<
https://www.theguardian.com/australia-news/article/2024/jul/16/australias-big-banks-lent-36bn-to-fossil-fuel-expansion-projects-in-2023-report-shows>
"Australia’s big four banks are in “complete violation” of commitments to the
Paris climate accord by funding fossil fuel expansion even as their overall
lending to the sector continues to ebb, according to a new report.
The climate activist group Market Forces said in the report that the banks lent
the industry $3.6bn in 2023, bringing their total loans to more than $61bn
since 2015. Last year, though, was first year in the past eight that banks
avoided explicitly backing a new or expanded fossil fuel project.
Of the big four, ANZ has lent the most to the sector with its total exposure
topping $20bn in early 2024. NAB was the largest lender in 2023 with $1.4bn
advanced.
CBA offered the least last year with $271m in finance but Market Forces said it
is lending to the APA Group that is planning pipelines for the Beetaloo gas
project, which has been labelled a “carbon bomb”. Westpac had the smallest
fossil-fuel financing during 2016-23 at about $10bn but had lately stepped up
support for gas projects in Asia along with the ANZ.
“Whilst the general trend that fossil fuel lending is coming down is certainly
pleasing, it’s really concerning to see funding is still going to companies
with fossil fuel expansion plans,” Kyle Robertson, a Market Forces analyst and
report author, said. Such activity was “just a complete violation of their
commitments to Paris, and it’s something that needs to change rapidly”.
Global temperatures in June capped 12 consecutive months at 1.5C above
preindustrial levels, the lower end of the 1.5C-2C Paris climate limit."
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
