Press release – 4 November, 2015Sydney, 5 November 2015 – Greenpeace welcomes the National Australia Bank’s announcement that it supports a 2 degree climate change target and will commit A$18bn over the next seven years in financing activities to help address climate change and transition to a low carbon economy.Nikola Casule, Greenpeace Australia Pacific climate and energy campaigner, said:
“This is welcome leadership for the financial sector from NAB, acknowledging the crucial role banks play in mitigating the impacts of climate change, and supporting a transition to renewable energy.
“Their
financing commitment of $18bn by 2022
is a concrete contribution that draws a line in the sand and invites other financial institutions to make similar pledges.
“With their announcement, NAB has shown that it recognises the financial and social benefits from investing in renewable energy assets.”
The announcement comes on the same day that Commonwealth Bank
announced its own commitment
to a 2 degree climate change target.
Earlier this year NAB became the first major Australian bank to unequivocally rule out involvement in Adani’s Carmichael coal mine in central Queensland, the biggest proposed thermal coal mine in Australia.
“NAB’s policy places it at the head of the Big Four Australian banks. However, the science is clear that keeping global warming to below 2 degrees will require 90% of Australia’s coal to stay in the ground. The credibility of NAB’s commitment to a safe climate hinges on whether the bank will not only make good its $18bn pledge, but also decisively move away from financing fossil fuel projects altogether,” concluded Dr Casule.
ENDS