Australia’s big four banks have provided $43bn to fossil fuel companies in the last decade, with ANZ and Westpac continuing to fund further gas expansion.
Expansions of coal, oil and gas projects accounted for $30bn of the funding, according to analysis by green advocacy group Market Forces released nearly 10 years on from the Paris agreement’s signing.
Each bank has endorsed the agreement and CBA has reduced its fossil fuel financing since changing its policies in 2024, with NAB indicating it will do the same, Market Forces’ report found.
ANZ has provided the most fossil fuel funding of the big four, accounting for over $10bn from 2016 to 2021 and a further $5.7bn since 2022. Westpac has become the second largest, lending $3.8bn since 2022 to companies such as Woodside and BP.
The report concluded the two banks’ policies were “little more than window dressing and greenwashing”. The big four would be breaking their own promises if they offered further financing to any of the 23 active customers with “egregious” fossil fuel expansion plans incompatible with the Paris agreement, it found.
Kyle Robertson, head of research at Market Forces, said ANZ and Westpac could still stop enabling the industry:
“Australia’s biggest banks have well and truly given their fossil fuel clients long enough to prepare. If they’re still not transitioning, it’s time to turn the money tap off once and for all.”
An ANZ spokesperson said the bank was a significant lender for the energy sector and aimed to move towards a lending portfolio accounting for net zero emissions in line with the Paris agreement. Westpac was contacted for comment.
Good morning and welcome to our live news blog. I’m Martin Farrer with the best overnight stories and then Nick Visser will take up the slack.
Australia’s big four banks have provided $43bn to fossil fuel companies in the last decade, with ANZ and Westpac continuing to fund further gas expansion. A study by the green advocacy group Market Forces showed the expansion of coal, oil and gas projects accounted for $30bn of the funding. More details in a moment.
The NSW government is going spend $130m to add at least 200 crisis accommodation beds across the state for those in critical need of safe shelter. The Salvation Army said the move was a response to a system “under enormous strain”. More details coming up.
Disclaimer : This story is auto aggregated by a computer programme and has not been created or edited by DOWNTHENEWS. Publisher: theguardian.com
