We support the Paris Agreement’s goal of transitioning to net zero emissions by 2050 and are committed to playing our part.
The global transition requires enormous investment and bank lending makes up the significant source of funding for this transition.
In recognition of this, we reviewed our approach to climate change in 2020 to ensure we act in support of customer, community and government efforts to facilitate an orderly and just transition to net zero emissions by 2050.
Climate risk disclosure
We aim to provide investors and other stakeholders with clear information enabling them to assess the adequacy of our approach to climate change and our ability to manage the associated risks and opportunities.
We report using the recommendations of the Financial Stability Board Taskforce on Climate-related Financial Disclosures (TCFD).
We have also participated in a United Nations Environment Programme Finance Initiative (UNEP FI) working group focussed on the application of the TCFD's recommendations for financial institutions. We have worked with other banks to develop tools and approaches to inform our risk management and to identify where opportunities exist to support our customers' transition to a low carbon economy.
See UNEP FI’s TCFD Pilot Projects – Banking for more details.
CDP (formerly the Carbon Disclosure Project)
We became a member of CDP in 2007 and respond to the CDP climate change program, which is an annual study of the greenhouse emissions and climate change strategies of the world's largest companies. In 2020 we achieved a CDP climate change score of A.
2020 CDP Submission