Lending to gas power
Gas-fired power generation makes up around 21% of Australia’s electricity generation, behind only black coal (44%). While gas is often promoted as a ‘cleaner’ alternative to coal-fired power, there is nothing clean about this dirty fossil fuel.
While it is true that the carbon intensity per unit of energy produced by natural gas is significantly lower than that of coal, the world needs to be looking to clean, green and wholly renewable sources of energy, not just the lesser of two evils.
All along the gas supply chain there are risks of fugitive emissions, which are accidental releases of methane – a much more potent greenhouse gas then even carbon dioxide. When these are added to the emissions profile of gas as a power source, it becomes abundantly clear that relying on this ‘stop gap’ solution to our energy needs will see further irreparable climate damage.
Despite the risks, fossil fuel companies in Australia are pushing other countries to burn more and more gas, with Australia becoming the world’s largest exporter of liquefied natural gas (LNG) in calendar year 2019. Click here to learn more about the banks funding LNG.
Top 20 lenders to gas power in Australia 1 Jan 2016 – 31 Dec 2019
Is your bank on the list?
Tell them if they continue to choose fossil fuels, you’ll choose a new bank.