Bank of Queensland Limited (BOQ) has released its Sustainability Report, detailing its approach to measuring and disclosing greenhouse gas (GHG) emissions and climate-related risks and opportunities. The report outlines BOQ’s climate-related metrics and targets, including Scope 1 and Scope 2 emissions.
Material actions and disclosures
BOQ measures its operational emissions in accordance with the Greenhouse Gas Protocol. For the financial year ended 31 August, Scope 1 emissions were 237 tCO2e, while Scope 2 emissions (location-based) were 2,425 tCO2e. The Group has not disclosed Scope 3 emissions due to the transition relief available under AASB S2.
BOQ is committed to sourcing the equivalent of 100% of its electricity demands from renewables for the relevant reporting period by procuring and surrendering Large-scale Generation Certificates (LGCs). During the reporting period, the procurement of GreenPower accounted for 2,077MWh of total electricity purchased, and the Bank applied a further 943 MWh of LGCs to achieve zero Scope 2 market-based emissions.
The Group has not established formal climate-related targets for monitoring performance against climate-related risks and opportunities. However, BOQ remains committed to the United Nations Environment Programme Finance Initiative’s Principles for Responsible Banking (UN PRB) and the objectives of the Paris Agreement.
BOQ’s Sustainability Committee, chaired by the CFO, oversees the Group’s sustainability strategy, risk management, governance, and reporting. The Committee provides strategic guidance and monitors compliance with evolving regulatory and governance requirements.
The report also includes a review of the Group’s climate scenario analysis, demonstrating the resilience of its current business model across physical and transition risks. The Group has not established a standalone climate transition plan but discloses relevant information throughout the Climate Statements.
Independent auditors PricewaterhouseCoopers have reviewed the specified Sustainability Disclosures in the report, providing assurance on the completeness and accuracy of the information presented.