Warning sent to Commonwealth Bank ahead of crucial climate policy update

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Your message to CommBank

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Dear Commonwealth Bank,

I am aware that you are currently updating your Environment and Social Framework, which includes restrictions on fossil fuel lending.

I was encouraged to see that after a long and shameful history of pouring billions of dollars into fossil fuels and enabling billions of tonnes of emissions through your financing, CommBank reined in fossil fuel lending significantly in 2022.

Now is the time to lock this positive trend into policy. I am concerned that without a policy that rules out financing to all new or expanded fossil fuel projects and the companies developing them, CommBank will continue financing fossil fuel expansion and regress on the progress that has been made.

Your current climate policy contains numerous loopholes that enable the ongoing financing of fossil fuel expansion. For example, in the last two years, you have loaned to:

– Santos, which plans to increase oil and gas production by 60% this decade. This is completely at odds with CommBank’s oil and gas sector emissions reductions target. Not only are Santos' plans a disaster for our climate, they are a disaster for the rights of Traditional Owners. The Barossa gas project is opposed by Traditional Owners, with an elder stating “Munupi people don’t want any fossil fuel activities off the coast of the Tiwi Islands”. Yet Santos is still pushing ahead with the project, as well as the Narrabri gas project against the wishes of Gomeroi Traditional Owners. 
– Glencore, which has three new proposed coal mines currently under assessment – including the greenfield Wandoan mine, Glendell expansion, and the Hunter Valley Operations expansion. This company’s plans are totally at odds with the International Energy Agency’s finding that there can be no new or expanded coal mines in the pathway to net zero emissions by 2050.

Providing finance to companies like these is completely out of line with Commonwealth Bank’s commitment to support the Paris Agreement and next zero emissions by 2050.

As a customer, I want to see Commonwealth Bank take a true climate leadership position and rule out all finance for new or expanded fossil fuel projects and the companies developing them. I want to be a proud Commonwealth Bank customer.

If you fail to bring your fossil fuel lending policies into line with your climate commitments, I will choose to do business with a bank that better aligns with my values. I will hold you to account.

Sincerely,

Please note: this message includes the sentence “If you fail to bring your fossil fuel lending policies into line with your climate commitments, I will choose to do business with a bank that better aligns with my values.”

If you’d prefer not to make this commitment, please adjust the text in the message field above.

Subject

(You can customise this.)

Your message to CommBank

(You can customise this. Your name will automatically be added.)

Dear Commonwealth Bank,

I am aware that you are currently updating your Environment and Social Framework, which includes restrictions on fossil fuel lending.

I was encouraged to see that after a long and shameful history of pouring billions of dollars into fossil fuels and enabling billions of tonnes of emissions through your financing, CommBank reined in fossil fuel lending significantly in 2022.

Now is the time to lock this positive trend into policy. I am concerned that without a policy that rules out financing to all new or expanded fossil fuel projects and the companies developing them, CommBank will continue financing fossil fuel expansion and regress on the progress that has been made.

Your current climate policy contains numerous loopholes that enable the ongoing financing of fossil fuel expansion. For example, in the last two years, you have loaned to:

– Santos, which plans to increase oil and gas production by 60% this decade. This is completely at odds with CommBank’s oil and gas sector emissions reductions target. Not only are Santos' plans a disaster for our climate, they are a disaster for the rights of Traditional Owners. The Barossa gas project is opposed by Traditional Owners, with an elder stating “Munupi people don’t want any fossil fuel activities off the coast of the Tiwi Islands”. Yet Santos is still pushing ahead with the project, as well as the Narrabri gas project against the wishes of Gomeroi Traditional Owners. 
– Glencore, which has three new proposed coal mines currently under assessment – including the greenfield Wandoan mine, Glendell expansion, and the Hunter Valley Operations expansion. This company’s plans are totally at odds with the International Energy Agency’s finding that there can be no new or expanded coal mines in the pathway to net zero emissions by 2050.

Providing finance to companies like these is completely out of line with Commonwealth Bank’s commitment to support the Paris Agreement and next zero emissions by 2050.

As a customer and shareholder, I want to see Commonwealth Bank take a true climate leadership position and rule out all finance for new or expanded fossil fuel projects and the companies developing them.

If you fail to bring your fossil fuel lending policies into line with your climate commitments, I plan to join other shareholders in filing a resolution for the bank’s upcoming AGM and further, I will choose to do business with a bank that better aligns with my values. I will hold you to account.

Sincerely,

Please note: this message includes the sentence “If you fail to bring your fossil fuel lending policies into line with your climate commitments, I plan to join other shareholders in filing a resolution for the bank’s upcoming AGM and further, I will choose to do business with a bank that better aligns with my values.”

If you’d prefer not to make these commitments, please adjust the text in the message field above.

Subject

(You can customise this.)

Your message to CommBank

(You can customise this. Your name will automatically be added.)

Dear Commonwealth Bank,

I am aware that you are currently updating your Environment and Social Framework, which includes restrictions on fossil fuel lending.

I was encouraged to see that after a long and shameful history of pouring billions of dollars into fossil fuels and enabling billions of tonnes of emissions through your financing, CommBank reined in fossil fuel lending significantly in 2022.

Now is the time to lock this positive trend into policy. I am concerned that without a policy that rules out financing to all new or expanded fossil fuel projects and the companies developing them, CommBank will continue financing fossil fuel expansion and regress on the progress that has been made.

Your current climate policy contains numerous loopholes that enable the ongoing financing of fossil fuel expansion. For example, in the last two years, you have loaned to:

– Santos, which plans to increase oil and gas production by 60% this decade. This is completely at odds with CommBank’s oil and gas sector emissions reductions target. Not only are Santos' plans a disaster for our climate, they are a disaster for the rights of Traditional Owners. The Barossa gas project is opposed by Traditional Owners, with an elder stating “Munupi people don’t want any fossil fuel activities off the coast of the Tiwi Islands”. Yet Santos is still pushing ahead with the project, as well as the Narrabri gas project against the wishes of Gomeroi Traditional Owners. 
– Glencore, which has three new proposed coal mines currently under assessment – including the greenfield Wandoan mine, Glendell expansion, and the Hunter Valley Operations expansion. This company’s plans are totally at odds with the International Energy Agency’s finding that there can be no new or expanded coal mines in the pathway to net zero emissions by 2050.

Providing finance to companies like these is completely out of line with Commonwealth Bank’s commitment to support the Paris Agreement and next zero emissions by 2050.

As a shareholder, I want to see Commonwealth Bank take a true climate leadership position and rule out all finance for new or expanded fossil fuel projects and the companies developing them. I want to be a proud Commonwealth Bank shareholder.

If you fail to bring your fossil fuel lending policies into line with your climate commitments, I plan to join other shareholders in filing a resolution for the bank’s upcoming AGM.

Sincerely,

Please note: this message includes the sentence “If you fail to bring your fossil fuel lending policies into line with your climate commitments, I plan to join other shareholders in filing a resolution for the bank’s upcoming AGM.”

If you’d prefer not to make this commitment, please adjust the text in the message field above.

Subject

(You can customise this.)

Your message to CommBank

(You can customise this. Your name will automatically be added.)

Dear Commonwealth Bank,

I am aware that you are currently updating your Environment and Social Framework, which includes restrictions on fossil fuel lending.

I was encouraged to see that after a long and shameful history of pouring billions of dollars into fossil fuels and enabling billions of tonnes of emissions through your financing, you reined in fossil fuel lending significantly in 2022.

Now is the time to put this practice into policy. I am concerned that without a policy that rules out financing to all new or expanded fossil fuel projects and the companies developing them, that Commonwealth Bank will continue financing fossil fuel expansion and regress on the progress that has been made.

Your current climate policy contains numerous loopholes that enable the ongoing financing of fossil fuel expansion. In the last two years, you have loaned to:

– Santos, which plans to increase oil and gas production by 60% this decade. This is completely at odds with CommBank’s oil and gas sector emissions reductions target. Not only are Santos' plans a disaster for our climate, they are a disaster for the rights of Traditional Owners. The Barossa gas project is opposed by Traditional Owners, with an elder stating “Munupi people don’t want any fossil fuel activities off the coast of the Tiwi Islands”. Yet Santos is still pushing ahead with the project, as well as the Narrabri gas project against the wishes of Gomeroi Traditional Owners. 
– Glencore, which has three new proposed coal mines currently under assessment – including the greenfield Wandoan mine, Glendell expansion, and the Hunter Valley Operations expansion. This company’s plans are totally at odds with the International Energy Agency’s finding that there can be no new or expanded coal mines in the pathway to net zero emissions by 2050.

Providing finance to companies like these is completely out of line with Commonwealth Bank’s climate commitments.

I want to see Commonwealth Bank take a true climate leadership position and rule out all finance for new or expanded fossil fuel projects and the companies developing them.

Sincerely,

Warning sent to Commonwealth Bank ahead of crucial climate policy update

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