Australia’s biggest bank has outlined its climate commitments and pledged to increase transparency on financed emissions.
The country’s biggest lender, Commonwealth Bank of Australia, says the transition to a net zero economy will be of a similar scale to the most recent mining boom, requiring up to $3 trillion in investment to 2050.
CBA appeared to back Westpac’s position, warning that achieving its targets for financed emissions were dependent on “rapid decarbonisation”. The bank said it has strengthened measurement of its financed emissions under the Partnership for Carbon Accounting Financials Standard, with 80 per cent of its 2020 lending portfolio covered.
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