National Australia Bank

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National Australia Bank Sustainability Actions

Published annual sustainability reports

NAB publishes a yearly reporting suite that includes an annual report, a climate report, and a sustainability data pack. It says these reports are meant to give a full view of its sustainability performance, not just financial results. The bank also says parts of the reporting are checked by Ernst & Young, which is an outside auditor that gives limited assurance, meaning it reviews selected data rather than every detail.

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Set ESG risk rules for lending

NAB says it manages environmental, social, and governance risk through its day-to-day risk systems. It keeps a list of high-risk sectors and sensitive areas, including nuclear, arms dealing, and predatory financing, and reviews that list each year. The bank also says it includes ESG risk in annual staff training and uses customer-related policies for lending and investment decisions.

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Restricted thermal coal finance

NAB says it has capped thermal coal mining exposure at 2019 levels and aims to cut that exposure by 50% by 2026 and to effectively zero by 2030, apart from some rehabilitation guarantees. It also says it will not finance new thermal coal mining projects, new-to-bank thermal coal customers, or new project finance for greenfield infrastructure linked to new thermal coal mines. This is a clear lending restriction aimed at reducing climate risk.

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Limited oil and gas expansion finance

NAB says it has capped oil and gas exposure at USD $2.28 billion and plans to reduce that exposure from 2026 through 2050, aligned with the International Energy Agency’s Net Zero Emissions by 2050 pathway. It says it will not directly finance greenfield gas extraction or expansion projects outside Australia, and it will not directly finance greenfield oil extraction or several high-risk oil and gas project types. The bank says some Australian gas finance may still be considered for energy security reasons.

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Published modern slavery statements

NAB says it has published an annual Modern Slavery and Human Trafficking Statement since 2016, and since 2020 it has reported under both the Australian and UK modern slavery laws. A modern slavery statement is a public report on how a company checks for forced labour, human trafficking, and related risks in its business and supply chain. This shows the bank has an ongoing process for labour-risk disclosure.

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Expanded sustainable finance products

NAB offers sustainable finance products such as green bonds, social bonds, sustainability bonds, sustainability-linked loans and bonds, green loans, and ESG derivatives. ESG derivatives are financial contracts linked to environmental, social, or governance goals. The bank says these products are meant to help customers fund lower-emission projects and transition work across sectors like property, transport, and agriculture.

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Joined industry climate initiatives

NAB says it has joined several industry groups and climate-related initiatives, including the Australian Industry Energy Transitions Initiative, the Clean Energy Council, RE100, and the Taskforce on Nature-related Financial Disclosures Forum. RE100 is a global initiative for companies that aim to source all electricity from renewable power. These memberships show NAB is taking part in wider industry work on climate, energy, and nature risk.

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