Thursday 12 November: New Market Forces research reveals 10 retail banks in Australia committed AU$88 billion in finance to fossil fuel companies around the world in 2025, with ANZ, Macquarie and Westpac involved in the most concerning deals.
The new report – Dirty money: The 10 banks still funding the climate crisis – also finds that an overwhelming majority of Australian retail banks – 74 out of 91 – do not lend any money to coal, oil and gas.
ANZ has maintained its position as the biggest funder of fossil fuels, pouring AU$3.5 billion into coal, oil and gas in 2025, followed by Macquarie, which provided AU$2.5 billion, up 34% on 2024, and Westpac came in third, committing AU$1.7 billion.
Many customers of seven smaller banks – Ubank, St. George, Bank of Melbourne, BankSA, Bankwest, Bankwest, Citi and Suncorp – may not realise their bank is owned by ANZ, Commonwealth Bank, NAB or Westpac, which continue to pour billions into fossil fuels.
Five international banks providing retail services in Australia committed $77.6 billion to fossil fuels in 2025, led by Bank of China, which provided AU$29 billion, HSBC committed AU$25.1 billion and ING with AU$18.6 billion.
Morgan Pickett, Senior Policy Analyst, Market Forces said:
“Most banks in Australia have stopped financing fossil fuels, yet ANZ, Macquarie, and Westpac are still pouring billions into companies fuelling the climate crisis.”
“There’s no credibility in claiming to support the Paris Agreement while financing companies expanding fossil fuels, locking in decades of polluting emissions that will cause catastrophic levels of warming.”
ANZ, Macquarie and Westpac are financing gas companies pursuing fracking in the Northern Territory’s Beetaloo Basin, a proposed development that could unleash billions of tonnes of climate pollution.
The fracking companies claim that Beetaloo could hold over 500 trillion cubic feet of gas, but if even 10% of these reserves were fracked and burned it would produce approximately 2.6 billion tonnes of carbon dioxide equivalent, almost six times Australia’s annual emissions.
For Beetaloo to reach this scale, it would require tens of billions of dollars in new investment and support from banks. This gives banks a critical choice, either enable one of the most polluting gas developments in history, or rule it out and help prevent it from ever happening.
“Beetaloo could become one of the biggest gas fracking developments on the planet, and right now Macquarie, ANZ and Westpac are helping make it happen,” Mr. Pickett said.
“Australians are already paying the price of climate change through worsening disasters and rising insurance costs, while some of our biggest banks continue financing the companies fuelling the problem.”
“Millions of Australians may not realise their bank is financing fossil fuel expansion but the good news is there are dozens that are doing the right thing for the climate.”
For media inquiries and interviews contact:
Antony Balmain, +61-423-253-477, [email protected]
Note to Editors: This research analysed finance provided to global fossil fuel companies by retail banks operating in Australia between 1 January 2021 and 31 December 2025, alongside the banks’ current position on financing fossil fuels.