Lending to gas power
Natural gas-fired power generation makes up around 15% of Australia’s energy mix, behind only black coal (50%) and brown coal (22%). 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.
Top lenders to gas power in Australia 2008-2016
Is your bank on the list?
Tell them if they continue to choose fossil fuels, you’ll choose a new bank.