Bank Of China (New Zealand) Ltd Achieves Carbon Certification

Bank of China (New Zealand) Ltd has achieved Toitū carbon reduction certification, one of the few banks in New Zealand to have formally committed with Toitū Envirocare to measuring its carbon footprint.

Project lead Craig Vickery says the Bank’s benchmark year was 2019, with its highest carbon emissions being from air travel and electricity. These had significantly decreased in 2020.

Craig Vickery says that the reason for this is the shutdown of flights caused by the COVID-19 global pandemic.

He says it is likely to rise again when things open up.

“Being an international organisation, it is hard to get away from that, but it’s about how we manage it going forward, and there are many options available.”

Craig Vickery says it is a global and domestic trend that organisations manage their carbon footprint and the impact their organisations have on climate change.

The Bank has a number of stakeholders, which includes employees and customers, that have expectations about the Bank’s environmental responsibilities and how it manages its impact.

“That’s why we’ve gone down this path.”

Climate change has a significant impact on the banking system, and Bank of China (New Zealand) Ltd is keen to be proactively managing this change for all its stakeholders. Carbon certification is one of the first steps in this journey.

Banks are “a bit different”, Craig Vickery says, “because they’re regulated.”

“There’s a higher expectation on banks and how they manage risks. One of the risks they are required to manage is climate risk.”

He says he has found the process personally satisfying, and satisfying from an organisation perspective.

“I absolutely recommend it.”

The certification programme, carried out by independent third party Toitū Envirocare, commits the Bank to measuring its carbon footprint each year for the next three years, with 2019 acting as a benchmark. Craig Vickery says it is anticipated the Bank and its staff will need to make changes to ensure it continues to reduce its carbon footprint from 2019 levels and staff are a key part of that.

He says he will be collecting ideas from staff as part of the continuing work in managing the Bank’s carbon footprint. Already, contributions such as recycling paper waste and recyclable lunch containers and utensils have reduced the use of plastics and the Bank’s waste streams.

Toitū Envirocare is owned by Crown Research Institute Manaaki Whenua Landcare Research, made up of scientists and business experts who help businesses be more sustainable through science-based tools, actions and evidence. It operates internationally, with more than 400 clients worldwide.
 

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