November 10 is Banking on Values Day, and our Managing Director Damien Walsh is speaking in Dhaka, Bangladesh. Here’s what being a values-based bank – and a member of the Global Alliance for Banking on Values – means for Bank Australia and our customers.
Green investments, working with partner organisations to protect nature, a genuine climate action strategy – we’ve always been a bank that leads with our values. So it makes sense that Bank Australia was the first Australian bank to join the Global Alliance for Banking on Values (GABV).
November 10 is Banking on Values Day, and Damien will be speaking at the GABV annual meeting in Dhaka, Bangladesh.
“From my perspective, one of the greatest achievements of the GABV is that it has created a global network, bringing together 70 banks across the world that have purpose and values at their core,” Bank Australia’s Managing Director Damien Walsh says. “Together we serve over 60 million customers worldwide, who all share a belief with us that money can be used as a force for good.”
Being a values-based banking business and a member of GABV means no staff incentives for selling accounts, no executive bonuses, and our branches and offices run on 100% renewable electricity.
Bank Australia is also taking climate action, and has set a sector-leading 2035 net zero emissions target, invested over $750 million in clean energy transition, and provided $1.6 million so far in grants to more than 120 community organisations, social enterprises and purpose-driven businesses.
The vision of a network like GABV is to expand and strengthen the practice of values-based banking. This in turn helps to create a financial system that promotes social equity, responds to the climate emergency, and delivers true and lasting prosperity and wellbeing for everyone.
The GABV was founded in 2009 by a group of 10 banks around the world that believed things should be done differently and financial systems needed to be fairer. Over the past 13 years, 60 more banks have joined the movement, and Bank Australia joined in 2012.
Today the GABV’s 70 member banks push for a more transparent banking industry that supports positive economic, social and environmental change. These banks don’t pursue profit at any cost; instead, we’re using profits to help people and the planet thrive.
“At Bank Australia, one thing that sets us apart from some of the other major banks who are also doing work around sustainability and impact is what we don’t do,” says Damien.
“All our commercial lending assessments are done in line with our responsible banking policy, which involves applying a number of negative screens to ensure we don’t lend to any industries that do harm to people or the planet. By doing this, we’re able to deliver on our clean money promise, and our customers know that our business is not exposed to fossil fuels, weapons, tobacco, gambling and live animal exports.”
Read more about GABV and what it means to be part of a global network of values-based banks
