NAB – Australia’s third biggest supporter of dirty fossil fuels

$0 billion
loaned to dirty fossil fuels globally since 2008

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NAB still backing dirty coal and other fossil fuels

In December 2017 NAB became the first of Australia’s big four banks to rule out lending to all new thermal coal mines or extensions. “NAB will no longer finance new thermal coal mining projects” the bank proclaimed.

Yet Market Forces’ research in 2018 found that not only has NAB has loaned almost $4 billion to fossil fuels since the 2016 Paris Agreement, this includes over half a billion dollars to projects that actually expand the scale of the sector.

Our analysis in January 2019 of the bank’s own reporting from 2017 to 2018 found NAB has shamefully increased its fossil fuel exposure by 9.5%.

Use our form to tell NAB it must stop funding fossil fuels.

Has NAB fulfilled its Paris climate pledge?

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 our scorecard shows, the bank’s recent activity has been inconsistent with that commitment.

A 2°C warming limit gives us a 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 busting 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 that expand this dirty industry. NAB must commit to actively managing down its fossil fuels exposure, and become coal-free within five years.

Find out more about the big banks’ lending to dirty fossil fuels since the Paris Agreement.

Scorecard since 2°C commitment:

  • total lending to fossil fuels
  • $0 million
  • Total lending to expansionary projects
  • $0 million
  • fossil fuels to renewables lending
  • $1.60 : $1

  • Total emissions enabled
    (tonnes CO2)
  • 0.2billion

  • $0 million
  • Policy to reduce fossil fuel exposure?

  • Policy restricting fossil fuel lending?

How is NAB expanding fossil fuels?

Despite its commitment to the Paris climate goals, NAB still lends to companies and projects that expand 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. The US$250m loan allows expansion of Peabody’s Wambo coal mine in the Hunter Valley, a plan completely out of line with efforts to curb global warming.
  • In May 2018 NAB contributed to a US$6.1 billion loan to the gigantic new Corpus Christi liquefied natural gas (LNG) facility in Texas.  Over its lifetime this project will enable the release of 811 million tonnes (Mt) of CO2-e, equivalent to 1.5 times Australia’s emissions in 2017.
  • In September 2018 NAB also loaned money to Coronado Coal, a company that has agreed to supply coal to the Stanwell coal plant in Qld until 2038 – well beyond the 2030 deadline to stop global coal burning.
  • Our analysis in January 2019 of the bank’s own reporting from 2017 to 2018 found NAB had actually increased its overall fossil fuel exposure by 9.5%.

NAB’s global fossil fuel lending since Paris climate commitment

Learn more

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.

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2°C Scorecard

How the banks are using your money to expand fossil fuels