Since 2008, Australia’s big four banks (ANZ, Commonwealth, NAB and Westpac) have loaned $36.7 billion to the fossil fuel industry in Australia, and were involved in three-quarters of all deals to fossil fuel projects and companies over the same time frame.
That’s the key finding of a new Market Forces study called Fueling the Fire: how the big banks are using our money to support the dirty fossil fuel industry. It leads to the conclusion that the big four are the financial linchpin for major fossil fuel projects, and will be integral for new projects such as the mega coal mines proposed in the Galilee Basin and the expansion of the Abbot Point coal export terminal.
The report is the biggest release of data yet by Market Forces, covering $135 billion in loans to coal, oil and gas since 2008. The report also, for the first time, compares lending to fossil fuels in Australia against the banks’ lending to renewable energy worldwide, finding that for every dollar the banks have loaned to the renewables sector since 2008, $6 has been loaned to coal, oil and gas. The bank with the worst ratio of fossil fuel to renewable energy lending as Commonwealth Bank, which had loaned almost $13 to fossil fuels for every $1 to renewable energy since 2008.
Click here to read and download the report, or fill in the form below and to request print copies.
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We have uploaded a set of images to share on social media. Click here to visit our interactive page, where you can spread the word that the big banks need a massive change in how they invest!
If you are one of the vast majority of Australians who has savings, a loan or some other financial product with one of the big four banks, your money is helping the big banks to provide multi-billion dollar support to an industry that is threatening our land, water, environment and climate.
Put your bank on notice – tell them that if they choose dirty fossil fuels, you’ll choose another bank!
See where your bank stands – check out our comparison table of over 120 banks, credit unions and mutuals. See whether your banks is funding the fossil fuel industry and if they are, take action to get your money out of coal, oil and gas!