The 2023 Banking on Climate Chaos report showed that Commonwealth Bank provided US$ 8.15 billion in financing to the fossil fuel industry between 2016 and 2022. Find further details on Commonwealth Bank fossil fuel portfolio and how it compares to other large banks globally on Fossil Banks No Thanks and in the Banking on Climate Chaos report.

Partner organisation Reclaim Finance tracks the coal, oil and gas policies of financial institutions, including banks, in their Coal Policy Tool (CPT) and the Oil and Gas Policy Tracker (OGPT). BankTrack works closely with Reclaim Finance and endorses their policy assessments. Find further details on their assessment of Commonwealth Bank’s fossil fuel policy below.

BankTrack assessed Commonwealth Bank in its 2022 Global Human Rights Benchmark, where it achieved 5 points out of 14 and was ranked as a follower. In addition, Commonwealth Bank scored 0 out of 3 on how it responds to alleged human rights violations linked to its finance, which were raised by civil society organisations.  More information is detailed in the "Accountability" section of this profile.

Commonwealth Bank’s policies for forest-risk sectors (beef, soy, palm oil, pulp and paper, rubber and timber) have been assessed by the Forests & Finance coalition, achieving an overall score of 2.2 out of 10 and ranking it as a follower. Commonwealth Bank achieved a score of 0 out of 10 specifically for its policies related to the beef sector and 2.2 out of 10 for its policies related to the palm oil sector. Between 2016 and 2022, Commonwealth Bank provided USD 513 million in credit to companies operating in these forest-risk sectors. For more information, see the links below.

Commonwealth Bank is a member of the Net Zero Banking Alliance (NZBA) and has therefore committed to reduce its financed emissions to net zero by 2050; within 18 months of joining the alliance set interim targets for 2030 (or sooner) for high emission priority sectors, and within 36 months set further sector targets; set new intermediary targets every 5 years from 2030 onwards; annually publish data on emissions and progress against a transition strategy including climate-related sectoral policies; and take a robust approach to the role of offsets in transition plans. BankTrack track's implementation of these commitments in the NZBA compliance tracker.

Partner organisation Reclaim Finance’s 2023 report on metallurgical coal financing showed that Commonwealth Bank of Australia provided US$ 2.2 billion in loans and underwriting to developers of new metallurgical coal between 2016 and 2022. Find further details on Commonwealth Bank of Australia’s metallurgical coal financing and and how it compares to other large banks globally in the report.

Reclaim Finance tracks the metallurgical coal policies of financial institutions, including banks, in their Coal Policy Tool. BankTrack works closely with Reclaim Finance and endorses their policy assessments. Find further details on their assessment of Commonwealth Bank of Australia’s metallurgical coal policy below.