Environmental report

The COVID-19 crisis has permanently changed the way of working, meeting and doing business. This is reflected in the CO₂e (CO₂ equivalent) emissions of Triodos Bank in 2021, which dropped significantly for the second year in a row (minus 27%).

In numbers: the CO₂e emissions per FTE in 2021 decreased to 0.44 tonnes, compared to 0.67 tonnes in 2020 and the total CO₂e emissions across the whole of Triodos Bank decreased from 1,011 tonnes CO₂e in 2020 to 740 tonnes CO₂e in 2021. There has been a decrease in electricity consumption of 15% per FTE and a reduction of 13% of gas consumption per FTE as a result of lower office occupancy rates than before the COVID-19 crisis. Business travel by airplane has further decreased by 49% per FTE. All these declines are caused by COVID19-related measures, like travel restrictions and working from home by default.

The amount of blank copy recycled paper decreased to 2.3 kg per FTE (2020: 2.9 kg per FTE). The amount of recycled printed paper was 0.07 kg per customer (0.06 kg per customer in 2020).

The wide-ranging effects of the pandemic on CO₂e emissions in 2021 make it clear that quantitative comparison with 2020 or 2019 is not very meaningful. In qualitative terms, it is interesting to see, as in 2020, the enormous effects on the CO₂e emissions of, for example, meeting virtually. This, together with the overall positive experiences throughout the organisation of this hybrid way of working and meeting, has spurred the embrace and institutionalisation of this new way of working for 2022 and beyond.

Details of the methodology Triodos Bank uses to calculate its CO₂e emissions are available on request.

Working from home and meeting virtually were standard operating modes in 2021. Offices had very low occupancy rates, resulting in a lower energy consumption than 2020. The impact of mobility (for both business and commuting reasons), which contributed over 90% of Triodos Bank's footprint in the years before COVID-19, was lower in 2021 compared to 2020, resulting in a 81% contribution to the total emissions in 2021.

This change in the way of working in 2021 and beyond means that the impact of Triodos Bank's operations significantly shifts from offices towards other locations, in most cases private homes. Thus, working from home is deemed significantly material from 2021 onwards. Triodos Bank calculated the number of days worked from home. Across all business units, this is estimated to be 172 days per FTE in 2021, which is about 76% of total working days. This is a considerable increase compared to the estimate for 2020 (130 days per FTE), due to the fact that 2021 was the first year in which the pandemic played a role throughout the whole year.

Triodos Bank acknowledges the impact of co-workers working from home. This impact is not (yet) quantified, as a mature, internationally accepted methodology for calculating this impact in terms of CO₂e emissions is not yet available. In striving to limit its environmental footprint, the impact of working from home poses an interesting dilemma for Triodos Bank. Choices about energy systems and devices at home are private issues and not for the employer to decide. So reducing or minimising the impact of working from home is challenging, but might also offer opportunities for engagement with co-workers. In 2021, Triodos Bank has in most business units facilitated a sustainable home workplace in terms of devices. For example, surplus office furniture from Triodos Bank offices has been offered to co-workers on a temporary or permanent basis. In the Netherlands and the United Kingdom, in addition to that, an offer has been made to co-workers to purchase refurbished furniture.

Triodos Bank wants its buildings to be as sustainable as possible. It therefore makes continuous improvements to enhance their sustainability, without compromising on comfort. The Bristol office in the United Kingdom, renovated the shower blocks and changing rooms in a sustainable way, using locally sourced products as much as possible. Products used for the renovation include waste wood and plastic made from marine waste. Of the original facilities, 84% of the shower block waste has been recycled or reclaimed.

The structural shift towards working more from home has led Triodos Bank to review the projected needs and uses of office space for all business units. In the Netherlands, all co-workers have been based at De Reehorst since October 2021. De Reehorst is designed to be energy-neutral and is the first office in the world to have 100% circularity potential. As a result of this move, the old head office buildings were no longer needed. This building was sold in the fourth quarter of 2021 and will be transferred in 2022. In Spain, with less space required overall, we closed one of our two offices in Madrid.

Working from home remained the norm throughout 2021. As a result, mobility was at an even lower level than in 2020, already a year of very low mobility. Commuting kilometres decreased, as a result of more location-independent working in 2021 than ever before. Business travel by aircraft was 384 kilometers per FTE, a drop of 49% compared to 2020 and even a drop of almost 90% compared to 2019. Regarding kilometres travelled by air in 2021, Triodos Investment Management was accountable for 92% of all these kilometres.

As international travel remained at a very low level during 2021, the formulation and introduction of a new international travel policy was postponed until 2022. Our main focus, with respect to mobility, was on commuting and domestic business travel.

Increased workplace flexibility and all Dutch co-workers being located at De Reehorst, right next to an intercity train station, meant that the Netherlands mobility policy, implemented in 2020, was actually outdated. In October 2021, a revised mobility policy was introduced in the Netherlands. In addition to more flexibility, the revised policy (both for commuting and business travel) incentivises co-workers to opt for more sustainable means of transport. Meanwhile in Belgium, adjustments in the mobility policy were implemented to stimulate sustainable transport modalities. For example, it has been made easier for co-workers to make use of a company bike.

Triodos Bank tries to extend its positive impact on society through the sustainable choices it makes about its suppliers. The process through which it buys goods and services is a material topic for the organisation.

The procurement policy used across all the countries aims to ensure that we engage sustainable suppliers. Triodos Bank applies the policy to determine the extent to which suppliers are aligned with its business principles and minimum standards.

In addition, and importantly, Triodos Bank’s policy is proactively to strive to improve the social, environmental and cultural impact of both its procured goods and services and the organisations that deliver them. Steps will be taken in the coming years to further strengthen the monitoring of the application of the policy, learn from best practice across the Triodos Bank network and engage in dialogue with suppliers to stimulate improvement in their sustainability performance. This should further deepen the impact of Triodos Bank’s mission.

• Sustainable mobility: formulate and introduce an updated international travel policy, with sustainability as an important starting point

• Working with sustainable suppliers: Step up awareness building activities and investigate tools to assist the internal Triodos co-workers in assessing the impact position of their vendors and where possible extending their total impact

• Circular business operations: develop an inventory of the possibilities for a circular approach to ICT resources in the Netherlands