ASB Bank has set a science-aligned target to reduce its operational greenhouse gas emissions by 42% by 2030, from a FY20 baseline. The bank is committed to playing its part in limiting climate change in line with the goals of the Paris Agreement and supporting the responsible global transition to net zero emissions by 2050. ASB supports the Government's commitment to a net-zero future and aims to reduce its operational emissions while working towards expanding the scope 3 emissions it measures and reports.

In FY22, ASB's emissions from the operational sources it measured were 4,106 tonnes CO2e. The bank has taken steps to reduce its emissions, such as transitioning its Auckland pool fleet to EVs and setting a target of 4.5-star NABERSNZ Tenancy ratings. ASB has also launched a new tool to assess ESG risk for business lending $1m and above. The bank has made consistent progress across each of its four strategic themes: to reduce its own emissions, understand and integrate climate-related risk, support Aotearoa's transition to a low emissions economy, and build its culture and capability in relation to sustainability and climate.

ASB has set specific goals related to scope 1, scope 2, and scope 3 emissions. ASB Bank's latest filings mentioned the keyword 'Emissions' and 'Climate Change' most number of times in relation to 'Net Zero'. The bank aims to reduce its operational greenhouse gas emissions by 42% by 2030, from a FY20 baseline. ASB has also set a cumulative sustainable lending target of $6.5bn by FY30 and introduced new sustainable finance, such as the Rural Sustainability Loan for farming customers and Low Carbon Asset Finance. The bank has carried out ESG assessments for all Corporate and Business lending of $30m and more and engaged with its rural customers to understand whether they have environmental plans.

In conclusion, ASB Bank is committed to sustainability with a science-aligned target to reduce operational greenhouse gas emissions by 42% by 2030, supporting the goals of the Paris Agreement and aiming for a net-zero future by 2050 while promoting sustainable finance initiatives.

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