Climate change

Climate change is the most important societal issue of our time, and despite its small direct environmental impact, TF Bank will contribute to the global goals and to reducing our global footprint on the environment.

Reduce own climate impact

The climate transition is the most important societal issue of our time, and despite limited direct environmental impact, TF Bank aims to contribute to the SDGs and reduce its environmental footprint. The Bank has a sustainability policy that is regularly updated. This policy has been adopted by the Board of Directors and is accessible for all employees of the Bank. During the year, the Bank has taken steps to reduce its environmental footprint, including calculating its carbon footprint in collaboration with external consultants.

The indirect environmental impact occurs mainly through our suppliers’ energy use, especially regarding server capacity. The Bank uses a cloud-based server solution that is considered more secure and is more energy efficient than having own servers. The server hall used is powered by 100% green electricity and is environmentally certified according to ISO 14001.

The calculation is based on the Greenhouse Gas protocol (GHG-protocol) and is estimated using the consolidation method with an operational control approach. The Bank’s climate impact has been calculated using the market-based method. Measurements have been made within scope 1 (refrigerants and service vehicles), scope 2 (electricity, district heating, and district cooling), and part of scope 3 (business travel and indirect life cycle emissions related to each emission source).

As TF Bank’s operations are located in several countries, video conferencing opportunities have been prioritised in all branches to reduce the company’s environmental impact in the form of travel, and to facilitate meetings between the Bank’s various units.

In our offices, we ensure that we have well-functioning recycling procedures. Paper, cartons, toner and electronic equipment are sorted and left for recycling. Our office supplies are purchased from environmentally certified suppliers and we strive to choose environmentally friendly products.

We consider it of utmost importance that our suppliers follow high ethical standards and act responsibly which is why we have adopted our code of conduct for suppliers. The document is distributed to suppliers who then will approve our code of conduct for suppliers or demonstrate that they have an internal equivalent code of conduct.

Digital processes

TF Bank is on a digitalisation journey where we develop internal processes and smart solutions for our customers, but different conditions apply in the various markets due to the country’s maturity to accept digital solutions. In the Baltic countries and in Norway, all marketing and customer communication takes place digitally. The majority of new lending takes place digitally through loan intermediaries on all channels.

We strive to reduce our paper use through several different initiatives. We encourage our customers to sign loan agreements electronically and have come a long way in this work in several markets. We also see an improvement regarding the use of e-invoices and invoices via e-mail to handle notices to our customers. The percentage of invoices sent digitally amounted to 91% during 2023.

Both in our marketing and in our administration, we use Nordic eco-labelled or FSC-labelled products, both in terms of paper, envelopes and cartons. In the e-commerce business, we offer our partners an AI tool, Avarda Return Optimiser, to reduce their return rates, which in turn contributes to reduced transports.

Contribute to energy transition

TF Bank is continuously investigating business opportunities to offer financing solutions that can facilitate climate change with a focus on modern energy. Through the Bank’s e-commerce customers, it is also possible to finance the purchase of modern energy solutions.

KPIs – Climate change 2023 2022
Climate impact (t CO2e) 534,9 484,0
Climate impact per employee (t CO2e / FTE) 1,41 1,56
Climate impact per net sales (t CO2e / MSEK) 0,27 0,34
Climate impact per office space (t CO2e / m2) 0,02 0,03
Energy consumption per office space (kWh / m2) 159,93 131,83