NAB – Australia’s third biggest supporter of dirty fossil fuels
Commbank’s global fossil fuel lending since 2°C commitment
Has NAB fulfilled its commitments on two degrees?
In late 2015, NAB 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 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 NAB? Well the obvious place to start would be a policy excluding new investments that expand the fossil fuel industry. the bank must commit to to actively managing down its exposure to fossil fuels, and become coal-free in five years.
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How is NAB expanding fossil fuels?
Despite its two degree commitment, NAB continues to loan to companies and projects that are expanding the fossil fuel industry, and has even helped arrange a deal that could see the Australian coal mining sector to expand.
In February 2016, NAB facilitated a loan from US-based Peabody Energy to its Australian subsidiary. According to the company, the US$250m loan will enable the expansion of its Wambo coal mine in the Hunter Valley, a plan that is completely out of step with efforts to curb global warming.
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.