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What is Bank Australia’s position on the future of gas in homes?
The research is clear, electric buildings will play a critical role in Australia achieving its climate action goals. The Federal Government has set a 2050 net zero goal. Achieving this goal will depend on having the right policy settings and market conditions in place, and Bank Australia is committed to contributing in the ways we can to achieve this.
We also believe all people in Australia deserve to live in comfortable homes, where neither their health nor their financial wellbeing is at risk, and where they know they are contributing to a safe climate future.
What else is Bank Australia doing to take action on climate change?
Our customers tell us climate change is their number one concern, and in 2022 we launched our climate action strategy. We’ve set some of the most ambitious climate action targets in the banking sector, and our strategy contains a range of bold targets for decarbonisation, climate justice, nature and biodiversity, and helping our customers take climate action in their daily lives.
Our goal is to reach net zero emissions by 2035 across our operations and lending portfolio, and we’ve set an interim target for 2030 to ensure we’re on track. This 2030 target has been independently validated by the Science Based Targets Initiative (SBTi).
We currently offer incentives for customers buying or renovating energy efficient homes with a reduced interest rate via our Clean Energy Home Loan products. We’ll also be ceasing car loans for new fossil fuel cars from 2025.
What is Bank Australia doing to support renters with electrifying their homes?
We understand that many renters would like their homes to come off gas but there are limits to physical or structural changes renters can make.
Some of the most accessible changes are to use a portable induction cooktop, heat your home with a reverse cycle air conditioner if you have one, and choose an energy provider with green power. These changes can also be useful for apartment owners with strata title restrictions like common water heating systems.
Visit our blog for more. As we roll out our climate action strategy and develop our approach to supporting all customers to get off gas, we will be working out how we can best support and work with landlords, renters and apartment owners in the future.
