In an address to the International Governance Leadership Conference on Monday, 28 August, NAB Chair Philip Chronican discussed the opportunities in decarbonisation and how NAB will play a role in the transition to net zero.
“Climate change is a key focus for Boards. As one example, the National Australia Bank Board acts to ensure the Bank sees long-term opportunities and challenges clearly and acts appropriately,” Mr Chronican said.
In his address, Mr Chronican also discussed NAB’s ‘All Systems Go: Powering Ahead’ climate research released last week.
“If all Australia does is the minimum necessary to hit our targets, by 2050 Australia risks becoming a materially poorer country than we are today,” Mr Chronican said.
“Avoiding this calls for significant coordination of public and private planning and investment to seize Australia’s share of global demand for low emissions energy and minerals as economies become net-zero.”
The report highlights there is a $435bn economic opportunity for Australia if it transforms its industrial base and establishes a clean energy platform to drive export growth.
“The task ahead is immense, but crucial,” Mr Chronican said.
“Australia needs to act quickly to ensure we are equipped with the people, finance and technology our country needs to successfully meet our decarbonisation targets and to maximise the economic benefits available to us. “