5 June 2025
On World Environment Day, People First Bank 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 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.
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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 include 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. |
Media Enquiries
For all media enquiries please contact:
Andrew Fox | People First Bank
0419 714 204 | fox.a@heritage.com.au
