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 civil society organisations, including the Finance Sector Union of Australia, 350 Australia, and the Australia Institute, was published as a full page ad in today’s Australian Financial Review.

Will you join us in demanding CommBank stops funding dirty new coal, oil and gas projects and the companies developing them?

Commonwealth Bank Joint Statement featured in the Australian Financial Review, July 4 2023.

Commonwealth Bank customers, shareholders, and concerned community members will gather around the country at the bank’s headquarters to deliver the message to staff.

Market Forces’ latest report on the big four Australian banks, Banking Climate Failure, found that in the last two years Commonwealth Bank has significantly reined in fossil fuel lending. After historically being the biggest lender of the big four to the fossil fuel industry, Commonwealth Bank has now reversed that trend. Public pressure is working. 

But CommBank’s current Environment and Social Framework has numerous loopholes that enable the bank to keep financing fossil fuel expansion. This is evidenced by recent loans to Santos, Glencore, and Beach Energy. 

CommBank has an opportunity to finally live up to its climate commitments and become a genuine leader.

Join shareholders, customers, investors and the community at large to let CommBank know we will hold it to account.

Read more about CommBank’s fossil fuel financing here.

Take action

Demand that CommBank stops funding dirty new coal, oil and gas projects and the companies developing them