Climate Finance Policy Engagement Analysis
Climate Lobbying Overview: Commonwealth Bank of Australia (CommBank) displays largely supportive top-line positions on climate-related finance policy in its corporate reporting and CEO messaging, generally supporting the introduction of regulated corporate climate disclosure and a sustainable finance taxonomy in Australia. The company likewise demonstrates broad support for several real economy climate policies in Australia. However, InfluenceMap has not found any evidence of transparent engagement by the company with climate-related government consultations.
Top-Line Messaging on Climate-Related Finance Policy: CommBank displays positive top-line messaging on climate-related financial policy. The company supported Australia’s transition to net zero emissions by 2050 in its 2024 Climate Report, and advocated for policy makers to increase the ambition of climate-related finance regulation in Australia in a December 2022 joint statement.
Position on Regulated Corporate Climate Disclosure: CommBank supported the introduction of climate-related financial disclosure requirements in Australia during a July 2024 NABERS Sustainable Finance event, with CommBank’s Executive Director of Sustainable Finance, Tania Smith, stating that “the mandatory disclosure requirements are a fantastic thing.” CommBank likewise supported the implementation of mandatory climate reporting in Australia in its 2024 Climate Report.
Position on Taxonomies: CommBank has consistently supported the development of an Australian sustainable finance taxonomy since 2022. The company advocated for policymakers to support a taxonomy in a December 2022 Joint Industry Statement, and reiterated this support in its 2023 and 2024 Climate Reports,.
Position on Real Economy Climate Policy: CommBank displays broad top-line support for several real economy climate policies in Australia. The company advocated for the Australian Government to implement measures to improve the energy efficiency of rental dwellings in an April 2023 joint statement, while CEO Matt Comyn appeared to support the legislation of Australia’s 2030 greenhouse gas target in a December 2023 interview with The Australian, noting its importance in providing “clear direction to guide investment decisions.” CommBank also advocated for Australian policymakers to legislate fuel efficiency standards for light-duty vehicles in its 2023 Climate Report.
Position on Energy, Industry, and Land Transition: CommBank appears to broadly support the transition of the energy mix, although with some qualifications around the future role for fossil gas. The company supported the objectives of Australia’s Capacity Investment Scheme in accelerating new investment in renewable energy in its 2024 Climate Report. CommBank also advocated for regulatory measures to decarbonize transportation in its 2023 Climate Report, calling for ambitious zero emissions vehicle sales targets, in addition to supporting the phase-out of light-duty internal combustion engine vehicles by 2035.
However, in its 2024 Climate Report, CommBank also appeared to support a continued role for fossil gas as part of Australia’s energy transition. While the company supported the electrification of household gas appliances, it also appeared to suggest that investment in “some” fossil gas electricity electrification generation is required for firming and energy security, without placing clear conditions on the need for CCS or methane emission abatement on the use of gas.
Industry Association Governance: CommBank has published a review of its alignment with its industry associations in its 2024 Climate Report. However, its disclosure is limited to two industry associations, and appears to exclude its membership to the Carbon Market Institute, Australian Chamber of Commerce and Industry, and International Emissions Trading Association. CommBank maintains membership to the Business Council of Australia and the Australian Chamber of Commerce and Industry. Both associations have advocated for a prolonged role for fossil gas in Australia in 2023-2024.
InfluenceMap collects and assesses evidence of corporate climate policy engagement on a weekly basis, depending on the availability of information from each specific data source (for more information see our methodology). While this analysis flows through to the company’s scores each week, the summary above is updated periodically. This summary was last updated in Q4 2024.