Commbank – Last bank standing on Adani Carmichael?
Tell CommBank to rule out financing Adani’s dirty coal plans in the Galilee Basin
Commonwealth Bank is now the only major Australian bank to have not made a clear statement against financing the proposed project. The bank ended an advisory role to Adani several years ago, but they have never made a firm commitment against financing the mine.
Commonwealth Bank could now be the difference between whether or not the Carmichael mega coal mine goes ahead or not. Send the bank an email, asking them to categorically rule out financing Adani dirty Carmichael coal plans.
Global fossil fuel lending in 2016:
Has Commbank fulfilled its commitments on two degrees?
In late 2015, Commonwealth Bank publicly committed to taking action to support the international aim of limiting global warming to less than 2°C above pre-industrial levels. But as the scorecard shows, the bank’s recent activity has been completely inconsistent with that commitment.
A two degree warming limit gives us a very strict carbon budget to work within, meaning 80% of known fossil fuel reserves must stay underground if we are to have even a 75% chance of not exceeding the limit.
What does this mean for Commbank? Well the obvious place to start would be a policy excluding new investments that expand the fossil fuel industry. Beyond this, the bank must commit to to actively managing down its exposure to fossil fuels, and become coal-free in five years.
GOT A COMMBANK HOME LOAN?
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How is Commonwealth Bank expanding fossil fuels?
Despite its two degree commitment, Commbank continues to loan to companies and projects that are expanding the fossil fuel industry.
One of the most shocking examples of Commbank’s disregard for their two degree commitment came in November 2015, when the bank loaned $49 million to a new deepwater oil drilling project. The new Heidelberg field sits 1620m below sea level around 225km off the Louisiana coast.
That makes it a relatively close neighbour to the Horizon deepwater oil project, where an explosion in 2010 caused one of the worst environmental disasters in recent history.
Find out more about the extent and impacts of banks financing fossil fuels, compare the lending positions of different banks and learn more about how to switch to a bank that aligns to your values.