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https://www.theguardian.com/news/article/2024/aug/14/commonwealth-bank-paris-climate-agreement-fossil-fuel-companies>
"The Commonwealth Bank, Australia’s largest lender, has broken ranks with
rivals and will stop financing fossil fuel companies that aren’t compliant with
the Paris climate goals by the end of this year.
Clients failing to meet an emissions pathway consistent with keeping global
temperature increases to the “well below 2C goal of the Paris agreement” would
not receive “new corporate or trade finance, or bond facilitation with a
maturity beyond 31 December 2024”, CBA said.
The bank set “core criteria” including having a medium-term emissions reduction
plan to 2035 and a net-zero ambition covering at least 95% of the carbon
pollution from extraction and processing, according to its annual climate
report. The report was released on Wednesday along with results that included a
cash profit of almost $10bn.
Market Forces, a climate lobby, hailed CBA’s shift from “the worst offender on
climate and lending to fossil fuel companies to the first of Australia’s major
banks to announce its break up with climate-wrecking clients”.
“[CBA] has a crystal clear message to oil and gas companies: the buck stops
here and if your plans are out of step with global climate goals, we’re not
going to bank you,” said Kyle Robertson, a senior Market Forces analyst.
By contrast, rivals were preparing to lend $750m to the gas giant Santos for
its “massive and dangerous expansion plans”, Robertson said. “ANZ, NAB and
Westpac shareholders, customers and staff will be furious these banks are
breaking their climate promises again, and expect them to match [CBA] when they
release their disclosures in November.”"
Cheers,
*** Xanni ***
