One of Australia’s big four banks has pledged to its shareholders that it won’t bank with large customers who have no climate transition plan.
Without providing detail to its pledge, Commonwealth Bank of Australia (CBA) Chairman, Paul O’Malley, told shareholders that the bank was taking its climate commitments seriously.
“Climate change is a major focus of the Board and Management,” O’Malley said at an AGM meeting on Oct. 12.
“As Australia’s largest bank, we have an important role to play in supporting Australia’s transition to a net-zero emissions economy by 2050.
“Large customers that choose not to have a transition plan (on climate change) by 2025, we will not be able to bank them.”…