SCIENCE-BASED TARGETS FOR BANK AUSTRALIA
Point Advisory is proud to have worked with Bank Australia to develop its science-based target for Scope 1 and Scope 2 emissions, which was recently validated by the Science Based Targets Initiative. Bank Australia have recently announced a target of 16% emissions reduction by 2025. The bank will meet and exceed its emissions reduction target by switching over to 100% renewable electricity, through its 10-year agreement to buy power and renewable energy certificates from the new Crowlands Wind Farm, which will be built and operated by clean energy company Pacific Hydro.
In 2015, the historic Paris Agreement saw 195 of the world’s governments commit to an agreement to limit global warming to below 2 degrees celsius of pre-industrial levels. The Science Based Target Initiative developed a methodology aimed at helping companies set emissions reductions targets in line with Paris Commitment by industry sector.
The Science Based Target Initiative expects that target setting will become a standard business practice amongst companies and has already seen science-based targets incorporated into annual reporting because of its value to shareholders. To date, over460 companies have committed to setting a science-based target.
Visit Bank Australia’s website for further information on their emissions reductions target.
To learn more about how Point Advisory can help your organisation to set science-based targets, please contact Caoilinn Murphy
Melbourne, VIC, Australia