People First Bank sets ambitious targets to cut carbon emissions

People First Bank sets ambitious targets to cut carbon emissions

Thursday 5 June 2025

People First Bank sets ambitious targets
to cut carbon emissions


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.

These commitments build on the bank’s existing sustainability efforts and reflect its broader purpose and vision: to deliver positive change through banking.

 

Media enquiries

 

Andrew Fox                              Jonathan Revitt

0419 714 204                            0412 639 179

fox.a@heritage.com.au             jrevitt@peopleschoicecu.com.au

 

 

Scope 1 emissions are direct emissions from sources owned or controlled by the bank (e.g. fuel in company vehicles).

 

Scope 2 emissions are indirect emissions from the generation of purchased electricity, heating or cooling used in the bank's operations.

 

Scope 3 emissions are all other indirect emissions in a company's value chain. For financial institutions, a significant portion of Scope 3 emissions comes from 'financed emissions' – the emissions associated with lending and investment activities, such as the carbon footprint of properties financed through mortgages.

 

For further information on science-based targets please visit the Science Based Targets initiative.