Net zero by 2035: it’s time to raise the bar on climate action
Climate change is an issue we know you feel strongly about. We’ve been listening and it’s one we share, too.
At Bank Australia, it’s time for us to step up and go beyond what we’ve already achieved. We want to help Australians build the future we all deserve.
In our climate action strategy, reducing emissions is an essential first step. We also know we need to play a role in supporting communities in Australia to respond to climate change in a way that’s regenerative and focused on a just transition.
We don’t have all the answers yet but scroll down to explore how we’ll:
- work with our customers to reach net zero emissions in our operations and portfolio by 2035
- finance regenerative projects and services
- help people reduce their emissions
- support First Nations voices to lead the way on climate action.
Meet our customers
"I choose to bank with Bank Australia because of the philosophies which encourage transitioning people to non-fossil fuel technologies in the home."
We’ll be net zero by 2035
Most of our emissions come from our lending portfolio from the homes that we provide loans to build and buy (our scope 3 emissions, for the climate nerds). We’re going to work with our customers to reduce their emissions from electricity and gas use.
We’re also going to keep reducing our emissions from running the bank. We’ve been using 100% renewable electricity since 2019 and we’re switching our hybrid fleet cars to all-electric. Next, we want to get our buildings off gas and work out how we can support our staff to reduce emissions when they travel to and from work.
We have ceased funding car loans for new fossil fuel vehicles from 2025 as part of our net zero by 2035 commitment.
Our 2030 target – validated by the Science Based Target initiative (SBTi) – will help keep us on track to net zero by 2035, and is in line with limiting global warming to 1.5 degrees, which experts agree is crucial to avoid the worst impacts of climate change.
We're the first Australian bank to set a target like this. Learn more.
We’ve been carbon neutral since 2011 and we’re Climate Active certified. We do that by offsetting all of our operational emissions by buying carbon offsets from registered carbon offset projects.
Now, we want to explore whether we can combine our expertise regenerating land on our conservation reserve with creating our own carbon offset projects.
We know climate change is about justice (not just emissions)
We’ve got a long history in the Latrobe Valley and we’re still there. One of the larger credit unions that merged into what is Bank Australia today was the Enterprise Credit Union, the credit union for employees of the Victoria’s former State Electricity Commission. A third of our staff are based in the Latrobe Valley and we’re committed to continuing to support the community as it transitions from fossil fuels.
We’re committed to the Latrobe Valley community – in 2018, we completed a major renovation of our National Contact Centre in Moe to make room for more employment growth in the Latrobe Valley. We also work with community customers like the Gippsland Climate Change Network and help them progress the switch to renewables.
We know and recognise that First Nations voices can lead the way on climate action.
We began our own Reconciliation Action Plan journey in 2010, becoming the first customer owned bank to develop a RAP. We still have a way to go but we’re committed to the work we know we need to do.
To amplify young First Nations voices on climate action, we have supported Seed's work in a multi-year partnership through our Impact Fund.
On our conservation reserve, we’re working with Barengi Gadjin Land Council to implement Indigenous Land Management practices. Indigenous Land Management has maintained this land for tens of thousands of years. This knowledge is essential to addressing the climate crisis on our reserve and across Australia, and is valuable for both Indigenous and non-Indigenous people working with plants, animals and the ecosystems.
