Home > CommBank on its way to thermal coal exit but climate concerns remain

CommBank on its way to thermal coal exit but climate concerns remain

12 August 2020

12 August 2020

Today Commonwealth Bank released its 2020 annual report and revealed the extent to which it’s exposed to fossil fuels and how this has changed over the past year. Although the bank seems to be heading in the right direction with respect to thermal coal and gas, the same can’t be said for oil and metallurgical coal.

Perhaps more critical than what CommBank’s annual report does say is what it doesn’t say, with the bank still yet to commit to measures essential to aligning its finance with the Paris Agreement, including ruling out funding expansion of the fossil fuel industry and phasing out oil & gas exposure in line with 1.5°C.

Climate commitments

In late 2015, when nearly 200 nations signed the Paris Agreement with an ambition to limit global warming to 1.5°C, Australia’s ‘big four’ banks — including CommBank — all publicly championed the Agreement, promising to support the transition to a low carbon economy. CommBank has since reiterated its support for the Paris Agreement on numerous occasions.

“We are committed to playing our part in limiting climate change in line with the goals of the Paris Agreement and supporting the responsible global transition to net zero emissions by 2050.”
CBA Environmental and Social Framework (external link)

Fossil fuel exposure (mostly) declining

Today’s figures show since 2019 CommBank has shed lending exposure across many fossil fuel sectors. However this isn’t the case across all sectors, with oil and metallurgical coal seeing significant increases that don’t appear consistent with its Paris commitment.

The significant declines seen for thermal coal are hopefully a sign the bank is well on its way to exiting the sector by 2030. Declining gas exposures are similarly encouraging, though these gains are at least partially offset by increasing exposure to oil and metallurgical coal.

These exposure increases are somewhat surprising as it could reasonably be expected that CommBank’s August 2019 climate policy update, requiring that loans to new oil and metallurgical coal projects are consistent with the Paris Agreement, would help prevent large increases in exposure to these sectors.

The table below displays CommBank’s reported exposures to key fossil fuel sectors in 2019 versus 2020.

Sector	Sub-sector	2019	2020	Δ19-20
Natural resources	Gas	$1.2B	$1.2B	-6%
Natural resources	Thermal coal	$0.37B	$0.35B	-6%
Natural resources	Thermal coal within diversified miners	$0.21B	$0.16B	-25%
Multiple	Oil	$2.3B	$2.3B	+7%
Infrastructure	LNG terminals	$2.8B	$2.2B	-22%
Infrastructure	Coal terminals	$0.9B	$0.9B	-5%
Electricity generation	Gas	$0.8B	$0.6B	-13%
Electricity generation	Coal	$0.005B	$0.004B	-13%
Networks and retailers	Oil distribution and refining	$0.8B	$1.1B	+41%
Total		$9.385B	$8.814B	-6%

Lowlights and highlights

CommBank reported significant increases in its exposure to oil extraction, infrastructure and electricity generation (+7%), and oil distribution and refining (+41%)

It appears CommBank’s exposure to metallurgical coal also increased

Despite distinguishing between different types of coal in its policy documents, CommBank doesn’t report its exposures to thermal coal (for electricity generation) and metallurgical coal (for steel-making) in the same way, so we don’t have exact figures on how much it changed. However its 2020 full year results presentation indicates there has been a significant increase since June 2019.

CommBank’s reported exposure to black coal mining, 2019-2020 (2020 FY Results Presentation, p.113)

Thermal coal exposure declined across the board, including thermal coal mining (-12%), coal terminals (-5%) and coal-fired power (-13%)
Exposure to gas also fell across all sectors, including gas extraction (-6%), LNG terminals (-22%) and gas-fired power (-13%)

Next steps

CommBank’s exposures to thermal coal and gas appear to be heading in the right direction. However its increases in exposure to oil and metallurgical coal mining are concerning and, moving forward, the bank should ensure these exposures are aligned with a 1.5°C pathway.

However, perhaps more critical than what CommBank’s annual report does say is what it doesn’t say, with the bank still yet to commit to some of the most basic steps needed to align its finance activity with the goals of the Paris Agreement, including:

No longer financing projects that expand the scale of the fossil fuel industry, or companies seeking to expand the scale of the fossil fuel industry,
Phasing out oil and gas exposure in line with limiting global warming to 1.5°C.

Take action! Tell CommBank to meet the above points:

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Your message to CommBank (customer – one last chance)
Dear Commonwealth Bank, It is appalling that, since you first expressed support for the Paris Agreement, you have loaned billions of dollars to fossil fuel projects and companies expanding these industries. This is despite it being abundantly clear there is absolutely no room to expand fossil fuels if global warming is to be kept below 1.5 degrees. This undermining of your stated support for the Paris Agreement is disgraceful and needs to stop. It’s very difficult for me to distinguish what’s worse; that – since committing to support the Paris Agreement you have loaned $1.8 billion to companies whose business plans rely on the failure of that exact Agreement, or – you have loaned $2.8 billion to new fossil fuel projects that, over their lifetimes, would enable another 5.4 billion tonnes of CO2 to be released into the atmosphere, or – since promising to only fund new metallurgical coal, oil and gas projects if assessments are done demonstrating their consistency with the Paris Agreement, you have funded new projects without evidence that this assessment has been completed, or – you have loaned more than $12 billion to fossil fuels since 2016 – almost 4 times your lending to renewable energy. Committing to exit thermal coal by 2030 was a necessary step but clearly you need to do more to align your financing activities with the Paris Agreement. As a customer, I am giving you one last chance to decide whether you want my business. I am asking you to make commitments today that would be the bare minimum to carry any credibility on climate change from this point forward. I am asking you to confirm you will: – No longer finance projects that expand the scale of the fossil fuel industry, or companies seeking to expand the scale of the fossil fuel industry, – Phase out oil and gas exposure in line with meeting the uppermost goals of the Paris Agreement. Please confirm as soon as possible that you will meet the above two points. Sincerely,
Your message to CommBank (shareholder)
Dear Commonwealth Bank, It is appalling that, since you first expressed support for the Paris Agreement, you have loaned billions of dollars to fossil fuel projects and companies expanding these industries. This is despite it being abundantly clear there is absolutely no room to expand fossil fuels if global warming is to be kept below 1.5 degrees. This undermining of your stated support for the Paris Agreement is disgraceful and needs to stop. It’s very difficult for me to distinguish what’s worse; that – since committing to support the Paris Agreement you have loaned $1.8 billion to companies whose business plans rely on the failure of that exact Agreement, or – you have loaned $2.8 billion to new fossil fuel projects that, over their lifetimes, would enable another 5.4 billion tonnes of CO2 to be released into the atmosphere, or – since promising to only fund new metallurgical coal, oil and gas projects if assessments are done demonstrating their consistency with the Paris Agreement, you have funded new projects without evidence that this assessment has been completed, or – you have loaned more than $12 billion to fossil fuels since 2016 – almost 4 times your lending to renewable energy. Committing to exit thermal coal by 2030 was a necessary step but clearly you need to do more to align your financing activities with the Paris Agreement. As a shareholder, I am asking you to make commitments today that would be the bare minimum to carry any credibility on climate change from this point forward. I am asking you to confirm you will: – No longer finance projects that expand the scale of the fossil fuel industry, or companies seeking to expand the scale of the fossil fuel industry, – Phase out oil and gas exposure in line with meeting the uppermost goals of the Paris Agreement. Please confirm as soon as possible that you will meet the above two points. Sincerely,
Your message to CommBank (customer and shareholder – one last chance)
Dear Commonwealth Bank, It is appalling that, since you first expressed support for the Paris Agreement, you have loaned billions of dollars to fossil fuel projects and companies expanding these industries. This is despite it being abundantly clear there is absolutely no room to expand fossil fuels if global warming is to be kept below 1.5 degrees. This undermining of your stated support for the Paris Agreement is disgraceful and needs to stop. It’s very difficult for me to distinguish what’s worse; that – since committing to support the Paris Agreement you have loaned $1.8 billion to companies whose business plans rely on the failure of that exact Agreement, or – you have loaned $2.8 billion to new fossil fuel projects that, over their lifetimes, would enable another 5.4 billion tonnes of CO2 to be released into the atmosphere, or – since promising to only fund new metallurgical coal, oil and gas projects if assessments are done demonstrating their consistency with the Paris Agreement, you have funded new projects without evidence that this assessment has been completed, or – you have loaned more than $12 billion to fossil fuels since 2016 – almost 4 times your lending to renewable energy. Committing to exit thermal coal by 2030 was a necessary step but clearly you need to do more to align your financing activities with the Paris Agreement. As a customer and shareholder, I am giving you one last chance to decide whether you want my business. I am asking you to make commitments today that would be the bare minimum to carry any credibility on climate change from this point forward. I am asking you to confirm you will: – No longer finance projects that expand the scale of the fossil fuel industry, or companies seeking to expand the scale of the fossil fuel industry, – Phase out oil and gas exposure in line with meeting the uppermost goals of the Paris Agreement. Please confirm as soon as possible that you will meet the above two points. Sincerely,
Your message to CommBank (customer – ask about closing bank account, ending mortgage and ending other services)
Dear Commonwealth Bank, It is appalling that, since you first expressed support for the Paris Agreement, you have loaned billions of dollars to fossil fuel projects and companies expanding these industries. This is despite it being abundantly clear there is absolutely no room to expand fossil fuels if global warming is to be kept below 1.5 degrees. This undermining of your stated support for the Paris Agreement is disgraceful and needs to stop. It’s very difficult for me to distinguish what’s worse; that – since committing to support the Paris Agreement you have loaned $1.8 billion to companies whose business plans rely on the failure of that exact Agreement, or – you have loaned $2.8 billion to new fossil fuel projects that, over their lifetimes, would enable another 5.4 billion tonnes of CO2 to be released into the atmosphere, or – since promising to only fund new metallurgical coal, oil and gas projects if assessments are done demonstrating their consistency with the Paris Agreement, you have funded new projects without evidence that this assessment has been completed, or – you have loaned more than $12 billion to fossil fuels since 2016 – almost 4 times your lending to renewable energy. Committing to exit thermal coal by 2030 was a necessary step but clearly you need to do more to align your financing activities with the Paris Agreement. As a customer I would like to know how I can close my bank account and end my mortgage and other services with you, unless you’re willing to confirm to me you will: – No longer finance projects that expand the scale of the fossil fuel industry, or companies seeking to expand the scale of the fossil fuel industry, – Phase out oil and gas exposure in line with meeting the uppermost goals of the Paris Agreement. If not, please pass along the requested information about ending my business relationship with you. Sincerely,
Your message to CommBank (customer – ask about closing bank account and ending mortgage)
Dear Commonwealth Bank, It is appalling that, since you first expressed support for the Paris Agreement, you have loaned billions of dollars to fossil fuel projects and companies expanding these industries. This is despite it being abundantly clear there is absolutely no room to expand fossil fuels if global warming is to be kept below 1.5 degrees. This undermining of your stated support for the Paris Agreement is disgraceful and needs to stop. It’s very difficult for me to distinguish what’s worse; that – since committing to support the Paris Agreement you have loaned $1.8 billion to companies whose business plans rely on the failure of that exact Agreement, or – you have loaned $2.8 billion to new fossil fuel projects that, over their lifetimes, would enable another 5.4 billion tonnes of CO2 to be released into the atmosphere, or – since promising to only fund new metallurgical coal, oil and gas projects if assessments are done demonstrating their consistency with the Paris Agreement, you have funded new projects without evidence that this assessment has been completed, or – you have loaned more than $12 billion to fossil fuels since 2016 – almost 4 times your lending to renewable energy. Committing to exit thermal coal by 2030 was a necessary step but clearly you need to do more to align your financing activities with the Paris Agreement. As a customer I would like to know how I can close my bank account and end my mortgage with you, unless you’re willing to confirm to me you will: – No longer finance projects that expand the scale of the fossil fuel industry, or companies seeking to expand the scale of the fossil fuel industry, – Phase out oil and gas exposure in line with meeting the uppermost goals of the Paris Agreement. If not, please pass along the requested information about ending my business relationship with you. Sincerely,
Your message to CommBank (customer – ask about closing bank account and ending other services)
Dear Commonwealth Bank, It is appalling that, since you first expressed support for the Paris Agreement, you have loaned billions of dollars to fossil fuel projects and companies expanding these industries. This is despite it being abundantly clear there is absolutely no room to expand fossil fuels if global warming is to be kept below 1.5 degrees. This undermining of your stated support for the Paris Agreement is disgraceful and needs to stop. It’s very difficult for me to distinguish what’s worse; that – since committing to support the Paris Agreement you have loaned $1.8 billion to companies whose business plans rely on the failure of that exact Agreement, or – you have loaned $2.8 billion to new fossil fuel projects that, over their lifetimes, would enable another 5.4 billion tonnes of CO2 to be released into the atmosphere, or – since promising to only fund new metallurgical coal, oil and gas projects if assessments are done demonstrating their consistency with the Paris Agreement, you have funded new projects without evidence that this assessment has been completed, or – you have loaned more than $12 billion to fossil fuels since 2016 – almost 4 times your lending to renewable energy. Committing to exit thermal coal by 2030 was a necessary step but clearly you need to do more to align your financing activities with the Paris Agreement. As a customer I would like to know how I can close my bank account and end other services with you, unless you’re willing to confirm to me you will: – No longer finance projects that expand the scale of the fossil fuel industry, or companies seeking to expand the scale of the fossil fuel industry, – Phase out oil and gas exposure in line with meeting the uppermost goals of the Paris Agreement. If not, please pass along the requested information about ending my business relationship with you. Sincerely,
Your message to CommBank (customer – ask about ending mortgage and other services)
Dear Commonwealth Bank, It is appalling that, since you first expressed support for the Paris Agreement, you have loaned billions of dollars to fossil fuel projects and companies expanding these industries. This is despite it being abundantly clear there is absolutely no room to expand fossil fuels if global warming is to be kept below 1.5 degrees. This undermining of your stated support for the Paris Agreement is disgraceful and needs to stop. It’s very difficult for me to distinguish what’s worse; that – since committing to support the Paris Agreement you have loaned $1.8 billion to companies whose business plans rely on the failure of that exact Agreement, or – you have loaned $2.8 billion to new fossil fuel projects that, over their lifetimes, would enable another 5.4 billion tonnes of CO2 to be released into the atmosphere, or – since promising to only fund new metallurgical coal, oil and gas projects if assessments are done demonstrating their consistency with the Paris Agreement, you have funded new projects without evidence that this assessment has been completed, or – you have loaned more than $12 billion to fossil fuels since 2016 – almost 4 times your lending to renewable energy. Committing to exit thermal coal by 2030 was a necessary step but clearly you need to do more to align your financing activities with the Paris Agreement. As a customer I would like to know how I can end my mortgage and other services with you, unless you’re willing to confirm to me you will: – No longer finance projects that expand the scale of the fossil fuel industry, or companies seeking to expand the scale of the fossil fuel industry, – Phase out oil and gas exposure in line with meeting the uppermost goals of the Paris Agreement. If not, please pass along the requested information about ending my business relationship with you. Sincerely,
Your message to CommBank (customer – ask about closing bank account)
Dear Commonwealth Bank, It is appalling that, since you first expressed support for the Paris Agreement, you have loaned billions of dollars to fossil fuel projects and companies expanding these industries. This is despite it being abundantly clear there is absolutely no room to expand fossil fuels if global warming is to be kept below 1.5 degrees. This undermining of your stated support for the Paris Agreement is disgraceful and needs to stop. It’s very difficult for me to distinguish what’s worse; that – since committing to support the Paris Agreement you have loaned $1.8 billion to companies whose business plans rely on the failure of that exact Agreement, or – you have loaned $2.8 billion to new fossil fuel projects that, over their lifetimes, would enable another 5.4 billion tonnes of CO2 to be released into the atmosphere, or – since promising to only fund new metallurgical coal, oil and gas projects if assessments are done demonstrating their consistency with the Paris Agreement, you have funded new projects without evidence that this assessment has been completed, or – you have loaned more than $12 billion to fossil fuels since 2016 – almost 4 times your lending to renewable energy. Committing to exit thermal coal by 2030 was a necessary step but clearly you need to do more to align your financing activities with the Paris Agreement. As a customer I would like to know how I can close my bank account with you, unless you’re willing to confirm to me you will: – No longer finance projects that expand the scale of the fossil fuel industry, or companies seeking to expand the scale of the fossil fuel industry, – Phase out oil and gas exposure in line with meeting the uppermost goals of the Paris Agreement. If not, please pass along the requested information about ending my business relationship with you. Sincerely,
Your message to CommBank (customer – ask about ending mortgage)
Dear Commonwealth Bank, It is appalling that, since you first expressed support for the Paris Agreement, you have loaned billions of dollars to fossil fuel projects and companies expanding these industries. This is despite it being abundantly clear there is absolutely no room to expand fossil fuels if global warming is to be kept below 1.5 degrees. This undermining of your stated support for the Paris Agreement is disgraceful and needs to stop. It’s very difficult for me to distinguish what’s worse; that – since committing to support the Paris Agreement you have loaned $1.8 billion to companies whose business plans rely on the failure of that exact Agreement, or – you have loaned $2.8 billion to new fossil fuel projects that, over their lifetimes, would enable another 5.4 billion tonnes of CO2 to be released into the atmosphere, or – since promising to only fund new metallurgical coal, oil and gas projects if assessments are done demonstrating their consistency with the Paris Agreement, you have funded new projects without evidence that this assessment has been completed, or – you have loaned more than $12 billion to fossil fuels since 2016 – almost 4 times your lending to renewable energy. Committing to exit thermal coal by 2030 was a necessary step but clearly you need to do more to align your financing activities with the Paris Agreement. As a customer I would like to know how I can end my mortgage with you, unless you’re willing to confirm to me you will: – No longer finance projects that expand the scale of the fossil fuel industry, or companies seeking to expand the scale of the fossil fuel industry, – Phase out oil and gas exposure in line with meeting the uppermost goals of the Paris Agreement. If not, please pass along the requested information about ending my business relationship with you. Sincerely,
Your message to CommBank (customer – ask about ending other services)
Dear Commonwealth Bank, It is appalling that, since you first expressed support for the Paris Agreement, you have loaned billions of dollars to fossil fuel projects and companies expanding these industries. This is despite it being abundantly clear there is absolutely no room to expand fossil fuels if global warming is to be kept below 1.5 degrees. This undermining of your stated support for the Paris Agreement is disgraceful and needs to stop. It’s very difficult for me to distinguish what’s worse; that – since committing to support the Paris Agreement you have loaned $1.8 billion to companies whose business plans rely on the failure of that exact Agreement, or – you have loaned $2.8 billion to new fossil fuel projects that, over their lifetimes, would enable another 5.4 billion tonnes of CO2 to be released into the atmosphere, or – since promising to only fund new metallurgical coal, oil and gas projects if assessments are done demonstrating their consistency with the Paris Agreement, you have funded new projects without evidence that this assessment has been completed, or – you have loaned more than $12 billion to fossil fuels since 2016 – almost 4 times your lending to renewable energy. Committing to exit thermal coal by 2030 was a necessary step but clearly you need to do more to align your financing activities with the Paris Agreement. As a customer I would like to know how I can end my services with you, unless you’re willing to confirm to me you will: – No longer finance projects that expand the scale of the fossil fuel industry, or companies seeking to expand the scale of the fossil fuel industry, – Phase out oil and gas exposure in line with meeting the uppermost goals of the Paris Agreement. If not, please pass along the requested information about ending my business relationship with you. Sincerely,
Your message to CommBank (customer and shareholder – ask about closing bank account, ending mortgage and ending other services)
Dear Commonwealth Bank, It is appalling that, since you first expressed support for the Paris Agreement, you have loaned billions of dollars to fossil fuel projects and companies expanding these industries. This is despite it being abundantly clear there is absolutely no room to expand fossil fuels if global warming is to be kept below 1.5 degrees. This undermining of your stated support for the Paris Agreement is disgraceful and needs to stop. It’s very difficult for me to distinguish what’s worse; that – since committing to support the Paris Agreement you have loaned $1.8 billion to companies whose business plans rely on the failure of that exact Agreement, or – you have loaned $2.8 billion to new fossil fuel projects that, over their lifetimes, would enable another 5.4 billion tonnes of CO2 to be released into the atmosphere, or – since promising to only fund new metallurgical coal, oil and gas projects if assessments are done demonstrating their consistency with the Paris Agreement, you have funded new projects without evidence that this assessment has been completed, or – you have loaned more than $12 billion to fossil fuels since 2016 – almost 4 times your lending to renewable energy. Committing to exit thermal coal by 2030 was a necessary step but clearly you need to do more to align your financing activities with the Paris Agreement. As a customer and shareholder I would like to know how I can close my bank account and end my mortgage and other services with you, unless you’re willing to confirm to me you will: – No longer finance projects that expand the scale of the fossil fuel industry, or companies seeking to expand the scale of the fossil fuel industry, – Phase out oil and gas exposure in line with meeting the uppermost goals of the Paris Agreement. If not, please pass along the requested information about ending my business relationship with you. Sincerely,
Your message to CommBank (customer and shareholder – ask about closing bank account and ending mortgage)
Dear Commonwealth Bank, It is appalling that, since you first expressed support for the Paris Agreement, you have loaned billions of dollars to fossil fuel projects and companies expanding these industries. This is despite it being abundantly clear there is absolutely no room to expand fossil fuels if global warming is to be kept below 1.5 degrees. This undermining of your stated support for the Paris Agreement is disgraceful and needs to stop. It’s very difficult for me to distinguish what’s worse; that – since committing to support the Paris Agreement you have loaned $1.8 billion to companies whose business plans rely on the failure of that exact Agreement, or – you have loaned $2.8 billion to new fossil fuel projects that, over their lifetimes, would enable another 5.4 billion tonnes of CO2 to be released into the atmosphere, or – since promising to only fund new metallurgical coal, oil and gas projects if assessments are done demonstrating their consistency with the Paris Agreement, you have funded new projects without evidence that this assessment has been completed, or – you have loaned more than $12 billion to fossil fuels since 2016 – almost 4 times your lending to renewable energy. Committing to exit thermal coal by 2030 was a necessary step but clearly you need to do more to align your financing activities with the Paris Agreement. As a customer and shareholder I would like to know how I can close my bank account and end my mortgage with you, unless you’re willing to confirm to me you will: – No longer finance projects that expand the scale of the fossil fuel industry, or companies seeking to expand the scale of the fossil fuel industry, – Phase out oil and gas exposure in line with meeting the uppermost goals of the Paris Agreement. If not, please pass along the requested information about ending my business relationship with you. Sincerely,
Your message to CommBank (customer and shareholder – ask about closing bank account and ending other services)
Dear Commonwealth Bank, It is appalling that, since you first expressed support for the Paris Agreement, you have loaned billions of dollars to fossil fuel projects and companies expanding these industries. This is despite it being abundantly clear there is absolutely no room to expand fossil fuels if global warming is to be kept below 1.5 degrees. This undermining of your stated support for the Paris Agreement is disgraceful and needs to stop. It’s very difficult for me to distinguish what’s worse; that – since committing to support the Paris Agreement you have loaned $1.8 billion to companies whose business plans rely on the failure of that exact Agreement, or – you have loaned $2.8 billion to new fossil fuel projects that, over their lifetimes, would enable another 5.4 billion tonnes of CO2 to be released into the atmosphere, or – since promising to only fund new metallurgical coal, oil and gas projects if assessments are done demonstrating their consistency with the Paris Agreement, you have funded new projects without evidence that this assessment has been completed, or – you have loaned more than $12 billion to fossil fuels since 2016 – almost 4 times your lending to renewable energy. Committing to exit thermal coal by 2030 was a necessary step but clearly you need to do more to align your financing activities with the Paris Agreement. As a customer and shareholder I would like to know how I can close my bank account and end other services with you, unless you’re willing to confirm to me you will: – No longer finance projects that expand the scale of the fossil fuel industry, or companies seeking to expand the scale of the fossil fuel industry, – Phase out oil and gas exposure in line with meeting the uppermost goals of the Paris Agreement. If not, please pass along the requested information about ending my business relationship with you. Sincerely,
Your message to CommBank (customer and shareholder – ask about ending mortgage and other services)
Dear Commonwealth Bank, It is appalling that, since you first expressed support for the Paris Agreement, you have loaned billions of dollars to fossil fuel projects and companies expanding these industries. This is despite it being abundantly clear there is absolutely no room to expand fossil fuels if global warming is to be kept below 1.5 degrees. This undermining of your stated support for the Paris Agreement is disgraceful and needs to stop. It’s very difficult for me to distinguish what’s worse; that – since committing to support the Paris Agreement you have loaned $1.8 billion to companies whose business plans rely on the failure of that exact Agreement, or – you have loaned $2.8 billion to new fossil fuel projects that, over their lifetimes, would enable another 5.4 billion tonnes of CO2 to be released into the atmosphere, or – since promising to only fund new metallurgical coal, oil and gas projects if assessments are done demonstrating their consistency with the Paris Agreement, you have funded new projects without evidence that this assessment has been completed, or – you have loaned more than $12 billion to fossil fuels since 2016 – almost 4 times your lending to renewable energy. Committing to exit thermal coal by 2030 was a necessary step but clearly you need to do more to align your financing activities with the Paris Agreement. As a customer and shareholder I would like to know how I can end my mortgage and other services with you, unless you’re willing to confirm to me you will: – No longer finance projects that expand the scale of the fossil fuel industry, or companies seeking to expand the scale of the fossil fuel industry, – Phase out oil and gas exposure in line with meeting the uppermost goals of the Paris Agreement. If not, please pass along the requested information about ending my business relationship with you. Sincerely,
Your message to CommBank (customer and shareholder – ask about closing bank account)
Dear Commonwealth Bank, It is appalling that, since you first expressed support for the Paris Agreement, you have loaned billions of dollars to fossil fuel projects and companies expanding these industries. This is despite it being abundantly clear there is absolutely no room to expand fossil fuels if global warming is to be kept below 1.5 degrees. This undermining of your stated support for the Paris Agreement is disgraceful and needs to stop. It’s very difficult for me to distinguish what’s worse; that – since committing to support the Paris Agreement you have loaned $1.8 billion to companies whose business plans rely on the failure of that exact Agreement, or – you have loaned $2.8 billion to new fossil fuel projects that, over their lifetimes, would enable another 5.4 billion tonnes of CO2 to be released into the atmosphere, or – since promising to only fund new metallurgical coal, oil and gas projects if assessments are done demonstrating their consistency with the Paris Agreement, you have funded new projects without evidence that this assessment has been completed, or – you have loaned more than $12 billion to fossil fuels since 2016 – almost 4 times your lending to renewable energy. Committing to exit thermal coal by 2030 was a necessary step but clearly you need to do more to align your financing activities with the Paris Agreement. As a customer and shareholder I would like to know how I can close my bank account with you, unless you’re willing to confirm to me you will: – No longer finance projects that expand the scale of the fossil fuel industry, or companies seeking to expand the scale of the fossil fuel industry, – Phase out oil and gas exposure in line with meeting the uppermost goals of the Paris Agreement. If not, please pass along the requested information about ending my business relationship with you. Sincerely,
Your message to CommBank (customer and shareholder – ask about ending mortgage)
Dear Commonwealth Bank, It is appalling that, since you first expressed support for the Paris Agreement, you have loaned billions of dollars to fossil fuel projects and companies expanding these industries. This is despite it being abundantly clear there is absolutely no room to expand fossil fuels if global warming is to be kept below 1.5 degrees. This undermining of your stated support for the Paris Agreement is disgraceful and needs to stop. It’s very difficult for me to distinguish what’s worse; that – since committing to support the Paris Agreement you have loaned $1.8 billion to companies whose business plans rely on the failure of that exact Agreement, or – you have loaned $2.8 billion to new fossil fuel projects that, over their lifetimes, would enable another 5.4 billion tonnes of CO2 to be released into the atmosphere, or – since promising to only fund new metallurgical coal, oil and gas projects if assessments are done demonstrating their consistency with the Paris Agreement, you have funded new projects without evidence that this assessment has been completed, or – you have loaned more than $12 billion to fossil fuels since 2016 – almost 4 times your lending to renewable energy. Committing to exit thermal coal by 2030 was a necessary step but clearly you need to do more to align your financing activities with the Paris Agreement. As a customer and shareholder I would like to know how I can end my mortgage with you, unless you’re willing to confirm to me you will: – No longer finance projects that expand the scale of the fossil fuel industry, or companies seeking to expand the scale of the fossil fuel industry, – Phase out oil and gas exposure in line with meeting the uppermost goals of the Paris Agreement. If not, please pass along the requested information about ending my business relationship with you. Sincerely,
Your message to CommBank (customer and shareholder – ask about ending other services)
Dear Commonwealth Bank, It is appalling that, since you first expressed support for the Paris Agreement, you have loaned billions of dollars to fossil fuel projects and companies expanding these industries. This is despite it being abundantly clear there is absolutely no room to expand fossil fuels if global warming is to be kept below 1.5 degrees. This undermining of your stated support for the Paris Agreement is disgraceful and needs to stop. It’s very difficult for me to distinguish what’s worse; that – since committing to support the Paris Agreement you have loaned $1.8 billion to companies whose business plans rely on the failure of that exact Agreement, or – you have loaned $2.8 billion to new fossil fuel projects that, over their lifetimes, would enable another 5.4 billion tonnes of CO2 to be released into the atmosphere, or – since promising to only fund new metallurgical coal, oil and gas projects if assessments are done demonstrating their consistency with the Paris Agreement, you have funded new projects without evidence that this assessment has been completed, or – you have loaned more than $12 billion to fossil fuels since 2016 – almost 4 times your lending to renewable energy. Committing to exit thermal coal by 2030 was a necessary step but clearly you need to do more to align your financing activities with the Paris Agreement. As a customer and shareholder I would like to know how I can end my services with you, unless you’re willing to confirm to me you will: – No longer finance projects that expand the scale of the fossil fuel industry, or companies seeking to expand the scale of the fossil fuel industry, – Phase out oil and gas exposure in line with meeting the uppermost goals of the Paris Agreement. If not, please pass along the requested information about ending my business relationship with you. Sincerely,
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