Phillip Riley

Bank Australia Shifts to 100% Renewable Power; Urges Other Companies to Follow Suit

One of Australia’s largest mutual banks has become the second Australian company to join the 100 percent renewable power global initiative called RE100.

Bank Australia is also encouraging businesses in the country to spearhead a market-wide shift to renewable power and adopt a cleaner energy alternative.

According to its website, RE100 is a collaborative, global initiative that aims to unite over a hundred influential businesses which implement 100 percent renewable electricity. The initiative is led by an international non-profit The Climate Group in partnership with CDP (formerly known as the Carbon Disclosure Project).

Based on an article published on the website of One Step Off the Grid, there are 168 companies engaged to sourcing their electricity needs from renewable energy. Seventy-five of these companies have operations in Australia. This shows to prove that the RE100 program is continuously gaining support, following, and influence in the international climate issues and policies.

This week, Bank Australia has announced its dedication to the goals of the RE100 initiative and has also expressed its determination of cutting its global emissions by more than half.

To prove its commitment to the renewable energy initiative, Bank Australia has already taken actions such as signing a Power Purchase Agreement (PPA) as part of the Melbourne qrenewable energy project. The project connects a group of 14 organizations to back the development of a wind farm in Victoria by signing 10-year PPAs.

The Head of RE100, Sam Kimmins, said, “As global renewable energy prices continue to drop, Australian companies are waking up to the business benefits of sourcing clean power.”

“Bank Australia is already reaping the financial rewards of its investment in renewable electricity. By joining RE100 and calling on other Australian companies to do the same, the company is now sending a clear message that renewables are the fair, clean, and cheap power sources of the future,” Kimmins stated.

On the other hand, the Managing Director of Bank Australia, Damien Walsh, added, “Clear action on climate change is something our customers expect of us and it is a key reason people join Bank Australia.”

“We have been working towards 100% renewable electricity since 2015, so we are pleased to sign up to RE100 and encourage other businesses in Australia to do the same,” Walsh continued.

Bank Australia has increased the size of its existing solar rooftop project on its headquarters in Victoria four years ago.

Read more about this story here.

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