Bank Australia chief executive Damien Walsh says the customer-owned bank is responding to the demands of its shareholders in setting a world-leading 2035 target to achieve net zero emissions.
After the Intergovernmental Panel on Climate Change’s most recent report highlighted how difficult limiting global warming to 1.5 degrees will be, Mr Walsh said the next 10 years would be critical for the banking sector to look at not just climate but also biodiversity.“I do think the next 10 years is really important around how we help to rapidly decarbonise and reduce the impact of biodiversity loss,” Mr Walsh said.
With the International Sustainability Standards Board expected to deliver a global framework for reporting and measuring climate impacts this year, Mr Walsh said the landscape for how banks and other companies measured their emissions, particularly their scope 3 , was quickly evolving.“It’s using measuring tools that are consistently and widely accepted as being reasonable measures for managing“The tools are emerging, but also the measurement techniques are emerging as well.
Mr Walsh said the bank would look to minimise the use of offsets by encouraging customers to make their own businesses and homes carbon neutral, including through greater use of renewables and electrification.“Commercially all business who seek to decarbonise their operations and scope 1, 2 and 3 emissions will seek to minimise the use of offsets because they’re expensive,” Mr Walsh said.
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