CERTIFIED CARBON NEUTRAL WITH 100% AUSTRALIAN CARBON CREDIT UNITS – SUPPORTING AUSTRALIAN OFFSET PROJECTS, OUR COMMUNITIES AND THE LOCAL ENVIRONMENT
Commonwealth Bank is Australia's leading provider of integrated financial services, with over 17 million customers. Our purpose is to improve the financial wellbeing of our customers and communities, and we do this through our strategy to build tomorrow’s bank today, for our customers – which focuses on providing leading Australia’s economic recovery and transition, reimagined products and services, global best digital experiences and technology and simpler, better foundations. Achieving our strategy enables us to deliver balanced and sustainable outcomes for all of our stakeholders.
“Certification supports our commitment to playing our part in limiting climate change in line with the goals of the Paris Agreement and supporting the responsible global transition to net zero emissions by 2050.”
Type of certification
How long have you been certified carbon neutral?
Since February 2021.
Why are you carbon neutral?
Climate change poses a significant risk to our environment, our economy and our community, and is a source of both risks and opportunities for the Bank. Our approach has been to dramatically reduce our emissions (by 60% since 2009), as well as invest in on-site electricity generation and purchasing 100% renewable electricity before finally offsetting the remaining unavoidable emissions.
What are the anticipated benefits of your carbon neutral certification?
Certification supports our commitment to playing our part in limiting climate change in line with the goals of the Paris Agreement and supporting the responsible global transition to net zero emissions by 2050.
What offset projects do you support?
A savanna burning project in Australia.
Why did you choose this project?
The Aboriginal Carbon Foundation (AbCF) is the only Indigenous-owned company able to supply carbon credits with verified environmental, social and cultural co-benefits. The AbCF is a not for profit organisation that catalyses life-changing, community prosperity, through carbon farming. Their aim is to support Aboriginal prosperity and community development, with a business model that ensures that over 90% of the income generated by the CBA contract is passed to the carbon farmers.
What else are you doing to reduce emissions?
We have – and continue to - implement energy efficiency initiatives, installed onsite renewable electricity generation and procured renewable electricity generated offsite for our remaining electricity use. Despite this, we know there is still more work to be done and we will continue to proactively identify opportunities to reduce our emissions, including setting Science Based Targets.
What has been the impact of your action?
Since 2009, Commonwealth Bank has reduced its overall emissions by more than 60%, and this is an important step in becoming carbon neutral for our Australian operations.
What advice would you give to a business considering certification?
Our approach is to focus on reducing emissions, with certification providing a valuable snapshot to help drive your ongoing emission reduction strategy.