NAB has become the first of Australia’s big four banks to rule out lending to all new thermal coal mines or extensions! The bank’s updated risk appetite statement on coal mining, released today, says:
“NAB will no longer finance new thermal coal mining projects.”
Use the form below to acknowledge NAB’s positive steps to stop funding new thermal coal mining, while reminding the bank it needs to do the same for oil and gas, as well as coal power plants. The form will also send emails to ANZ, Commbank, Westpac and Macquarie, calling on those banks to catch up and overtake NAB on fossil fuel lending policies.
The new policy places NAB ahead of it’s big four competitors in terms of climate action, and means NAB joins the ranks of dozens of banks and insurance companies globally that are withdrawing from this most climate-polluting of industries.
However, NAB still has a long way to go before the bank can be said to be truly living up to its promise to play its role limiting global warming to less that 2°C. We know bank is planning to review its risk appetites for power generation and the oil and gas extraction industries. If we keep presenting a strong, consistent message to the bank, we can really align NAB’s policies and actions with its 2°C commitment.
NAB’s statement was just one of three huge steps forward this week. Two days ago the Queensland Government vetoed Adani’s proposed $1 billion taxpayer-funded bailout that could have unlocked the remaining finance needed to build the massive Carmichael coal mine.
Then yesterday, we got confirmation that China Merchants Bank would not be involved in the Carmichael mine, making them the fourth Chinese bank this month to rule out support for Adani’s dirty coal export plans.
This has been an incredible way to end the year. Banks committing to stop funding coal, Adani’s climate-wrecking coal mine proposal on its knees and a huge pushback on the government’s ideological quest to keep expanding the coal industry.
We’re so proud of the progress we’ve made recently and all this year, but know it’s only possible because people back our campaigns. Without your help we’d be a group of passionate activists with great ideas but no power. You give us power and together, we get results.
We will need to work even harder next year to deliver change and so if you’re ready to step up your support and become a regular donor to Market Forces, we’d love to have you on board. Click the button below to become a regular donor and help fund campaigns that shift billions of dollars away from dirty fossil fuels!