NAB (ASX:NAB) share price hits 2-year high, CEO welcomes net zero commitment

The NAB share price took off today following comments made by boss Ross McEwan.

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The National Australia Bank Ltd (ASX: NAB) share price hit its highest point in more than 2 years today. Meanwhile, the bank’s boss welcomed the Australian Government’s plan to reach net-zero emissions by 2050.

NBA CEO Ross McEwan addressed the Federal Government’s Long-Term Emissions Reduction Plan, aiming to see the nation reach carbon neutrality by 2050. He stated the commitment was the “right and sensible approach”.

At market close today, the NAB share price is $29.30. That represents a 1.38% gain from its previous close, and a 2-year record high.

For context, the S&P/ASX 200 Index (ASX: XJO) closed in the green by the skin of its teeth, sporting a 0.07% gain. Meanwhile, the All Ordinaries Index (ASX: XAO) finished the day falling 0.017%.

Meanwhile, the Commonwealth Bank of Australia (ASX: CBA) share price is leading the other big four banks on Wednesday, gaining 0.95%. The Australia and New Zealand Banking Group Ltd (ASX: ANZ) share price has brought up the rear, falling 0.07%.

Let’s take a closer look at McEwan’s comments on Australia’s shiny new commitment to net-zero.

NAB share price gains amid national net-zero plan

The NAB share price took off today amid McEwan’s public endorsement of net-zero emissions and reiteration of the bank’s commitment to carbon neutrality:

Climate action is everyone’s job. NAB wants to be part of the solution. We fully support net zero by 2050 and acknowledge our role in achieving that as a bank.

Last year, NAB celebrated achieving a decade of carbon neutrality. That’s right, the bank’s operations were deemed carbon neutral by the organisation now known as Climate Active way back in 2010. However, NAB hasn’t stopped there:

We are on track to achieve a net zero emissions lending portfolio by 2050.

Additionally, the bank has committed more than $11.5 billion to support 150 renewable energy transactions since 2003.

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The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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