Teachers Mutual Bank Limited has emerged as Australia's top socially responsible bank after it recorded a substantial surge in certified responsible investment portfolio, according to Responsible Investment Association Australasia (RIAA).
Over the last six months of 2020, Teachers Mutual Bank Limited's total RIAA Certified product portfolio increased by 43% from $4.5bn to $6.4bn.
Simon O'Connor, CEO of RIAA, said Teachers Mutual Bank Limited has set an example for responsible investment in the banking community.
"We are seeing consumer expectations for ethical practices grow at a rapid pace and it’s time for the finance industry to respond," he said.
The Responsible Investment Certification is awarded to recognise quality responsible, ethical and impact investment products and services in Australia and New Zealand.
Steve James, CEO of Teachers Mutual Bank Limited, said the RIAA certification provides members with both solid evidence and reassurance of the bank's commitment to responsible investment.
"We see our bank as a force for good with social responsibility and responsible investment driving our business practices," he said.
James said the RIAA Certification guarantees that every mortgage and deposit sold by the bank is a responsible investment.
"This means zero investment in the fossil fuel industry, at no extra cost to our members. Fighting climate change is a huge task, and we are proud to help our members contribute to this," he said.