Tag Archives: banks

How can a Bank Win a Sustainability Award While Funding a Coalmine?

Westpac was named the most sustainable company in the world in 2014, and the most sustainable bank in the world for the 10th time in 2017, an honour previously bestowed on ANZ six times in seven years.

Commonwealth Bank and NAB have likewise been recognised as the most sustainable business in Australia and a global industry leader in sustainability respectively.

Glossy sustainability reports with images of hands cradlings sprouting plants illustrate this carefully cultivated image of responsible corporate citizenship.

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A Critical Analysis of Sustainable Finance

unep sustainable finance

This paper seeks to assess how the international banking community is building sustainability into corporate strategies; how effectively these strategies are being implemented; how sustainability is being embedded into key business processes and decisions; and how sustainability principles are reflected in reporting. It presents an assessment of the sustainability performance of banks using a range of frequently used indicators, while also scrutinizing the indicators by examining the extent to which they effectively measure the performance and commitments of banks. While many banks achieve high scores on these indicators, there is evidence that there are significant flaws which are not adequately addressed.

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The Bystander Effect: Why Boards Are Failing At Corporate Social Responsibility

Einstein Bystander Effect

Why are boards standing by and watching as the companies they govern take our environment to hell in a handbasket? The banks are a case in point, as researcher Martijn Boersma from Catalyst Australia, recently wrote: “While banks frequently mention risk assessments, they nevertheless continue to finance unsustainable activities.” Since 2008, banks collectively have invested tens of billions into the carbon-rich fossil fuel sector, but do not include these details in their CSR reports.

Read more: Company Director Magazine – The Bystander Effect

Mind the Governance Gap: Banks Gilding the Sustainability Lily

The GFC has shown that unsustainable banking activities can bring the economic system to the brink of collapse. A new report by Catalyst Australia examines to what degree banks can also cause or alternatively mitigate social and environmental harm, and what are the resulting responsibilities towards the community and the environment?

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The Sustainability Record of Australia’s Big Banks

sustainable banking australia catalyst report

Australian companies will soon be publishing financial results, as well as information about sustainability efforts. Corporate social responsibility of the big four banks – Australia and New Zealand Banking Group (ANZ), Commonwealth Bank of Australia (CBA), National Australia Bank (NAB) and Westpac is a continuing topic of debate following recent scandals and reports of unsustainable activities. Yet according to ANZ chairman, David Gonski, Australians ought to “stop bashing the banks” for being large and profitable. This comment should put civil society on guard.

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