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BNZ to become carbon neutral

14 March 2007

Bank of New Zealand and National Australia Bank to become carbon neutral by 2010

National Australia Bank Group will become carbon neutral by 30 September 2010, Mr John Stewart, Group Chief Executive Officer, announced today.

As a carbon neutral company NAB will reduce the greenhouse gas impact of its operations to zero, by improving energy efficiency and use across its international operations and purchasing offset credits where emissions can’t be avoided.

“Global warming is clearly one of the most concerning issues of our time. Across the world people are becoming more and more engaged with climate change, and there is real momentum for all of us to reduce our impact, both at home and at work,” Mr Stewart said.

“It’s imperative that corporations like NAB are at the vanguard of that movement, and that we work together to make a difference for the communities we’re part of”, he said.

“We’ll identify a range of things we can do in each of the geographies that National Australia Bank Group has a footprint in – Australia, New Zealand, the United Kingdom and Asia – and they’ll be tailored to suit that particular environment. We want to make sure we do the most appropriate thing in the most appropriate place.”

“Bank of New Zealand has a long history of concern for the environment, and we will be taking steps to reduce the environmental impact of our operations,” said Cameron Clyne, Bank of New Zealand managing director.

“Any emissions that we can’t reduce or eliminate completely will be offset via carbon credit purchases.”

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Bank of New Zealand has identified a number of major initiatives to help achieve the three-year target including.

 Implementation of energy efficiency programmes for buildings that include:
- Improving energy efficiency of current buildings.
- Including energy efficient products in fitouts of branches.
- New office buildings will have a minimum star green rating of 4. 80 Queen Street, due for completion in 2009, will have a targeted green star rating of 5.

 Encouraging staff to reduce their energy use by measures such as:
- Turning off computer screens and lights.
- Using public transport where practicable.
- Using tele-conferencing and video-conferencing as an alternative to travelling to meetings
 Investigation of the use of energy efficient vehicles, including staff incentives to select such vehicles
 Investigating offsetting and accreditation opportunities within New Zealand such as Carbon Zero

“These are important steps in reducing the Bank’s impact on the environment. Over the next few months we will be investigating a long term solution to off-setting our carbon footprint. We will also begin to work with customers to help them understand the impacts and opportunities that climate change presents for their business,” said Mr Clyne.

“While the concept of carbon neutrality is relatively new, the changes required by this commitment will help us better understand the challenges of our customers and communities in the future,” Mr Stewart said.

“We’ve listened to our people and our customers, and they’ve told us this is what they want. Today’s announcement signals the start of our program, and there will be a series of initiatives over the coming three years to help the Group, our employees and our customers make a practical contribution to reducing the impact of climate change”, he said.

ENDS

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