The big 4 banks have publicly committed to stop financing coal by 2030 or 2035.
In first place: Nab
❌ In the 2022 financial year, NAB had $4.02 billion in financing of coal, oil and natural gas.
✔️ NAB has grown its financing of renewable energy to $5.36 billion – that’s more invested in renewables than fossil fuels (for every dollar NAB invested in renewables, they offered $0.75 to fossil fuels).
❌ NAB has committed to ending project financing to new or expanded thermal coal mines or coal-fired power stations. There is no commitment, however, to end corporate financing to customers with plans for new or expanded thermal coal mining.
❌ NAB may still finance new or expanded oil or gas projects through project financing and through corporate or trade financing.
❌ NAB is the only Big Four bank which has assessed the risk and opportunities of nature loss, but – like the others – NAB doesn't have a set goal to disclose or make targets to protect or restore nature and biodiversity.
Are you with NAB? Ask them to be the first big 4 bank to exit gas today.
Coming second: Commbank
❌ In the 2022 financial year, Commonwealth had $5.09 billion in financing of coal, oil and natural gas.
❌ Their investment portfolio in renewables in the same period was $4.9 billion, meaning that for every dollar Commonwealth Bank invested in renewables, they offered $1.04 to fossil fuels.
❓ Commonwealth Bank has committed to ending project financing to new or expanded thermal coal mines or coal-fired power stations. There is no commitment, however, to end corporate financing to customers with plans for new or expanded thermal coal mining.
❌ Commonwealth Bank may still finance new or expanded oil or gas projects through project financing and through corporate or trade financing.
❌ Commonwealth Bank has neither set a target nor defined a policy to protect or restore nature and biodiversity, nor has it assessed the risks of nature loss.
Are you with Commbank? Ask them to be the first big 4 bank to exit gas today.
And in third place: Westpac
❌ In the 2022 financial year, Westpac had $4.54 billion in financing of coal, oil and natural gas.
❌ Their investment portfolio in renewables in the same period was $3.33 billion, meaning that for every dollar Westpac invested in renewables, they offered $1.36 to fossil fuels.
❓ Westpac has not committed to ending project financing to new or expanded thermal coal mines or coal-fired power stations. There is a commitment, however, to end corporate financing to thermal coal companies by 2030. This is exactly the opposite to the remaining Big Four.
❌ Westpac may still finance new or expanded oil or gas projects through project financing and through corporate or trade financing.
❌ Westpac has neither set a target nor defined a policy to protect or restore nature and biodiversity, nor has it assessed the risks of nature loss.
Are you with Westpac? Ask them to be the first big 4 bank to exit gas today.
Lagging behind in last place: ANZ
❌ In the 2022 financial year, ANZ had the most money invested in financing of coal, oil and natural gas: $7.2 billion.
❌ They also reported the smallest financing of renewable energy generation of the Big Four banks at $1.51 billion – meaning that for every dollar ANZ invested in renewables, they offered a staggering $4.77 to fossil fuels.
❓ ANZ has committed to ending project financing to new or expanded thermal coal mines or coal-fired power stations. There is no commitment, however, to end corporate financing to customers with plans for new or expanded thermal coal mining.
❌ ANZ may still finance new or expanded oil or gas projects through project financing and through corporate or trade financing.
❌ ANZ has neither set a target nor defined a policy to protect or restore nature and biodiversity, nor has it assessed the risks of nature loss.
Are you with ANZ? Ask them to be the first big 4 bank to exit gas today.