Business Response to our Climate Campaign

Over 10,400 GetUp members wrote individual, personal messages to our ten business targets during the crucial lead-up time for submissions to the government's green paper. We know that the companies took notice of these messages - word has traveled back to us that several worried CEOs were surprised by the sudden interest in their stance on climate change! The ten companies we targeted were: Origin, Toyota, BP, Insurance Australia Group, KPMG, Westpac, Woolworths, Commonwealth Bank, Lend Lease, & National Australia Bank. Just a few days after we launched the campaign, we saw our first victory: a Sydney Morning Herald headline - 'Bank Breaks Ranks on Emissions'.

The bank spoke out against the business community to urge the Federal Government to pursue a strict emissions trading scheme, and warned against handouts for companies seeking to shelter themselves from the full force of the scheme. To see the article, click here. We received official responses from the Commonwealth Bank, Westpac and Woolworths, which we have pasted below.

We encourage you to read them and continue to pressure these companies and others to use their influence to push for strong carbon pollution reduction targets. The campaign for climate solutions continues... Commonwealth Bank The Commonwealth Bank acknowledges the significance of the potential environmental, economic and social consequences of climate change We recognise the necessity of a timely and effective response by business and government to reduce greenhouse gas emissions.

We believe that climate change presents both risks and opportunities for our business. We take management of our own carbon footprint seriously, and have been measuring and voluntarily reporting on our greenhouse gas emissions as part of the Greenhouse Challenge Plus since 2001. This year we also began disclosing our emissions via the Carbon Disclosure Project.

We are actively working to reduce emissions arising from our operations and to raise awareness amongst our stakeholders... In 2007 our asset management division, Colonial First State Global Asset Management, became a signatory to the UN Principles for Responsible Investment, which provide a framework for including environmental, social and governance issues in investment decisions. The Commonwealth Bank is supportive of market-based instruments as an effective means to reduce Australia's greenhouse gas emissions.

As a financial institution, we have an important role to play in assisting our customers to respond to the challenges of climate change. This includes, but is not limited to, helping them to meet their obligations under the Carbon Pollution Reduction Scheme, The bank is currently in the process of developing carbon management solutions for its corporate and institutional clients. Woolworths For the last two years, Woolworths Limited has focused on developing an environmental sustainability and carbon reduction strategy with specific and measurable targets for reduction of carbon emissions from our facilities (40% reduction) and from transportation (25% per carton reduction).

As a top 25 global retail organisation, we have set a high benchmark for environmental responsibility by taking practical, action-oriented steps towards our goals, which also include targets for waste management, recycling, packaging, water usage and transportation. Our targets are very ambitious and not without significant challenges but we are determined to do our best to deliver them. Our ability to achieve these targets is dependent on three key things; our ability to harness the enthusiasm and commitment of our 190,000 employees; the continuous improvement of energy efficiency; and the adoption of improved technologies.

Currently retail is not identified as a "covered sector" in the Government's CPRS Green Paper, however, retail would be impacted by increased electricity and fuel costs. This means that energy efficiency is paramount in terms of managing our cost of doing business which is why we have been driving energy efficiency across our business for the last few years. Woolworths Limited is a member of the Business Council of Australia (BCA) and respects the right of the Council to make democratic decisions regarding its policy position.

While Woolworths is not a trade exposed energy intensive business, the BCA represents a number of other businesses that are. So therefore it is reasonable for the BCA to put the concerns of its membership to the Government. The Federal Government has expressed its willingness to consult with all industry groups and the community in general, including peak business organisations.

Westpac Westpac advocates that any emissions reduction trajectory strongly references the climate change science and minimises any complexity around ongoing adjustments. We look forward to reviewing the Australian Treasury modelling on economic impact which will be an important input into determining the most appropriate emissions targets and reduction trajectories. Supported by appropriately robust targets, a low-carbon future means a smarter, cleaner and more resource-efficient economy, and emerging policy and market frameworks will provide plenty of incentives for the innovation required to help Australians transition to a low carbon economy.

As markets and policy frameworks develop as a means of taking greenhouse gas emissions out of everyday lives, financial institutions have a critical role to play in partnering with customers across all areas of our business to help transition to a low-carbon future. Building on our involvement in high profile initiatives such as Australian Business Roundtable on Climate Change, we will continue to advocate for greater awareness and understanding of climate change across the community, including reduction targets set in consideration of the science. We will also continue to strongly support the implementation of a robust, deep and liquid emissions trading market to most effectively facilitate a reduction in greenhouse gas emissions in a responsible and cost effective manner.

It is easy to dwell on the challenges but we do believe that there are exciting opportunities for companies and individuals with the courage to reach out and grasp them. Westpac is committed to playing our part to drive awareness and action in the community to tackle climate change.. Tue Sep 2008 03:09 (3 months, 1 week ago)