NAB has launched its new Road to Zero series that showcases customer journeys to net zero and how their big ideas and passions are creating new business opportunities.
The series explores how Australian businesses are acting on climate change and putting in place more sustainable businesses practices to create better outcomes for current and future generations.
NAB Executive Corporate and Institutional Banking David Gall said we know big change is needed to reach the nation’s net zero ambitions across almost everything we do, and this is creating new opportunities.
“We are encouraged by our customers’ innovation and entrepreneurial spirit, with many adapting quickly and choosing to make long-term investments for a more sustainable future,” Mr Gall said.
NAB research conducted in partnership with Deloitte Access Economics in 2022, revealed around $20 trillion will need to be invested in Australia’s economy out to 2050, regardless of whether we transition to net zero.
The research titled “All Systems Go” showed that this $20 trillion will need to be spent differently and the Australian economy must be structurally different to ensure it emerges as a standout economy in a low emissions world.
This includes $420 billion in additional new investment out to 2050, alongside $70 billion that must move from emissions intensive activity by 2030 into low emissions activity to make the structural changes necessary and avoid driving up the cost of the transition over the long term.
“As these businesses transition, the investment needed to get to net zero is significant, but not unachievable,” Mr Gall said.
“The future of Australia is exciting as we are seeing our customers innovate and invest in everything from solar panels to sustainable farm practices, education of employees, electric vehicles and technologies that are reducing costs, carbon emissions and importantly building resilience to climate change.”
“At NAB we know, the more we support our customers to succeed in transitioning to net zero, the more our environment, our communities, and our economy will benefit,” Mr Gall said.
Road to Zero – Tahbilk