Bank Australia, one of the country’s largest mutual banks, is calling on Australian business to lead a market-wide shift to renewable power as it becomes the second Australian company to sign up for the 100 per cent renewable power global business initiative, RE100.
The RE100 initiative is led by international non-profit The Climate Group in partnership with CDP (formerly the Carbon Disclosure Project) and brings together companies from around the world who have committed to a 100% renewable power.
With 168 companies committed to sourcing their electricity needs from renewable energy – 75 of which have operations in Australia – the RE100 initiative is wielding more and more power and having an ever-greater say on international climate policies.
The Commonwealth Bank of Australia was the first Australian company to join the RE100 initiative back in late-2018, and is now followed by Bank Australia who, this week, announced its commitment to the initiative and also committed to cutting its global emissions by over half.
Bank Australia has already made significant steps forward in this regard, having signed a Power Purchase Agreement (PPA) as part of the Melbourne Renewable Energy Project which brings together a group of 14 organisations to support the development of a wind farm in Victoria through signing 10-year PPAs.
In 2015, the bank also doubled the size of its existing solar rooftop project on its Victorian headquarters.