NAB has been awarded the Terra Carta Seal, which recognises global companies driving innovation and demonstrating their commitment to, and momentum towards, the creation of genuinely sustainable markets.
NAB is the only Australian financial institution, and one of only three Australian companies, to be presented with the 2021 inaugural Terra Carta Seal. It was awarded overnight at the UN Climate Change Conference by His Royal Highness The Prince of Wales through his Sustainable Markets Initiative (SMI), which recognises private sector companies who are leading their peers in creating genuinely sustainable markets.
A total of 45 companies globally were awarded the Seal, recognising that they are driving innovation and leadership within their industry and are creating credible transition roadmaps underpinned by globally recognised, scientific metrics for achieving net zero by 2050 or sooner.
NAB was recognised for the work being done to reach its sustainability targets, including:
- Purchasing renewable energy to cover the electricity needs of 100% its operations by 2025;
- Providing AUD70 billion in environmental financing by 2025;
- Providing AUD2 billion to affordable and social housing; and
- Driving financial innovations in sustainability, such as Project Carbon, which aims to support a global marketplace for quality carbon offsets with clear and consistent pricing and standards.
NAB Group CEO – Ross McEwan said:
“Banks need to create sustainable solutions to climate change, and support our customers as they do the same. NAB is reducing our own emissions, increasing environmental lending and creating new financial products that help customers make emissions reductions. We will continue to work in partnership with our customers to advance practical solutions to climate challenges and support the transition to a more sustainable economy.”
His Royal Highness The Prince of Wales, said:
“The Terra Carta Seal recognises those organizations which have made a serious commitment to a future that is much more sustainable, and puts Nature, People and the Planet at the heart of the economy. We all need to make changes if we are to preserve the planet for our children and grandchildren and these businesses have pledged to make it easier for us all to do so.”
About the Terra Carta Seal
Launched by His Royal Highness at the One Planet Summit in January 2021, the Terra Carta provides a practical roadmap for acceleration towards an ambitious and sustainable future; one that will harness the power of Nature combined with the transformative power, innovation and resources of the private sector. The Terra Carta serves as the mandate for the Sustainable Markets Initiative (SMI).
The Corporate Knights’ Global 100 Most Sustainable Corporations Companies were invited to apply for the inaugural Terra Carta Seal. It will be awarded annually to companies who are demonstrating their commitment to, and momentum towards, the creation of genuinely sustainable markets and care for Nature, People and Planet.
- NAB has set a target to provide AUD70 billion in environmental financing by 2025.
- NAB has backed more than 150 renewable energy transactions around the world and committed over AUD11.5 billion since 2003, equivalent to 26GW of renewable energy capacity globally. Once fully operational, this is enough electricity to power all average residential homes in Australia.
- NAB is an inaugural signatory of the United Nations’ Environment Programme Finance Initiative’s (UNEPFI) Principles for Responsible Banking
- NAB is the only Australian bank to sign UNEPFI’s Collective Commitment to Climate Action