Banks use customer deposits and interest payments for loans and investments. These can go to industries that do good or those that do harm. Where you choose to bank has a ripple effect.
Our clean money promise to customers is that we will help them use their money to create a world where people and planet thrive. Our impact finance business is one of the ways we do this. In 2022 we continued to grow our portfolio of impact assets to $1.4 billion, up from $1.1 billion in 2021. This represents 14.4% of total assets and brings us closer to our 2025 goal of 20%
Our customers continue to identify climate change as the issue they are most concerned about. This year we focused on strengthening our commitment to acting on climate change by developing a new climate action strategy. Our strategy sets out our ambitions for the coming decade across key areas such as decarbonisation, regenerative products and services, the protection of nature, climate justice, and climate risk
The headline commitment of our strategy is a target to achieve net zero emissions across our operations, and lending and investment portfolios by 2035.
We believe in using the business of banking to create a positive impact for people and the planet. As a snapshot of the positive impact Bank Australia made in 2022, we have:
• continued to embed the Salvana property into our conservation reserve program, conducting a cultural heritage survey, further tree plantings and fence repairs
• supported a further 22 customer organisations with grants totalling over $400,000 through our community customer grants program
• seen our customers help raise over $300,000 to buy back land in the Daintree rainforest and return it to the Traditional Owners to manage and protect it from development through the HalfCut campaign
• taken the first steps in developing a new First Nations reconciliation strategy.