Lending to coal power
Coal-fired power is Australia’s single biggest direct contribution to carbon emissions. In addition to greenhouse gases, coal also releases sulphur dioxide, nitrogen oxides, particulate pollution and other harmful chemicals that pose threats to the environment and human health.
Leading technical experts and investor groups agree that, if we’re to keep global temperature rise to no more than 1.5ºC above pre-industrial levels, OECD countries like Australia must stop burning coal for electricity by 2030. Both Commonwealth Bank and Westpac acted on this information by publicly announcing its plans to exit thermal coal by 2030, while ANZ and NAB are yet to do the same.
Top 20 lenders to coal power in Australia 1 Jan 2016 - 31 Dec 2019
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Tell them if they continue to choose fossil fuels, you'll choose a new bank.