17 December 2021
NAB shareholders are today gathering at the company’s virtual annual general meeting (AGM), where they’ll hold the bank to account for all manner of issues, key among which is NAB’s continued heavy financing for dirty fossil fuels. In fact, Market Forces supported shareholders to lodge a resolution that will be voted upon at today’s AGM, calling on the bank to rule out funding expansion of the climate-wrecking fossil fuel industry.
NAB has committed to the global goal of net zero emissions by 2050, even though the current state of climate science means we should be aiming for net-zero emissions far sooner. The International Energy Agency’s (IEA) recent Net Zero by 2050 report has given us the best insight yet of the rapid energy transition required to achieve this goal. The conclusion is clear: there is no room for new or expanded coal, oil and gas projects.
Despite this, NAB has continued undermining its own climate commitment by pouring billions of dollars into companies and projects that expand the fossil fuel industry.
Share the social media videos below!
NAB is fielding questions about its dirty fossil fuel funding and insufficient climate policy, from both inside and outside today’s AGM. We’re sharing these questions on social media as they come through, and updating this webpage so you can share them too.
To make it simple, here are a few tips to boost your impact:
- When sharing, add your own comment to boost your impact (it’s also fine to re-share without a comment).
- Tailor your comment to the post you’re sharing, reinforcing the point made or the question asked. (Hint: try to incorporate the talking points above wherever relevant.)
- Keep your comment polite, personalised and to the point.
- Tag NAB to make sure it sees your post (Twitter and Facebook: @NAB). Tag Market Forces to make sure we see your post (Twitter: @Market_Forces, Facebook: @MarketForces).
- Once you’ve done that, double your impact by commenting on NAB’s social media posts (see below).
Some other points your might want to make, or have up your sleeve if the bank replies to your comment:
- NAB has committed to both the Paris Agreement and the global goal of achieving net-zero emissions by 2050.
- The International Energy Agency’s (IEA) recent ‘Net Zero by 2050’ makes clear that achieving this goal leaves no room for new coal, oil and gas projects. Yet NAB continues to provide funding for new fossil projects, and the companies pursuing them.
- Since 2016, NAB has loaned $2 billion to 13 major Australian companies undermining the Paris Agreement by pursuing projects that expand the fossil fuel industry, including AGL Energy, APA Group, New Hope Coal, Santos, and Whitehaven Coal.
- Just last month, as NAB was releasing an updated oil and gas policy, it was also arranging funds for the acquisition of Pluto 2, a project that would process gas from Woodside’s massive climate-wrecking Scarborough gas proposal. Lifetime emissions from the Scarborough-Pluto project would be 1.6 billion tonnes of CO2, equivalent to 15 coal-fired power stations running for 30 years.
- The Chaser (in collaboration with Market Forces) ‘rebranded’ NAB to NOB owing to the bank’s fossil fuel funding.
Learn more about the points above by visiting our ‘Funding Climate Failure’ webpage.
Want to double your impact? Leave a short comment on NAB’s social media posts!
Boost the impact of your message using these simple tips:
- Keep your comment polite, personalised and to the point. The bank will be more likely to listen to us if we’re respectful and clear in our ask.
- Send a personalised message, asking NAB to “rule out funding for Whitehaven Coal, New Hope, Santos, and other companies pursuing expansion of the climate-wrecking fossil fuel industry”. You might also want to include some of our talking points (above) – remember, a personalised message will be more impactful.
- Share our social media posts on your own page.
↓Comment on NAB’s social media posts↓