ANZ, NAB, Westpac and CommBank collectively loaned billions to companies such as Santos and Woodside to expand or operate oil, gas and coal projects.
Australia's big four banks loaned $3.6 billion to fossil fuel companies and their projects in 2023, analysis has shown.
A report released on Tuesday details how the big four banks — ANZ, NAB, Westpac and Commonwealth Bank — collectively lent $3.6 billion to fossil fuel projects or companies throughout 2023. Arranging investment through the bond market or corporate lending are both examples of what Mr Robertson described as methods that still enable lending to expansions of coal, oil and gas projects."The big four banks are engaged in a monumental facade as long as they continue undermining a safe climate by funnelling billions to companies steaming ahead with more coal, oil and gas," he said.
A spokesperson from ANZ said they had "significant questions about the methodology of the report", but said they were "not surprised to be mentioned given we are the largest domestic lender to Australia's energy sector". Westpac and CommBank lent $533 million and $271 million respectively, with both banks still engaging in extensive financing of coal and gas projects.CommBank's 2023 climate report states that it intends to stop lending to thermal coal customers such as Glencore by 2030, with 2022 loans to the sector totalling $47 million.
Oil And Gas Companies Fossil Fuel Companies Big Four Banks Anz Westpac Nab Commbank Commonwealth Bank
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
ANZ SUN ASX: Chalmers turns ANZ/Suncorp into a once-in-a-generation dealWhen you look at the commitments ANZ is making to buy Suncorp, you have to wonder – if it is competition we’re after, is it competition we’ve got?
Read more »
CBA, WBC, ANZ, NAB ASX: Retail ownership of big banks crash to lowest level on recordHot demand from offshore and local institutional investors has been driving up the share price of the country’s major lenders, Jarden analysis shows.
Read more »
‘A monumental facade’: ANZ, NAB, Commbank and Westpac pour billions into fossil fuels despite climate commitments7NEWS brings you the latest local news from Australia and around the world. Stay up to date with all of the breaking sport, politics, entertainment, finance, weather and business headlines. Today's news, live updates & all the latest breaking stories from 7NEWS.
Read more »
Housing affordability: lending rules ‘locking out middle Australia’ from homes: ANZ CEO Shayne ElliottThe banks have become increasingly strident in their criticism of lending rules, warning it is preventing access to home loans except for the wealthy.
Read more »
Australia news LIVE: Rate rise on RBA agenda after inflation bump; Julian Assange returns to AustraliaFollow today’s national news headlines with our live blog.
Read more »
Australia news LIVE: Rate rise on RBA agenda after inflation bump; Julian Assange returns to AustraliaFollow today’s national news headlines with our live blog.
Read more »