Press release – 13 November, 2017November 13, 2017: One of Australia’s Big Four banks has announced that it will review its support for fossil fuels and diversified miners that do not have a strategy to move away from coal.The announcement came as part of the bank’s 2017 Sustainability Report, released today, which also promised to increase clean energy financing to $20 billion by 2025.
“This is an important step by NAB and reflects community concern, but the bank clearly has a very long way to go,” Greenpeace campaigner Jonathan Moylan said.
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In order to meet their Paris commitments of keeping warming well below two degrees and as close to 1.5 degrees as possible, financial institutions need to rule out new coal investments and phase out fossil fuels by 2030.
“A proper review based on science and the Paris commitments would lead NAB to this conclusion.”
The news further isolates the Commonwealth Bank as the only major Australian bank that has no restriction on coal financing and with the highest financed emissions.
“As many as 14 global banks have ruled out project finance for new thermal coal mines,” Moylan said.
“And with community members planning to take action as part of Commbank’s AGM on Thursday the message is starting to get through to the major banks – there is no place for high-polluting and deadly coal investments anymore.”
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