NAB notes the recent release of the Intergovernmental Panel on Climate Change’s Special Report on the impacts of global warming above 1.5 degrees Celsius above pre-industrial levels.

NAB’s views on climate change are clear and publicly available, including in our annual Sustainability Report and financial reports.

We support the transition to a low-carbon economy, consistent with the global agreement reached in Paris to limit global warming to less than two degrees above pre-industrial levels.

We recognise that, as a global provider of financial products, we play a key role in financing the low-carbon transition and green growth. This includes engaging responsibly and constructively in climate change policy development with our wide range of stakeholders.

We look to promote our actions and commitments in this area whenever possible. This includes participating in the United Nations Environment Program Finance Initiative pilot of Recommendations of the Taskforce on Climate-related Financial Disclosures, and the Australian National Outlook project with the CSIRO.

Through this work, and in collaboration with other organisations in climate-related research initiatives, we have developed our climate change knowledge and insight, and conducted various modelling and climate scenario testing.

In addition to supporting our customers through the low-carbon transition, we commit to working actively with our stakeholders – including the industry associations of which NAB is a member – to share our knowledge and data, and advocate for policy and actions that will limit global warming to less than two degrees.

We are also committed to ensuring that our industry associations advocate for policy aligned with this goal. To this end, we will continue to review the advocacy activities of those industry associations, and commit to relevant disclosure to shareholders. Where we identify a material misalignment, we will take this into consideration when deciding whether to renew our membership.