BANKS DODGY DEALS CAMPAIGNS
Sections
Banks Dodgy Deals Campaigns
Our campaigns
Banks and Climate
Banks and Human Rights
Banks and Nature
Our projects
Tracking the NZBA
Banks and Russia
Banks and Steel
Tracking the Equator Principles
Tracking the PRBs
Find a Better Bank
Banks and the OECD Guidelines
Media
News Publications
Raiffeisen Out! Bank.Green End Coal Finance Plastic Banks Tracker Defund TotalEnergies Financial Exclusions Tracker Equator-Complaints.Org Don't Buy into Occupation Banks & Biodiversity Forests & Finance Drop JBS StopEACOP Fossil-Free Finance
BankTrack
About BankTrack Organisation Our team Our board Our annual reports Funding and finances Guiding principles Our history BankTrack in the media Team up with us Our privacy policy Donate Visit us
Successes Contact BankTrack
Donate Mailing list Facebook Twitter Linkedin Login
Home › Partner news ›
Partner News

Australian banks: New Report highlights gulf between renewable and fossil fuel financing

ANZ confirmed as Australia’s biggest fossil fuel lender
2015-06-18 | Melbourne
By: Market Forces
Contact:

Julien Vincent, Lead Campaigner from Market Forces on +61 419 179 529 or James Lorenz from Holdfast Communications on +61 400 376 021

2015-06-18 | Melbourne
By: Market Forces
Contact:

Julien Vincent, Lead Campaigner from Market Forces on +61 419 179 529 or James Lorenz from Holdfast Communications on +61 400 376 021

A new report from Market Forces shines a light for the first time on Australian banks' financing of the fossil fuel industry and the disparity between lending to ‘clean' and ‘dirty' energy.

Covering over 150 financial institutions, the report - Fueling the Fire - identifies ANZ as the leading lender to fossil fuels, having provided $12.6 billion to coal, oil and gas in Australia since 2008.

With Commonwealth bank loaning $9.9 billion, National Australia Bank $8.3 billion and Westpac $5.9 billion, Australia's "big four" banks have lent $36.7 billion to the fossil fuel sector in Australia since 2008. This accounts for over a quarter of the $135 billion made in loans to the sector since that date.

"This report leaves no doubt that Australia's big banks are the lynchpin of major fossil fuel projects in Australia. With the ‘big four' involved in three quarters of the deals to take place in the sector, it's highly unlikely that any major polluting project could go ahead without their investment", said Market Forces Lead Campaigner Julien Vincent.

The report also compares the big four banks' lending to renewable energy against its support for fossil fuels. For every dollar loaned to renewable energy, the "big four" loaned an average of $6 to fossil fuels. Commonwealth Bank performed the worst of the big four, lending thirteen times as much to fossil fuels between 2008 and 2014 as it did to renewable energy.

"Banks have a pivotal role to play in driving our economy to one that is less carbon intensive, but despite the fact that globally, investment in new renewable energy is outstripping that for fossil fuels, Australian banks remain heavily skewed in favour of greenhouse intensive projects," said Vincent.

"That our own money is being used to sabotage our future will come as a shock to the overwhelming majority of Australians who want to see action on climate change and icons such as the Great Barrier Reef protected from proposed new coal export projects. While the banks publicly herald their sustainability credentials, their lending practices tell an entirely different story."

The report also highlights the increasing risk of exposure to potential stranded assets in the fossil fuel sector.

"Examples such as the $900 million sunk by the big four into Wiggins Island Coal Export Terminal demonstrate that the risk profile of fossil fuel projects is heightening," said Vincent. "The likelihood for assets to become stranded means the risks of investment are becoming as much financial as environmental. This should surely at the centre of any potential funding decisions by banks with regards to the Galilee Basin and its associated infrastructure."

The report can be found on this page.

Note: All amounts are in Australian dollars.

Banks

ANZ

Australia
Active

Commonwealth Bank

Australia
Active

National Australia Bank (NAB)

Australia
Active

Westpac

Australia
Active
Dodgy Deals
There are no active project profiles for this item now.

Great Barrier Reef Coal & Gas Exports

Australia
Project
On record
Coal Mining | Fossil Fuels Bulk Stations and Terminals | Oil and Gas Extraction

Great Barrier Reef Coal & Gas Exports

Australia
Sections
Banks Dodgy Deals Campaigns
Our campaigns
Banks and Climate Banks and Human Rights Banks and Nature
Our projects
Tracking the NZBA Banks and Russia Banks and Steel Tracking the Equator Principles Tracking the PRBs Find a Better Bank Banks and the OECD Guidelines
Media
News Publications
Raiffeisen Out! Bank.Green End Coal Finance Plastic Banks Tracker Defund TotalEnergies Financial Exclusions Tracker Equator-Complaints.Org Don't Buy into Occupation Banks & Biodiversity Forests & Finance Drop JBS StopEACOP Fossil-Free Finance
BankTrack
About BankTrack Organisation Our team Our board Our annual reports Funding and finances Guiding principles Our history BankTrack in the media Team up with us Our privacy policy Donate Visit us
Successes Contact BankTrack
Vismarkt 15
6511 VJ Nijmegen
The Netherlands
Contact@banktrack.org
Donate Mailing list Facebook Twitter Linkedin
©2023 BankTrack
BankTrack is a registered charity in the Netherlands (ANBI) - RSIN 813874658
Find our privacy policy here

Stay up to date

Sign up now for all BankTrack's news


Make a comment

Your comment will be reviewed, before being posted