The Climate Action Programme, developed by Danske Bank and responsible business network Business in the Community (BITC) in Northern Ireland, offers businesses help to develop, enhance or accelerate measures to monitor and reduce their carbon footprint and prepare their business for the future.

Part-funded by Danske Bank, the four-month Climate Action Programme helps organisations to understand how they can address the climate crisis through accredited Carbon Literacy Training; measure their carbon footprint; develop a future-proof Climate Action Plan that’s bespoke to their organisation; and build relationships with and learn from key business leaders in Northern Ireland.

Suki Tea took part in the programme last year. Co-founder and Managing Director Annie Irwin said: “We’re a small team with limited resources so when I heard about the Climate Action Programme I was keen to get on it.

“We feel a lot more confident and equipped to benchmark our own Scope 3 emissions after the programme. The programme has given us great team engagement and the impetus to reach out to Invest NI and Queen’s University to get more support with the next steps, to assist us in the creation of our road map to net zero carbon.”

‘With customers, suppliers and investors increasingly focused on the climate actions of businesses, the programme ensures that businesses are on the right track to successfully respond to the climate challenge’

Chris Martin, Head of Sustainability at Danske Bank, said: “This is the second year we’ve been able to make the Climate Action Programme available to our Corporate and Business customers.

“The programme is a fantastic way for businesses large or small to develop their climate response and make a tangible commitment to reducing their carbon footprint.

“With customers, suppliers and investors increasingly focused on the climate actions of businesses, the programme ensures that businesses are on the right track to successfully respond to the climate challenge.”

Keelin McCone, Head of Environment at BITC, said: “BITC is delighted to partner with Danske Bank on this important programme. The Bank has already supported 45 corporate customers from a range of sectors on their climate journey and is playing a critical role in Northern Ireland’s transition to a successful, low-carbon economy.

“Danske realises the powerful positive influence it can have through its value chain and with its stakeholders. Through the programme, participating businesses will be proactive about net-zero planning and increase levels of reporting and capacity-building, to enable delivery of immediate and long-term climate action.”

On completion of the programme, businesses will have a clear understanding of their specific starting point or ‘baseline’ and a vision of what the company can aim to achieve. Participating businesses are then invited to sign the Climate Action Pledge, a public commitment to reducing greenhouse gas emissions by 30% or 50% by 2030.

Visit the BITC website to read more and register your interest in taking part in an upcoming Climate Action Programme cohort.

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Danske Bank’s latest consumer confidence index rose slightly to 95 in the last three months of 2022, up from 92 in the previous three months. Carried out in December last year, it is still below the reading of 134 posted in the fourth quarter of 2021.

A total of 1018 people were surveyed with information on household savings also gathered.

Thirty-six per cent of respondents said that the adjustment of society to living with Covid-19 had the largest positive impact on sentiment, while 15% said the overall performance of the local economy had the biggest positive impact on confidence.

When comparing their current financial position with the previous year, 14% of people felt their financial position had improved over the 12 months, however 58% felt their finances had deteriorated.

For many people (40%) the impact of higher prices on household finances was having the largest negative impact on them, with 14% stating rising interest rates had the largest negative impact on sentiment.

‘One of the main factors behind this low level of consumer sentiment is the high rate of inflation, which is squeezing household purchasing power’

The part of the index which examines the amount consumers expect to spend on high-value items, such as furniture and holidays, over the next 12 months increased over the quarter, but decreased over the year; 17% of consumers expected to spend more on expensive items compared with 50% who expected to spend less.

Inflation is expected to decline during 2023 but it will likely take some time for it to return to the 2% target. As such, and when combined with relatively low

confidence levels, consumer spending is projected to remain under pressure.

Danske Bank’s Chief Economist and Head of Strategy, Conor Lambe said that inflation remains at “elevated levels” and is continuing to “exert a squeeze” on household spending power.

“While it was encouraging to see a small rise in consumer confidence in the final quarter of 2022, it should be noted that overall confidence levels remain relatively low,” he said.

“One of the main factors behind this low level of consumer sentiment is the high rate of inflation, which is squeezing household purchasing power.

“As we move through 2023, inflation is expected to continue declining, but it will likely take some time for it to return to the 2% target.

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As high prices continue to squeeze household budgets, the Danske Bank NI Consumer Confidence Index fell significantly to 92 in 2022 Q3, down from 103 in the second quarter of the year.

This is also significantly lower than the 137 posted in the third quarter of 2021. The survey was carried out in September of this year.

Consumer confidence is an economic indicator measuring the degree of optimism consumers have regarding the overall state of Northern Ireland’s economy and their own financial situations.

Compared with Q2, people reported feeling less confident about their current finances, future finances, job security and expected spending on expensive items.

High inflation is exerting a significant squeeze on purchasing power and with confidence at low levels, the outlook for consumer spending is particularly challenging.

Forty-seven per cent of survey respondents said they felt that the impact of higher prices on their household finances had the largest negative impact on them, while 13% said global risks, including the war in Ukraine, was the main factor that made them feel less confident.

For 11% of people, the post-Brexit trading arrangement in NI had the largest negative impact on them.

‘Inflation in the UK is at a multi-decade high and is exerting a significant squeeze on consumer spending power’

Conor Lambe, Chief Economist and Strategy Lead, Danske Bank 

Comparing their current financial position to last year, over half (56%) of respondents believed their finances had deteriorated, while 18% felt their financial position had improved.

Indeed, looking ahead to the next 12 months, 63% of people thought their finances would worsen, with 15% expecting their financial position to improve.

Looking at a regional breakdown, confidence levels fell in Q3 in all four regions (Belfast City, North, South and West), although Danske Bank stressed that the regional indices are based on smaller samples than the overall NI measure.

In Belfast City, confidence levels fell from 119 in 2022 Q2 to 101 in the third quarter and were also significantly weaker than the 148 posting in 2021 Q3.

In the North region, consumer confidence declined from 107 to 97; in the South region the index reading was 84, down from 94 and in the West region the index reading of 92 was lower than the 98 recorded in 2022 Q2.

Conor Lambe, Chief Economist and Strategy Lead at Danske Bank said this was the fifth consecutive quarterly decline in sentiment.

“Inflation in the UK is at a multi-decade high and is exerting a significant squeeze on consumer spending power,” he said.

“This high inflation is the factor having the largest negative impact on confidence levels. Beneath the headline figures, price pressures are evident across a wide range of goods and services.

“Household energy continues to experience significant annual price increase. Food inflation has been rising with the annual change in prices increasing from 14.8 per cent in September to 16.5 per cent in October.”

However, he said that there were some factors that had a positive impact on confidence in Q3.

“Thirty-five per cent of people said the adjustment of society to Covid-19 positively impacted them, a significant change compared with the Q3 survey from two years ago in 2020 when coronavirus restrictions was one of the largest negative drivers of sentiment.

“Fourteen per cent said the performance of the local economy made them feel better and nine per cent pointed to rising wages as a factor boosting confidence,” he added.

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Loughgall-based Gilfresh Produce is a family run company established by the Gilpin family over 50 years ago. The company has an experienced team of nearly 130 staff dedicated to the delivery of fresh produce of the finest quality to customers throughout the UK and Ireland.

The business supplies a range of customers that includes most large supermarkets, food processors, wholesalers and convenience channels.

Gilfresh invested in the expansion of its production facility during Covid-19, initially to allow the processing of fresh food to continue under strict social distancing requirements. The additional production and staging space it created is now enabling Gilfresh to streamline its processes and extend its season.

Danske Bank has also provided a significant funding package to enable the company to take advantage of increased demand for local fresh produce, with investment being made in new technology needed to automate additional processes.

William Gilpin, Managing Director of Gilfresh, said: “Our vegetable processing business plays a significant role in the Northern Ireland food chain. Danske Bank assisted Gilfresh with the challenges that the Covid-19 pandemic presented and also helped us prepare for the next part of our journey as we endeavour to become even more efficient and environmentally friendly.

“We have a long and much valued relationship with Danske Bank, and are thankful to our relationship manager, Fiona King, who has taken the time to really understand the needs of our business, especially during the last two years. This has been a great asset to our management team.”

Fiona King, Corporate Banking Manager at Danske Bank said: “Gilfresh is an essential indirect supplier of fresh food to Northern Ireland homes and during Covid we wanted to help ensure the security of supply was not compromised. As a result of the investment made during this time, the business has emerged stronger. We’ve worked with Gilfresh for many years and are pleased to have been able to provide a new funding package to help the business on the next stage of its journey.”

Photo caption: Pictured at Gilfresh in Loughgall are Fiona King from Danske Bank and William Gilpin from Gilfresh.

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