On World Environment Day, People First Bank has announced a major step forward in its climate action efforts, with new science-based targets to significantly reduce its carbon emissions across operations and lending.
The bank’s targets have been officially validated by the Science Based Targets initiative (SBTi), a global authority that defines best practice in target-setting and independently assesses emissions reduction programs.
“This is about doing our part – with a clear, science-backed path to cut our emissions and support Australia’s shift to a low-carbon economy,” said People First Bank CEO, Steve Laidlaw.
“For any plan to make a real difference, it needs to be grounded in science with rigorous monitoring and accountability. That is why we are working with the SBTi: to ensure our actions deliver measurable results.
“As a customer-owned bank, we act in the long-term interests of our customers and communities. That means taking our environmental responsibility seriously and backing it with real action.”
People First Bank’s near-term targets include:
- 95% reduction in Scope 1 and Scope 2 emissions by 2030 (from FY23 baseline).
- 100% renewable electricity by 2030, up from 56% in FY23.
- 38% reduction in Scope 3 Financed Emissions (mortgage portfolio) per square metre by 2030, from FY24 baseline.
To achieve these goals, People First Bank will take further action across the organisation, including:
- Expanding its range of green loans for energy-efficient home upgrades such as solar panels and battery storage.
- Improving energy efficiency across its branches and offices.
- Transitioning its fleet from hybrid to fully electric vehicles.
- Securing renewable energy for all sites, including those in currently underserved areas.
- Working with industry to help decarbonise the real estate sector.
