GlobalData offers a comprehensive analysis of ASB Bank, providing key insights into its Environmental, Social, and Governance(ESG) factors. By closely monitoring and aggregating mentions of climate change and associated ESG keywords, GlobalData delivers valuable information on ASB Bank‘s ESG performance. GlobalData’s company profile on ASB Bank offers a 360-degree view of the company, SWOT analysis, key financials, and business strategy including insights on ESG implementation among other information. Buy the report here.
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ASB Bank, a New Zealand-based bank, has set ambitious science-aligned emission reduction targets in line with the goals of the Paris Agreement. The bank aims to achieve lower operational emissions by 2050, supporting the global transition to a low-carbon economy. ASB Bank recognizes the importance of limiting climate change and has integrated environmental and social matters, including climate change, into its board charter and governance structure.
In terms of carbon emissions, ASB Bank has made progress in reducing its operational emissions. In the fiscal year 2023, the bank's gross operational emissions from measured sources including Scope 1, 2 & 3 and additional Value Chain categories were 5,740 tCO2e. Of this, the emissions from Scope 1 and Scope 2 were at 1,807 tCO2e and 1,115 tCO2e, respectively. The emissions from Scope 3 Baseline Categories figured at 1,733 tCO2e, amounting to 4,655 tCO2e of gross operational emissions against the FY20 baseline. ASB has also reported 1,085 tCO2e as part of Scope 3 New Categories comprising freight and working from home. The bank has set a science-aligned target to reduce its operational greenhouse gas emissions by 3,382 tCO2e or 42% by 2030, compared to a baseline from fiscal year 2020. This reduction target demonstrates the bank's commitment to mitigating its own carbon footprint.
ASB Bank has taken several steps to reduce its emissions and support the transition to a low-emissions economy. The bank has rolled out FutureFit, a tool that helps its staff measure and reduce their carbon footprint. Additionally, ASB Bank has set a cumulative sustainable lending target of $6.5 billion by fiscal year 2030. The bank carries out environmental and social assessments for its corporate and business lending, engages with rural customers to understand their environmental plans, and assesses climate-related risks for its home loan and rural customers. ASB Bank also supports the low-emissions economy by offering sustainable finance options and developing innovative solutions to help customers adapt to new opportunities.
In its first climate report based on the Taskforce for Climate-Related Financial Disclosures (TCFD) framework, ASB Bank highlights its progress in reducing emissions, managing climate risks, supporting the low-emissions economy, and building a culture and capability for sustainability and climate. The bank has achieved Toitu¯ net carbonzero certification and has transitioned its Auckland pool fleet to electric vehicles. ASB Bank is committed to promoting a low-emissions, climate-resilient future and aims to reduce its operational emissions while supporting its customers and communities in their transition to a sustainable future.
Overall, ASB Bank has set science-aligned targets and made significant strides in reducing its operational emissions. The bank's commitment to sustainability and climate action is evident through its various initiatives and investments. By aligning its strategies with the Paris Agreement goals, ASB Bank is playing its part in addressing climate change and supporting the global transition to a low-carbon economy.
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