Commonwealth Bank announces carbon emissions reduction target

Sydney, 24 July 2009: The Commonwealth Bank today announced it would reduce its carbon emissions by 20 per cent by June 2013, in comparison to 2008-2009 levels.

Commonwealth Bank Group Executive, Ms Barbara Chapman, said the Group was committed to managing its impact on the environment responsibly and effectively and helping build a sustainable future for all Australians.

“As one of Australia’s largest organisations, we understand the way we manage our business and our resources can have a major impact on the environment,” she said.

“This significant carbon reduction target will help address our direct environmental impact and contribute to greater energy efficiencies and cost savings for our business, forming an important element of our sustainable business platform.”

Ms Chapman said the Group will implement a range of energy and IT efficiency initiatives to achieve the carbon reduction target by June 2013, which include:

  • upgrades to lighting and air conditioning in offices and branches;
  • automated overnight PC shutdown for all staff;
  • upgrades to desktop hardware; and
  • changes to the type of cars and fuel used in the Group’s tool-of-trade fleet.

The impact of the project will be measured by the Group’s existing energy and carbon emissions data management systems and will be reported annually.

Ms Chapman said the carbon reduction target was one of several environmental initiatives implemented by the Group. These initiatives also include moving the commercial property portfolio to more environmentally-friendly buildings and commitments to major partnerships with organisations that help to protect the environment such as Clean Up Australia Day, The Great Barrier Reef Foundation and Earth Hour.

She said sustainability was an essential part of the Group’s business practices.

“At the Commonwealth Bank, we are committed to taking action and making the right investments now to achieve our business vision and deliver long-term value to our people, customers, shareholders and Australian communities,” she said.

“Our environmental initiatives are an integral part of this commitment.”




For further information contact:

Holly Williams

Commonwealth Bank

Ph: (02) 9378 7130