Bank Australia commits to 2035 net zero target
Bank Australia has today announced its commitment to achieve net zero emissions across its operations, and lending and investment portfolio by 2035.
The 2035 net zero target is the headline commitment in Bank Australia’s new climate action strategy that sets out its ambitions for the coming decade across the key areas of decarbonisation, climate justice, regenerative finance, and the protection of nature.
The bank is committed to aligning with best practice on net zero for financial institutions as it emerges, including limiting reliance on carbon offsets.
In support of its pathway to net zero emissions, Bank Australia will seek endorsement of its 2030interim emissions reduction targets across its scope 1, 2 and 3 emissions by the Science Based Targets initiative within 12 months. These science based targets will apply to Bank Australia’s operations, as well as its residential and commercial lending and corporate bond portfolios, which make up 84% of its lending and investment activities.