The Commonwealth Bank is committed to playing a leadership role in Australia’s transition to a net zero emissions economy by 2050.
As Australia’s largest bank, our ambition is to support the transition to a more modern, resilient and sustainable economy. Our role centres on lending to support the transition, helping our customers with new products, partnerships and services, and actively participating in the national discourse on Australian’s transition.
Our standalone Climate Report has six chapters covering: our climate positioning, governance, strategy, risk management, metrics and targets.
This year we have set sector-level 2030 targets for reducing our financed emissions in power generation, thermal coal mining, upstream oil extraction and upstream gas extraction; strengthened our measurement and reporting on financed emissions to align with the Partnership for Carbon Accounting Financials (PCAF) standard; and updated our climate scenario analysis.
Commonwealth Bank Chairman Catherine Livingstone AO said “One of our priorities is to play a leading role in supporting Australia’s transition to a more modern, resilient and sustainable economy, working constructively with the private and public sector to support initiatives that promote sustainable economic growth and build a brighter future for all.”
Limiting the effects of climate change and preserving our natural capital while continuing to grow Australia’s economic prosperity is a shared national priority.