16 November 2023 All big four Australian banks have now released updated fossil fuel finance restrictions this year that have, to varying degrees, moved the dial on what they can’t finance going forward. But, like everything with the banks – the devil is in the...
Kyle Robertson
NAB commits to future fossil finance restrictions, business as usual for next two years
10 November 2023 Yesterday NAB announced that from 1 October 2025 it will require the majority of fossil fuel companies to have Paris-aligned transition plans in place in order to provide additional lending. From that deadline, to get a corporate or project...
Westpac takes two steps forward, one big step back
8 November 2023 This week Westpac announced a host of new project finance restrictions for new and expanded fossil fuel projects, but also walked back a key policy that restricts finance to the companies developing them. In a disappointing regression on its...
Australian and Japanese banks receive warning to stay out of Papua LNG
Wednesday, 27 September 2023 Ahead of TotalEnergies’ Investor Day in France, Australian banks ANZ and NAB and Japanese banks MUFG, SMBC, and Mizuho received letters from Market Forces, Jubilee Australia and Papua New Guinean civil society organisation CELCOR (Center...
CommBank’s climate policy update leaves ANZ, NAB and Westpac in the dust
9 August 2023 This morning Commonwealth Bank announced a host of new fossil fuel finance restrictions, bringing Australia’s biggest bank closer to alignment with its commitments to the goals of the Paris Agreement and net zero emissions by 2050. Announcing a series of...
Warning sent to Commonwealth Bank ahead of crucial climate policy update
4 July 2023 Today Commonwealth Bank will receive hundreds of copies of a joint statement, calling on the bank to end all financing for new and expanded fossil fuels in its upcoming climate policy update. The statement, coordinated by Market Forces and endorsed by 35...
Big four banks loan $10.7 billion to coal since Paris Agreement
10 May 2023 Market Forces’ new analysis shows Australia’s big four banks – ANZ, Commonwealth Bank, NAB and Westpac – have loaned a combined $10.7 billion to the coal industry since the Paris Agreement was signed, with ANZ ($3.6 billion) and NAB ($3.3 billion) the...
Australia’s big four banks face human rights complaint over Santos Barossa financing
5 April 2023 Tiwi Islands and Larrakia Traditional Owners have lodged formal complaints alleging the big four Australian banks - ANZ, Commonwealth Bank, NAB and Westpac – and a host of international financiers breached their human rights commitments by participating...
NAB fails to address fossil fuel lending loopholes at 2022 AGM
16 December 2022 NAB faces shareholder backlash over continued support for new fossil fuels at 2022 AGM Today, National Australia Bank (NAB) faced a formal proposal from shareholders asking it to demonstrate how the company’s financing would not be used for the...
ANZ pulls the wool over investors eyes on climate at 2022 AGM
15 December 2022 Just over 8% of shareholders voted in favour of a formal proposal calling on the bank to demonstrate how its funding would not be used for new fossil fuel projects at today's annual general meeting. Last month, a UN High-level Expert Group confirmed...