NAB’s update is welcome progress but still falls short of alignment with the bank’s climate commitments.
Divestment
Adaro’s climate destruction journey
A recap of the mounting pressures and reputational risks linked with Adaro’s controversial coal activities In 2023, Adaro published a “decarbonization journey” that supposedly would carry the company towards a green transformation. Although it has recently...
ANZ rules out Papua LNG, leaves the door open to fund climate wrecking companies
This week ANZ announced that it would no longer provide direct financing to new or expanded oil and gas fields, new liquefied natural gas (LNG) export plants, and won’t bank any oil and gas company not already on their books. The announcement means that all big four...
New Analysis: Top super funds abandoning major fossil gas producers
MEDIA RELEASE Wednesday 13 March: New analysis by Market Forces finds Australia’s top 30 super funds have been reducing their investments in oil and gas producers Woodside and Santos over the past two years, relative to the Australian stock market. The top 30...
TotalEnergies’ bankers deliver major blow to Papua LNG carbon bomb
Crédit Agricole, Europe’s third largest bank, has delivered a major blow to TotalEnergies this week, declaring it will not finance Total’s proposed Papua Liquefied Natural Gas project (Papua LNG). Despite being the financial advisor to the project, and one of...
Big four banks make strides, but action still dangerously slow in a climate emergency
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...
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...
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...