TSB has a launched a new environmental initiative to plant a tree for every mortgage loan made with the bank.

The pledge is in partnership with eForests, a not-for-profit organisation which aims to help combat climate change and through restoring woodlands.

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TSB plans to plant a variety of tree species in three woodlands across England, Scotland, and Wales. In addition, the bank aims to plant 1500 trees every month.

Nick Smith, Head of Mortgages at TSB, said: “We know our customers want to reduce their carbon footprint and look for products that help them do that. This pledge offers this at no extra cost to our customers. It’s the first step of our ‘Do what matters’ plan to lower our environmental impact and help others do the same – and we look forward to doing more.”

Offsetting TSB’s carbon footprint 

According to research, when moving home, a typical removal lorry emits 1.3kg carbon dioxide (CO2) per mile3. Each planted tree will absorb an average of 500kgs of CO2 – enough to offset the transport carbon footprint linked to the house move.

Andrew Haining, eForests founder, said: “Every day, each of us contributes to the UK’s carbon footprint through activities like moving home. We all have a part to play in protecting the planet and now TSB customers can move home knowing they’re playing their part in reducing the impact of climate change. I’m really looking forward to working with TSB to grow more trees right across the UK”.

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The new pledge comes after the announcement of TSB’s Do What Matters responsible business strategy.

The strategy focuses on helping people have more money confidence, treating small businesses fairly and helping them grow, creating an inclusive workplace at TSB, working locally with communities to help them thrive and reducing TSB’s impact on the environment while helping customers and partners to do the same.

Michael Fabricant, the vice chair All-Party Parliamentary Group for Woods and Trees, said: “The greening of Britain is an important element in the wellbeing and health of our nation. It is good to see corporations such as TSB playing their part in funding the planting of trees which will benefit future generations.”