Climate change and environmental issues
Our commitment to action on climate change
We recognise that climate change is one of the most significant issues that will impact the long-term prosperity of the economy and our way of life.
We are committed to managing our business in alignment with our support for the Paris Climate Agreement and the need to transition to a net zero emissions economy by 2050. This includes how we provide financial services, support communities, operate our facilities, engage on matters of policy, and contribute to industry initiatives.
We first began measuring and reporting on climate-related metrics in 1996 and released our first climate change position statement in 2008. Our , our fourth update to the plan, lays out our principles and priority actions.
- A transition to a net zero emissions economy is required by 2050.
- Economic growth and emissions reductions are complementary goals.
- Addressing climate change creates opportunities.
- Climate-related risk is a financial risk.
- Collective action, transparency and disclosure matter.
Our Action Plan
- Help customers and communities respond to climate change.
- Improve the climate change performance of our operations.
- Support initiatives and policies to achieve the goals of the Paris Agreement.
- Largest lender to new renewable energy projects in Australia2.
- Renewables now represent over 75% of our lending to the electricity generation sector, up from 59% in 2016.
- Committed to source 100% of our global electricity consumption through renewable sources by 2025.
1 As at 30 September 2019.
2 Two years in a row. Source: IJGlobal, September 2019.