NAB Expands Its Environment Financing Commitments
Dailycsr.com – 09 December 2017 – The work of NAB towards creating values for “customers, employees, environment, shareholders and the community” has been detailed in its “Sustainability Report” for the year of 2017, which has been released recently.
In the words of the C.E.O of NAB, Andrew Thorburn:
“We know we owe our success to the people, businesses, and communities who we have supported and partnered with for almost 160 years. That success brings with it a responsibility to make a significant and positive contribution in return”.
Moreover, the said report also incorporates “an update” on the “climate change commitments” of NAB, as it expands its “environmental financing commitment from $18 billion by 2022 to $55 billion by 2025”. Under the said “financing commitment”, NAB will cover various “projects and initiatives” for a total worth of “$20 billion” with the aim of reducing emissions, while another “$35 billion” will be dedicated towards “6 star residential housing in Australia” for building new constructions as well as for undertaking “significant renovations”.
So far, NAB has poured “$13.4 billion in environmental financing” from the October 1, 2015, “against this expanded target”. While, Ethical Performance informed:
“In addition, NAB will commit to sourcing 50% of it's Australian electricity demand from renewable energy projects by 2025, up from 10% by 2018. NAB will also use its strengths in clean energy financing, renewable energy and natural value to help address climate change by innovating across key sectors and markets and supporting low-carbon opportunities for customers”.
Here is a list of initiatives mentioned in the report that ranges across NAB’s working spectrum that were “undertaken this year”, for creating “value for its stakeholders”, as mentioned by Ethical Performance:
In the words of the C.E.O of NAB, Andrew Thorburn:
“We know we owe our success to the people, businesses, and communities who we have supported and partnered with for almost 160 years. That success brings with it a responsibility to make a significant and positive contribution in return”.
Moreover, the said report also incorporates “an update” on the “climate change commitments” of NAB, as it expands its “environmental financing commitment from $18 billion by 2022 to $55 billion by 2025”. Under the said “financing commitment”, NAB will cover various “projects and initiatives” for a total worth of “$20 billion” with the aim of reducing emissions, while another “$35 billion” will be dedicated towards “6 star residential housing in Australia” for building new constructions as well as for undertaking “significant renovations”.
So far, NAB has poured “$13.4 billion in environmental financing” from the October 1, 2015, “against this expanded target”. While, Ethical Performance informed:
“In addition, NAB will commit to sourcing 50% of it's Australian electricity demand from renewable energy projects by 2025, up from 10% by 2018. NAB will also use its strengths in clean energy financing, renewable energy and natural value to help address climate change by innovating across key sectors and markets and supporting low-carbon opportunities for customers”.
Here is a list of initiatives mentioned in the report that ranges across NAB’s working spectrum that were “undertaken this year”, for creating “value for its stakeholders”, as mentioned by Ethical Performance:
- Helping customers in periods of financial hardship through NAB Assist – with over 97% of customers back on track within 90 days.
- In partnership with Good Shepherd Microfinance, assisting over 500,000 Australians on low incomes access microfinance products and services since 2005.
- Significantly overhauling the standard business form contract, benefitting over 130,000 small business customers – the first major bank to do so.
- Encouraging a love of sport in 180,000 young Australians through our support for Auskick, and sponsorship of the AFL Women’s League.
- Launching the world’s first social bond specifically promoting workplace gender equality.
- Awarding $1.4 million through the NAB Foundation to organisations tacking domestic and family violence, and improving financial resilience.
To avail the entire Sustainability report of NAB for 2017, kindly visit:
www.nab.com.au/sustainabilityreport
References:
ethicalperformance.com
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