BANKS DODGY DEALS CAMPAIGNS
About BankTrack
Visit us
Organisation
Our team
Our board
Guiding principles
Team up with us
Jobs at BankTrack
Our annual reports
Funding and finances
History
BankTrack in the media
Our privacy policy
International Bank Campaigners Gathering
Donate
2023-05-25 00:00:00
Philippines communities are fighting back against gas & LNG build-out in the Verde Island Passage
2023-03-17 00:00:00
Briefing: The role of financial institutions in decarbonising the steel sector
2023-03-09 00:00:00
Dutch bank ING supports controversial pipeline to import gas from authoritarian Azerbaijan
2023-02-23 00:00:00
Financial institutions need to address steelmaking’s coal addiction
2023-05-17 14:30:30
EACOP Financial Advisor SMBC is no longer involved with the project
2023-03-28 13:43:00
French bank Société Générale withdraws from Rio Grande LNG
2023-03-20 08:50:41
Who dares to finance Eni and Exxon’s dangerous Rovuma gas plans in Mozambique?
2023-03-14 14:59:00
New ING policy could spark bank shift away from financing oil and gas infrastructure
Connect
2023-05-03 00:00:00
A Rotten Business: How Barclays became the go-to bank for JBS, one of the world's most destructive meat corporations
2023-04-13 00:00:00
Banking on Climate Chaos 2023
2023-04-12 00:00:00
The East African Crude Oil Pipeline (EACOP): Finance Risk Update No. 4
2023-03-29 00:00:00
BankTrack Annual Report 2022
See all publications
Sections
Banks Dodgy Deals Campaigns
Our campaigns
Banks and Climate
Banks and Human Rights
Banks and Nature
Banks and Pandemics
Our projects
Tracking the NZBA
Banks and Putin's war in Ukraine
Tracking the Equator Principles
Tracking the PRBs
Banks and steel
End Coal Finance
Find a Better Bank
Banks and the OECD Guidelines
Media
News Publications
Fossil Banks No Thanks StopEACOP Forests & Finance Banks & Biodiversity Drop JBS Bank of Coal Don't Buy into Occupation
BankTrack
About BankTrack Visit us Organisation Our team Our board Guiding principles Team up with us Jobs at BankTrack Our annual reports Funding and finances History BankTrack in the media Our privacy policy International Bank Campaigners Gathering Donate
Successes Contact BankTrack
Donate Mailing list Facebook Twitter Login
Home › Partner news ›
Partner News

Too little, too late

National Australia Bank’s new climate policy an exercise in greenwash
2019-11-15
By: Market Forces
Contact:

Julien Vincent, Executive Director Market Forces

National Australia Bank's head offices in Melbourne. Photo: Aaroncrick via Wikimedia Commons (CC BY-SA 3.0)
2019-11-15
By: Market Forces
Contact:

Julien Vincent, Executive Director Market Forces

National Australia Bank (NAB)’s Sustainability Report, released today, is little more than greenwash and a recipe for climate catastrophe, says environmental finance group Market Forces. In particular, its central announcement to exit thermal coal mining by 2035 is a clear example of too little too late, falling short of time frames necessary to hold global warming to 1.5ºC and investor expectations for the elimination of thermal coal.

Signatories to the Global Investor Statement on Climate Change – a group of investors worth USD 35 trillion – demand exiting thermal coal by 2030 in OECD countries, a goal that was matched by Commonwealth Bank’s updated Environmental Policy Framework earlier this year but one that NAB falls short of.

NAB’s updated position comes hours after the European Investment Bank committed to end almost all fossil fuel financing by 2021.

“Whilst the Morrison Government will inevitably fulminate over the thermal coal exit, we need to recognise that NAB’s position on climate change is consistent with the failure of the Paris Agreement, and an invitation to runaway global warming” said Market Forces Executive Director Julien Vincent. “By signalling to coal power plant operators that they can rely on NAB’s support beyond 2030, and having no plan in place to manage down exposure to other fossil fuels such as oil and gas, this is far from a responsible approach to minimise climate risk.”

Market Forces has identified another AUD 1.83 billion loaned by NAB to the fossil fuel sector in the year to June 2019, greater than the AUD 1.59 billion from Westpac over the same period.

NAB’s reported exposure to the fossil fuel industry increased 30% in 2019, compared to ANZ’s increase of 9% and reductions of 15% and 16% from Commonwealth Bank and Westpac respectively.

Market Forces has lodged a shareholder resolution on behalf of shareholders with NAB calling for the disclosure of targets to reduce loan book exposure to the coal, oil and gas sectors in line with the goals of the Paris Agreement.

“NAB has given us no reason to alter this resolution, as they have failed to move on oil and gas and they now have a coal policy that is misaligned with the Paris climate goals. So, we will continue to take the resolution to the annual general meeting.”

The resolution to NAB can be found here.

Further analysis on NAB’s policy update can be found here.

Banks

ANZ

Australia
Active

Commonwealth Bank

Australia
Active

National Australia Bank (NAB)

Australia
Active

Westpac

Australia
Active
Sections
Banks Policies Dodgy Deals Campaigns
Our campaigns
Banks and Climate Banks and Human Rights Banks and Nature Banks and Pandemics
Our projects
Tracking the NZBA Banks and Putin's war in Ukraine Tracking the Equator Principles Tracking the PRBs Banks and steel End Coal Finance Find a Better Bank Banks and the OECD Guidelines
Media
News Publications
Fossil Banks No Thanks StopEACOP Forests & Finance Banks & Biodiversity Drop JBS Bank of Coal Don't Buy into Occupation
BankTrack
About BankTrack Visit us Organisation Our team Our board Guiding principles Team up with us Jobs at BankTrack Our annual reports Funding and finances History BankTrack in the media Our privacy policy International Bank Campaigners Gathering Donate
Successes Contact BankTrack
Vismarkt 15
6511 VJ Nijmegen
The Netherlands
Tel: +31 24 324 9220
Contact@banktrack.org
Donate Mailing list Facebook Twitter
©2022 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