The latest Net Zero Momentum Tracker report assesses the emissions-reductions commitments and activities of Australia’s 20 largest banks - based on the total value of their Australian assets and including those with the highest reported emissions.
Prepared by ClimateWorks with the Monash Sustainability Development Institute, the banking sector report is part of a series focusing on major sectors of the Australian economy as part of the Net Zero Momentum Tracker initiative. The Tracker is designed to bring together and evaluate climate action commitments in order to help the banking sector build momentum towards net zero emissions.
As investors and capital providers, banks are significant to Australia’s transition to a net zero emissions economy. The report found 85 per cent of the banks assessed are taking steps to reduce their investment and lending portfolio emissions, but that these commitments are not yet comprehensive or fully aligned with the Paris Climate Agreement goal of net zero emissions before 2050.