PUBLIC DISCLOSURE STATEMENT - BANK OF QUEENSLAND LIMITED ORGANISATION CERTIFICATION FY2020-21 (PROJECTED) - Climate Active
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PUBLIC DISCLOSURE STATEMENT BANK OF QUEENSLAND LIMITED ORGANISATION CERTIFICATION FY2020-21 (PROJECTED) Bank of Queensland 1
CLIMATE ACTIVE Public Disclosure Statement
Australian Government
Climate Active
Public Disclosure Statement
NAME OF CERTIFIED ENTITY: Bank of Queensland Limited
REPORTING PERIOD: 1 July 2020 to 30 June 2021 (projected)
Declaration
To the best of my knowledge, the information provided in this Public Disclosure Statement is true and
correct and meets the requirements of the Climate Active Carbon Neutral Standard.
Signature Date 5 July 2021
Name of Signatory
Ewen Stafford
Position of Signatory
Chief Financial Officer and Chief Operating Officer
Public Disclosure Statement documents are prepared by the submitting organisation. The material in Public Disclosure
Statement documents represents the views of the organisation and do not necessarily reflect the views of the Commonwealth.
The Commonwealth does not guarantee the accuracy of the contents of the Public Disclosure Statement documents and
disclaims liability for any loss arising from the use of the document for any purpose.
Bank of Queensland 2CLIMATE ACTIVE Public Disclosure Statement
1. CARBON NEUTRAL INFORMATION
Description of certification “Australia’s drought
Purpose of this report
and bushfires have
This Public Disclosure Statement (PDS) supports the certification of
the Australian business operations of Bank of Queensland, ABN 32
009 656 740 going carbon neutral under the ‘Climate Active Carbon
highlighted the
Neutral Standard for Organisations’. This report includes an overview
of BOQ’s GHG emissions reduction strategy as well as a description increasing
of BOQ’s GHG emissions boundary.
community concerns
Reporting Boundary
In line with the Climate Active Organisation Standard, we applied a
relating to climate
boundary which accounts for the GHG emissions from the activities
and facilities that support our everyday business operations. The change, the
GHG emissions included in our boundary are associated with the
direct & indirect fuel and electricity consumption for: environment, and
the important role
• Electricity from all facilities including our leased support centres
and retail branches including owner managed branches (OMB’s) we have to play in
• Organisational spend including corporate software and hardware,
corporate consulting, data centre leasing, corporate IT services, addressing the
legal and insurance etc.
• Employee travel including both business travel (e.g. flights, taxis, challenges of
etc.) and employees commuting to work.
• Business waste climate change and
This boundary covers activities under the consolidated BOQ the transition to a
Limited ABN and so includes GHG emissions associated with our
Australian and New Zealand (NZ) operations. low carbon
As we have applied for the Climate Active Organisation Standard our
boundary in part does not account for GHG emissions required for
economy.”
inclusion in the Climate Active Carbon Neutral Standard for Products
and Services. Excluded GHG emissions directly attributable to our
services are:
• Emissions associated with the development and enhancement of BOQ’s product and service’s (e.g.
technology and consulting attributable to payment services, home loan applications and credit checks
etc.).
• Emissions associated with the distribution, customer use, and disposal of BOQ’s products and services
(e.g. bank cards, bank statements).
• Other emissions directly attributable to products and services including marketing spend, collection &
recoveries, customer airline rewards points programs etc.
• The emissions associated with our lending portfolio
Further detail of the material GHG emissions inclusions and exclusions are provided in Section 2.
Base year and Reporting year
The base year of 1 September 2019 – 31 August 2020 has been used as the most recent full 12-month
period of GHG emission reporting and is also our financial year end. COVID-19 was a major disruptor of
businesses globally in FY20. To ensure our base year is a true representation of a ‘business as usual’
period and represents an appropriate baseline for the purposes of the Climate Active Standard, we have
applied estimates to increase business activities materially impacted by COVID-19, such as business
travel.
The year ending 30 June 2021 is proposed as BOQ's first year to be certified as carbon neutral, with a
base year 31 August 2020 being used to estimate emissions and forward purchasing of offsets. A 'True-
Up' will occur during FY21 annual reporting to reconcile any outstanding differences between BOQ's actual
Bank of Queensland 3CLIMATE ACTIVE Public Disclosure Statement
FY21 emissions and the estimated emissions calculated for the base year of FY20.
Standards
In order to prepare a robust GHG inventory we have considered the GHG accounting principles of
relevance, completeness, consistency, transparency and accuracy. Additionally, we have guidance from
the following standards, protocols and datasets:
• The Climate Active Carbon Neutral Standard for Organisations.
• Greenhouse Gas (GHG) Protocol – Corporate Accounting and Reporting (GHG Corporate Standard).
• Greenhouse Gas (GHG) Protocol – Corporate Value Chain (Scope 3) Accounting and Reporting
Standard (2011).
• National Greenhouse and Energy Reporting Act 2007 (NGER Act) and supporting legislation and
documentation, including National Greenhouse and Energy Reporting (Measurement) Determination
2008 (1 July 2020 compilation) (referred to as NGER 2020).
Where there are conflicts between these different standards and protocols, the Climate Active Organisation
Standard takes priority.
Operational approach
We have used an operational approach to determine all the GHG emissions within our organisational
boundary. An operational control approach requires organisations to account for emissions associated with
any activities in which they have authority to implement operating policies.
We have also included relevant GHG emissions outside of our operational control where they have been
identified as appropriate through the relevance test under the Climate Active Organisation Standard.
Organisation description
BOQ is one of Australia’s leading regional banks, having served customers for 146 years. During our long
history, we have evolved from a Queensland focused, retail branch-based bank to a national diversified
financial services business with a focus on niche commercial lending segments, highly specialised bankers
and more than 160 branches who are deeply anchored in their communities. We provide a range of
products to support the financial needs of our 896,000 customers and pride ourselves on building long
term customer relationships that are digitally enabled with a personal touch.
Our purpose to create prosperity for our customers, shareholders and people through empathy, integrity
and by making a difference sits at the heart of our organisation. The creation of long term value is the
foundation of our sustainability strategy, and we recognise the need to continually evolve and enhance our
focus in this area. Our sustainability strategy focuses on the material issues that matter to our key
stakeholders, and we understand the strategic importance of focusing on our value drivers to create a
sustainable business, as well as the role we play more broadly in developing a sustainable economy for
our stakeholders.
Australia’s drought and bushfires have highlighted the increasing community concerns relating to climate
change, the environment, and the important role we have to play in addressing the challenges of climate
change and the transition to a low carbon economy. An important element to our enhanced sustainability
approach is the management of climate change issues. Earlier this year, we committed to undertaking a
detailed assessment of our carbon footprint and set a goal of achieving carbon neutral accreditation by the
end of 2020. We are committed to a reduction in our carbon footprint and are currently developing an
emissions management plan to achieve this goal. This reduction is a key foundational element if we are to
achieve our goal of achieving 100% renewable energy in the future. BOQ is committed to driving a
sustainable business and building a stronger future for our customers, people, shareholders and the
broader community.
This report documents the activities undertaken to support our first goal of being carbon neutral in our
operations in 2020.
Bank of Queensland 4CLIMATE ACTIVE Public Disclosure Statement Bank of Queensland 5
CLIMATE ACTIVE Public Disclosure Statement
2. EMISSION BOUNDARY
Diagram of the certification boundary
Excluded
Quantified Non-quantified Transportation and
distribution of our products
Transport fuel (Diesel and Release of refrigerants and services. (e.g. banking
Gasoline) from BOQ’s fleet used for HVAC systems. cards, banking statements
vehicles as well as etc.).
employees’ personal vehicles Electricity for the sub-
who have motor vehicle leasing of minor Embodied emissions within
allowances and fuel cards. transaction sites within our products and services.
other organisations. This includes external
Electricity for BOQ’s leased consultants, and IT spend
support centres and retail Stationary fuels e.g. gas (software and hardware)
branches including OMB heating and generators. that is directly attributable to
branches. BOQ’s products and
services. (e.g. customer
Embodied emissions within facing apps, home loan
relevant organisational spend calculators, payment
for example office services).
equipment, furniture, IT
software and hardware, legal Customer use and disposal
& insurance. This covers of our products and
cradle to gate emissions of services (e.g bank cards
these services. and bank statements).
External consultants Commission paid to third
supporting the enhancement parties for contributing to
of BOQ’s strategy and head the sale of BOQ’s products
office operations. and services (e.g. brokers,
comparison websites, credit
Emissions from outsourced check agencies, and
data centres. valuers).
Upstream production of fuel Customer airline rewards
and energy. This includes points programs.
transmission of electricity
and manufacturing of fuels Embodied emissions in
consumed in our transport ATM’s which are purely for
energy use. the purpose of serving
BOQ’s customers.
Waste generated by BOQ’s Electricity for these have
operations. been conservatively
Business travel (excluding included where ATM’s exist
public transport). within facilities already
captured.
Employee commuting
Advertising and media used
to promote the sale of
products and services.
Emissions associated with
BOQ’s lending portfolio
(investments).
Bank of Queensland 6CLIMATE ACTIVE Public Disclosure Statement
Non-quantified sources
The below GHG emissions sources are relevant to the organisational
boundary, however, satisfy the exclusion criteria per sections 2.3.1
“BOQ is committed
and 2.6 of the Climate Active Carbon Neutral Standard for
Organisations. These have been deemed immaterial as each
to driving a
individually is below 1% of our total emissions and in aggregate below
5% of total emissions.
sustainable
business and
• Release of refrigerants used for HVAC systems.
• Electricity for the sub-leasing of minor transaction sites within building a stronger
other organisations.
• Stationary fuels e.g. gas heating and generators. future for our
customers, people,
Excluded sources (outside of shareholders and
certification boundary)
the broader
The below GHG emissions sources have been excluded from the
Organisation boundary as they satisfy the exclusion condition using community”
the relevance test as per the Climate Active Carbon Neutral
Organisations s2.3.1 Standard.
• Transportation and distribution of our products and services. (e.g.
banking cards, banking statements etc.).
• Embodied emissions within our products and services. This
includes external consultants, and IT spend (software and
hardware) that is directly attributable to BOQ’s products and
services. (e.g. customer facing apps, home loan calculators,
payment services).
• Customer airline rewards points programs.
• Customer use and disposal of our products and services (e.g
bank cards and bank statements).
• Commission paid to third parties for contributing to the sale of
BOQ’s products and services (e.g. brokers, comparison websites,
credit check agencies, and valuers).
• Embodied emissions in ATM’s which are purely for the purpose of
serving BOQ’s customers. Electricity for these have been
conservatively included where ATM’s exist within facilities already captured.
• Advertising and media used to promote the sale of products and services.
For further details on theses exclusions is provided in Appendix 1.
Bank of Queensland 7CLIMATE ACTIVE Public Disclosure Statement
3. EMISSIONS SUMMARY
Emissions reduction strategy
During FY20 we refreshed our material issues and mapped out where we create and inhibit value. We
identified climate change as an emerging risk and priority material issue, prompting us to further progress
our understanding and response to climate change. We understand that decarbonising gross emissions is
the core purpose of being Climate Active and we are committed to exploring the below decarbonisation
options;
• Build a roadmap to source 100% of our electricity consumption from renewable sources at a point in
the future. We have currently engaged third-party assistance to help deliver on this roadmap.
• Partnering with suppliers and other business partners to better understand and enable reduction in
upstream and downstream GHG emissions. We have identified that a portion of our organisational
supply spend relates to companies that have made commitments to reduce their emissions footprint
and carbon neutrality. This compounds the opportunity for decarbonisation given the existence of
shared value.
• Promoting flexible working arrangements to encourage more people to work from home reducing
employee travel.
• Encouraging more virtual conferencing to avoid business travel emissions.
We are committed to developing a detailed emission reduction strategy over the next two years.
Emissions summary (inventory)
Emission source category tonnes CO2-e
Transport – Fleet fuels (Diesel, petrol) 252
Electricity purchased from the Australian grid, including transmission losses
5,576
(market-based approach)
Electricity purchased from the New Zealand grid, including transmission
2
losses (market-based approach)
Purchased goods and services (embodied emissions) 20,404
Capital goods (embodied emissions) 9,566
Fuel and energy-related emissions from fuel extraction 13
Waste generated in operations 480
Business travel 2,854
Employee commuting (domestic and international) 3,056
Total Net Emissions 42,203
(1) The total net emissions above differs slightly from an estimated 42,953 tCO2-e in the 2020 Sustainability Report. This
is because the Climate Active Organisational boundary was not yet finalised at the time of the 2020 Sustainability report
release. For instance, one difference is the 2020 Sustainability Report excludes facilities where electricity is supplied by
the landlord, the Climate Active footprint includes this electricity.
Carbon neutral products
BOQ do not currently use any carbon neutral products or services.
Bank of Queensland 8CLIMATE ACTIVE Public Disclosure Statement Electricity summary Australian electricity consumption was calculated using a market-based approach in line with the Climate Active electricity calculator tool. The total Australian electricity related GHG emissions determined through the use of the Climate Active market-based tool is 5,576 tCO2e. This includes both electricity purchased from the grid as well as transmission losses. The Climate Active team are consulting on the use of a market vs location-based approach for electricity accounting with a view to finalising a policy decision for the carbon neutral certification. Given a decision is still pending on the accounting way forward, a summary of emissions using both measures has been provided for full disclosure and to ensure year on year comparisons can be made. Bank of Queensland 9
CLIMATE ACTIVE Public Disclosure Statement
Table 1: Market based calculation approach to GHG emissions from electricity
Emissions
Electricity inventory items kWh
(tonnes CO2e)
Electricity Renewables 1,178,486 0.00
Electricity Carbon Neutral Power 0 0.00
Electricity Remaining 5,157,462 5,576
Renewable electricity percentage 19%
Net emissions (Market based approach) 5,576
The market-based approach developed by Climate Active only allows organisations to capture emissions
associated with domestic electricity consumption. However, a small proportion of our electricity
consumption is attributed to our NZ operations (12,163 KWH). NZ electricity has been captured separately
and included. See above ‘Emissions summary (Inventory)’ for inclusion.
Table 2: Location based calculation approach to GHG emissions from electricity
State/ Electricity Inventory items kWh Full Emissions
Territory Emission (tonnes
factor CO2e)
(Scope 2 +3)
ACT/NS Electricity Renewables 0 -0.90 0.00
ACT/NS Electricity Carbon Neutral Power 0 -0.90 0.00
ACT/NS Netted off (exported on-site generation) 0 -0.81 0.00
ACT/NS Electricity Total 1,368,826 0.90 1,231.94
SA Electricity Renewables 0 -0.53 0.00
SA Electricity Carbon Neutral Power 0 -0.53 0.00
SA Netted off (exported on-site generation) 0 -0.44 0.00
SA Electricity Total 15,484 0.53 8.21
Vic Electricity Renewables 0 -1.12 0.00
Vic Electricity Carbon Neutral Power 0 -1.12 0.00
Vic Netted off (exported on-site generation) 0 -1.02 0.00
Vic Electricity Total 591,560 1.12 662.55
Qld Electricity Renewables 0 -0.93 0.00
Qld Electricity Carbon Neutral Power 0 -0.93 0.00
Qld Netted off (exported on-site generation) 0 -0.81 0.00
Qld Electricity Total 3,619,208 0.93 3,365.86
NT Electricity Renewables 0 -0.71 0.00
NT Electricity Carbon Neutral Power 0 -0.71 0.00
NT Netted off (exported on-site generation) 0 -0.63 0.00
NT Electricity Total 31,452 0.71 22.33
WA Electricity Renewables 0 -0.74 0.00
Bank of Queensland 10CLIMATE ACTIVE Public Disclosure Statement
WA Electricity Carbon Neutral Power 0 -0.74 0.00
WA Netted off (exported on-site generation) 0 -0.69 0.00
WA Electricity Total 645,997 0.74 478.04
Tas Electricity Renewables 0 -0.17 0.00
Tas Electricity Carbon Neutral Power 0 -0.17 0.00
Tas Netted off (exported on-site generation) 0 -0.15 0.00
Tas Electricity Total 63,421 0.17 10.78
Total net electricity emissions 0.00 5,779.71
4. CARBON OFFSETS
Offset purchasing strategy: forward purchasing
This is our first year of carbon neutral accreditation and we have applied the Climate Active ‘forward
offsetting’ approach for purchasing carbon offsets in line with s.2.5 and s3.4.1 of the Standard. Offsets
have been purchased to ensure we are carbon neutral for the 12-month period beginning 1 July 2020 and
ending 31 June 2021 based on our base year GHG inventory. As this period includes a portion of forecast
emissions, a reconciliation of actual GHG emissions will be performed at the end of the reporting year to
ensure that a sufficient quantity of units have been retired. Our offsets have been purchased in line with
the Climate Active Organisation Standard and are described in the table below.
Bank of Queensland 11CLIMATE ACTIVE Public Disclosure Statement
Offsets summary
1. Total offsets required for this report 42,203
2. Offsets retired in previous reports and used in this report 0 – this is our base year report
3. Net offsets required for this report 42,203
Project description Eligible Registry unit Date Serial number Vintage Quantity Quantity Quantity Quantity
offset units retired in retired (including hyperlink to (tonnes CO2-e) used for to be to be
type registry transaction previous banked for used this
record) report future report
years
Wunabal Gaambera Uunguu ACCU ANREU 14/05/21 3,799,914,005 - 2019-20 5,080 0 0 5,080
Fire Project 3,799,919,084
Ghani Solar Renewable Power VCU VERRA 04/12/20 7263-382739121- 2017 37,111 0 0 37,111
Project by Greenko Group 382776231-VCU-034-
APX-IN-1-1792-
31032017-31122017-0
Ghani Solar Renewable Power VCU VERRA 04/12/20 7263-382669182- 2017 12 0 0 12
Project by Greenko Group 382669193-VCU-034-
APX-IN-1-1792-
31032017-31122017-0
Total offsets retired this report and used in this report 42,203
Total offsets retired this report and banked for future reports 0
Organisation name here 12CLIMATE ACTIVE Public Disclosure Statement
Co-benefits
BOQ has purchased offsets which align to our purpose with a particular focus on connections to local
communities and indigenous involvement.
5. USE OF TRADE MARK
Description where trademark used Logo type
Sustainability report Certified organisation
Annual Report Certified organisation
Investor Presentation Certified organisation
Website Certified organisation
Email signature Certified organisation
LinkedIn Certified organisation
Other marketing materials (newsletters, online Certified organisation
communications, printed materials)
6. ADDITIONAL INFORMATION
During FY20 we have further progressed our understanding and response to climate change which has led
to the following strategic commitments:
• Retaining our commitment to cease funding equipment directly involved in the extraction of fossil
fuels by 2024. This includes all coal mining and oil and gas extraction, as well as petroleum
exploration.
• Further investing in our capability to identify and respond to climate-related risks and opportunities,
particularly through increased climate scenario analysis in FY21.
• Continuing BOQ‘s Energy Efficient Equipment Finance Program with the Clean Energy Finance
Corporation (CEFC). This was established in 2019 and $8.5m has been financed to 31 August 2020.
• Training our people and building further capability on understanding and managing climate related
risks & exposure.
• Increasing financing to low and zero carbon projects and sectors that will help drive a resilient net-
zero economy of the future. This could include exploring the provision of green and sustainability
linked products to build resilience and adaptation for our customers and create new business
opportunities for growth and jobs.
• Exploring green debt investments including whether a green tranche can be issued to support
energy efficient housing loans.
Bank of Queensland 13CLIMATE ACTIVE Public Disclosure Statement
APPENDIX 1
Excluded emissions
To be deemed relevant an emission must meet two of the five relevance criteria. Excluded emissions
are detailed below against each of the five criteria.
Table 3
Relevance test
Excluded emission The The emissions Key The The emissions
sources emission from a stakeholders responsible are from
s from a particular deem the entity has the outsourced
particular source emissions potential to activities
source contribute from a influence the previously
are likely to the particular reduction of undertaken
to be organisation’s source are emissions within the
large greenhouse relevant. from a organisation’s
relative gas risk particular boundary,
to the exposure. source. or from
organisat outsourced
ion’s activities
electricity typically
, undertaken
stationar within the
y energy boundary for
and fuel comparable
emission organisations.
s
Downstream emissions
associated with BOQ’s
products and services;
• Transportation and
distribution of our No No No Yes No
products &
services
• Customer use and
disposal of
products &
services
Upstream emissions
associated with BOQ’s
products and services;
• Embodied
emissions within
No No No Yes No
our products &
services
• Transportation and
distribution of our
products &
services
Emissions associated
with BOQ’s lending No No No Yes No
portfolio (investments)
Bank of Queensland 14CLIMATE ACTIVE Public Disclosure Statement
APPENDIX 2
Non-quantified emissions for organisations
Table 4
Non-quantification test
Relevant-non-quantified Immaterial Quantification is Data unavailable Initial
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