NAB will use power from wind and solar farms to offset the energy used by its more than 600 branches by the end of next year, the bank announced today.
Australia’s largest business bank has entered a three year deal with ENGIE to purchase renewable energy certificates that will offset the electricity needs of its branches by the end of next year, and approximately 80 per of NAB’s Australian buildings by 2023.
This year NAB celebrated a decade of carbon neutrality and says it is working towards a lending portfolio of net zero carbon emissions by 2050, largely by transitioning from fossil fuel lending to renewables. Last month the bank said it would review its oil and gas financing by September next year.
The latest commitment will see NAB purchase large scale renewable energy certificates to offset its own consumption and help decarbonise the electricity grid.
The certificates will offset all NAB Branch power consumption by the end of 2021; he equivalent of all branches, business banking centres and offices by end of 2022; and : the equivalent of branches, business banking centres, offices and half of data centres’ consumption by end of 2023, according to the bank.
“We are proud that we will be providing our customers and colleagues with smarter and more sustainable environments to work and interact in,” said NAB Personal Banking Group Executive Rachel Slade.
“We already have around 70 branches where solar panels produce up to half of each sites’ electricity requirements. This builds on our Victorian branches already being supplied by wind power. This latest agreement takes another step forward to make our branch operations fully renewable by end of 2021.
NAB, along with its fellow banking majors and several global enterprises has signed on to RE100, a global business initiative to use 100 per cent renewable energy.
“As a member of RE100, we have set a clear operational renewable energy objective to be 100 per cent renewable by 2025. This announcement demonstrates our commitment to this and the progress we are making,” Slade said.