NAB’s updated oil and gas policy, released today, is a greenwashing exercise that allows it to continue funding expansion of the fossil fuel industry.
In its latest policy update, the bank made a number of commitments that sound positive, but would have little or no impact on its recent track record of funding projects that expand the fossil fuel industry.
TAKE ACTION! Contact NAB using our form – tell the bank: until it withdraws its business for new oil and gas, you won’t do further business with it.
NAB had been building anticipation for its oil and gas policy since late last year, most notably pledging to ‘measure itself against’ the global goal of net zero emissions by 2050. But the bank seems to have missed the key finding of the IEA’s ‘Net Zero by 2050’ report: it requires no further expansion of fossil fuels.
Today, NAB made clear it would continue lending to greenfield gas extraction in Australia under the guise of ‘national energy security’. Meanwhile, the bank would carry on lending to all sorts of new gas infrastructure projects, including liquefied natural gas (LNG) terminals, pipelines and any gas fields that are ‘integrated’ with LNG projects.
Read more about NAB’s updated oil and gas policy here.
Tell NAB: until it withdraws its business for new oil and gas, you won’t do further business with it.