Banking, said the commercial case for sustainability is growing.
He said that businesses have identified the importance that existing and potential customers are placing on sustainability, and they are reacting accordingly.
"Our Reflecting Business research confirms that Irish businesses recognise the competitive and strategic advantage of embedding sustainability into their operations. This reflects our own experience, with 23% of our new SME lending in 2024 to businesses that have an environmental or social impact," he said.
"Businesses who invest in sustainability are also investing in their growth potential by lowering their energy usage, transport costs and by reducing waste," he added.