Bank Australia, the first Australian member of the Global Alliance for Banking on Values (GABV), joined the GABV’s Climate Change Commitment to measure and reduce greenhouse gas emissions when their climate action strategy marked its one-year anniversary. The Climate Change Commitment, or 3C, is an initiative launched in 2019 by the GABV.
Bank Australia becomes the 35th GABV member to sign the 3C. The initiative is part of the GABV’s larger commitment to spearhead positive change in the financial industry on pressing social and environmental issues. The participating institutions intend to influence the wider banking sector by demonstrating that banks can assess and report on their greenhouse gas emissions.
Bank Australia’s Climate Action Strategy
In March 2022, Bank Australia published its climate action strategy. The Bank’s first essential step is reducing emissions. They also focused on their role in supporting communities in Australia to respond to climate change in a way that’s regenerative and focused on a just transition.
After a year of launching its strategy, Bank Australia provided an update on its progress:
- Bank Australia became the first Australian financial institution to set a validated science-based emissions reduction target
- Bank Australia no longer provides car loans for new fossil fuel cars from 2025
- Bank Australia’s Clean Energy Home Loan (CEHL) portfolio has grown by 44%
- Bank Australia has partnered with Seed Mob, Australia’s first Indigenous youth climate network
Bank Australia remains committed to communicating openly about its progress and working hard to achieve its climate action goals.
About Bank Australia
Bank Australia is Australia’s first customer-owned bank. Alongside their B corporation credentials, Bank Australia takes pride in putting customers at the centre of the bank, balancing purpose and profit, as well as making decisions that have a positive impact on people, communities, and the planet. Bank Australia prioritises better banking for a better future, and has vowed to change their current campaign of Net Zero by 2050, to 2035.