15 November 2019
NAB’s sustainability report, released today, signaled an end to the bank’s involvement in thermal coal mining, but places its exit far later than what is needed to help meet the Paris Agreement climate goals.
The commitment to be out of thermal coal by 2035 is five years later than what Commonwealth Bank committed to earlier this year, and also five years later than OECD countries have been told we need to phase phased out coal-fired power completely.
TAKE ACTION! Contact NAB using our form (right) – let them know they must get out of coal faster, and must set targets for exiting all fossil fuels.
NAB’s support for fossil fuels ballooned over the last year, increasing 30% over the last 12 months. Compared to its peers, NAB’s reported exposures are going in completely the wrong direction.
Reported exposure to the fossil fuel sector, based on each bank’s 2019 annual reporting:
NAB also had another major year of fossil fuel lending. They loaned another $1.83 billion to fossil fuels in the year to June 2019, including deals that expand the scale of the industry. One LNG project in the United States alone will result in another 800 million tonnes of CO2 added to the atmosphere.
NAB has also said it will only bank with coal industry customers that have transition pathways aligned with the Paris accord. In practice, this should mean they no longer bank with Origin Energy, AGL, Whitehaven Coal or New Hope Coal – but we need your help in getting NAB to confirm this.
The urgency of climate change and the need for rapid action to keep global warming from spiralling out of control has never been more apparent. We can’t afford half-measures from our financial institutions.