2024 Climate Report

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Our progress to date

For more information, including definitions and calculations, see the Climate Report.

Number of sector-level financed emissions targets tracking below the reference scenario: 9 (delivering against our 15 sector-level targets)

Cumulative funding towards our Sustainability Funding Target: $54.2bn ($9.5 billion of additional funding in 2024)

Renewable energy exposure: $6.3bn (supporting the energy transition)

Reduction in Group Scope 1 and 2 operational emissions since 2020: 65% (per our Scope 1 and 2 operational emissions target)

Learn more about our transition roadmap

Message from our Chair and CEO

We remain committed to supporting Australia’s transition to a net zero economy by 2050, by continuing to manage the risks and opportunities of climate change and supporting our customers in an inclusive transition.

Full message

Supporting Australia’s energy transition

Decarbonising Australia’s electricity grid remains the priority step for Australia’s net zero future.

Our approach

This year’s report provides a further update on our progress against our roadmap for progressively setting sector-level targets on financed emissions, and operational emissions targets. Decarbonising Australia’s electricity grid remains a key factor needed for Australia, and the Bank, to achieve our emissions reduction targets.

Strategy

As Australia’s largest bank, we recognise the role we can play in supporting Australia’s transition to a net zero economy by 2050.

Governance

Effective governance enables the Board to oversee the Bank’s management of climate-related risks and opportunities.

Risk

Climate-related risks can have different impacts on our customers, people, communities and the Bank. Our risk approach helps us to better understand and manage these impacts.