NAB – Australia’s third biggest supporter of dirty fossil fuels
Share this page
NAB rules out thermal coal!
NAB became the first of Australia’s big four banks to rule out lending to all new thermal coal mines or extensions in December 2017. The bank’s updated risk appetite statement on coal mining said: “NAB will no longer finance new thermal coal mining projects.”
Use the form below to acknowledge NAB’s positive steps, while reminding it now needs to do the same for oil and gas, as well as coal power plants.
NAB’s global fossil fuel lending since 2°C commitment
According to our latest findings, Australia’s Big Four banks are lending billions to projects that expand the fossil fuel industry despite promising to help limit global warming below 2°C. Take action: tell the Big Four banks to stop funding fossil fuels! https://t.co/Q8yUFP2Ma0 pic.twitter.com/DzYbQciU1d— Market Forces (@market_forces) May 31, 2018
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, a good next step for the bank would be to extend its December 2017 thermal coal exclusion policy and rule out all investments which expand the fossil fuel industry. NAB must commit to actively managing down its exposure to fossil fuels, and become coal-free in five years.
GOT A NAB HOME LOAN?
You’ll be amazed how powerful it can be
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 grow.
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.