Teachers Credit Union Commits to a Sustainable Future

Recognising the importance of sustainable development, Teachers Credit Union will launch a number of initiatives in 2007 that will reduce its energy consumption, offset carbon emissions, and reduce waste. 

Teachers Credit Union Chief Executive, Steve James, announced these initiatives at the release of the Credit Union’s first Sustainability Report, a comprehensive document that covers the Credit Union's environmental, social and governance obligations.

"This is our first Sustainability Report, and it will allow the community to understand our Credit Union, our values, our achievements, and our commitment to a sustainable future," said Mr James. "We aim to continually monitor our ecological footprint to ensure the Credit Union is a sustainable business, especially as we expand".

"The environmental initiatives announced today are primarily about doing the right thing, but it will also improve the efficiency of our business."

Mr James outlined a number of environmental initiatives, including:

• During 2007 the Credit Union has committed to purchasing 10 per cent of its energy needs from accredited green energy sources.
• Over the last five years the Credit Union has reduced its water consumption by approximately 30 per cent. This reduction was achieved by installing water saving devices on all taps and toilets.
• The Credit Union currently recycles nearly 80 per cent of paper and cardboard, recycling 38 tonnes in 2006. In April 2006 the Credit Union began recycling all toner cartridges and has now recycled more than 212kg of cartridges. All expired and returned Visa and Redicards are securely recycled. This overall recycling commitment will continue and expand to include plastics and other wastes.
• Construction of the Credit Union’s new head office will commence in 2008, with a commitment to obtaining at least a 4 ½ star rating under the Australian Building Greenhouse Rating Scheme

The Credit Union has more than 147,000 members, with many located in rural and regional areas. With such a large member base spread throughout NSW, ACT and NT Teachers Credit Union is at the forefront of providing innovative services to such a geographically spread membership, contributing to their high Member Satisfaction rating of 96% which comfortably beats all the major banks

One of these services includes regular town visits by the Credit Union's Mobile Office. The Mobile Office provides Credit Union members with easy access to Credit Union staff. Members can use the Mobile Office to apply for a home or personal loan or Teachers Credit Card, open an account and discuss all their banking needs. The Mobile Office gives members access to all the Credit Union's services except depositing and withdrawing cash. Mobile office staff drive approximately 480,000 kms a year generating over 120 tonnes of green house gases. The Credit Union is committed to purchasing 10 percent green energy and offsetting the emissions of our mobile lenders from June 2007.

These initiatives and the Teachers Credit Union's continuing strong commitment to community services are now imbedded in our culture and business processes," said Mr James.

The Credit Union also published in their Sustainability Report how they assist the teaching and education community, sponsoring organisations such as Stewart House for over 20 years, the NSW Department of Education sports and performing arts initiatives and others to the value of 2.4% of net profit after tax.

"We acknowledge that sustainability is a constant process and have made a commitment to continually assess our sustainability performance," said Mr James.

The full Sustainability Report of Teachers Credit Union can be downloaded at www.teacherscreditunion.com.au/reports