10 May 2021
NAB, a major funder of climate-destructive gas companies including Santos and Origin Energy, is planning to update its gas and oil policy this year.
Scientists, economists and Nobel Laureates have told us there’s no room to expand the fossil fuel industry if we’re to limit warming to 1.5°C. Yet since 2016, shortly after supporting the Paris Agreement, NAB has pumped more than $1 billion into projects that expand the gas industry, enabling the release of over 2.2 billion tonnes of CO2. That’s equivalent to more than four times Australia’s total greenhouse gas emissions for the year to September 2020.
That’s why we plan to lodge this shareholder resolution calling on NAB to phase out lending to all fossil fuels in line with the Paris Agreement.
NAB shareholders—use the form to take action! Tell NAB you’ll support our shareholder resolution unless it rules out funding fossil fuel expansion, and commits to exit all fossil fuels in line with the Paris Agreement, before its 2021 AGM.
Tell NAB you’ll support our shareholder resolution if the bank fails to take real climate action.
A group of gas companies is pursuing a polluting expansion project that would enable another 223 million tonnes of CO2 from up to 7700 new gas wells.@NAB loaned US$100m to the group in Feb 2019 and plans to update its gas policy later this year. Act now: https://t.co/9DTVI6a9Gv pic.twitter.com/rlmlTHK3bI— Market Forces (@market_forces) April 16, 2021