From Sydney to Canberra, banks are taking action to deal with the impact of climate change.
Key points:The Australian Bankers Association is calling for banks to reduce carbon emissions by 30 per cent by 2030 and double their carbon savings by 2050In a letter to the Federal Government, the Australian Banking Group has urged the Government to reduce the carbon emissions of its banks and other institutions by 30 to 40 per cent in 2030 and triple their carbon saving by 2050.
The letter, which was sent to the Treasurer and Treasurer-elect Josh Frydenberg, also called for the banking sector to “make the most of our climate and emissions reduction opportunities to reduce risk”.
“I hope that you will consider the impact that the actions we have outlined here will have on Australian businesses, their employees and the communities in which they operate,” it said.
“As you can see, we are already making some significant investments, and I know you are making the same commitments as our banks.””
In the letter, the ABA said the banks have already reduced their carbon emissions, but they are “not yet in a position to reduce their carbon emission by 40 per a half of a percent” by 2030.””
As you can see, we are already making some significant investments, and I know you are making the same commitments as our banks.”
In the letter, the ABA said the banks have already reduced their carbon emissions, but they are “not yet in a position to reduce their carbon emission by 40 per a half of a percent” by 2030.
“As the world continues to adapt to a changing climate, there is no doubt that banks need to be better prepared to deal effectively with the climate impacts,” the AVA said.”[But] the impact on their financials, on their employees, on the communities they serve and on the people who rely on them is very real.”ABS said it is “deeply concerned” about the banks’ climate and climate change plans and that it has “serious concerns” about whether the banks are “doing enough to reduce” their carbon footprint.
“In this letter, we express serious concerns about the bank’s climate and carbon emission plans,” it added.
“We believe that, given the financial risks that they face, and their potential future exposure to financial risks arising from climate change, banks need urgent action to reduce or eliminate their carbon footprints.”
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