{"id":11919,"date":"2016-08-02T17:31:15","date_gmt":"2016-08-02T07:31:15","guid":{"rendered":"https:\/\/www.marketforces.org.au\/?page_id=11919"},"modified":"2023-06-15T10:55:00","modified_gmt":"2023-06-15T00:55:00","slug":"fuelingthefire","status":"publish","type":"page","link":"https:\/\/www.marketforces.org.au\/info\/fuelingthefire\/","title":{"rendered":"Fueling the Fire"},"content":{"rendered":"

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ARCHIVED CONTENT<\/span><\/h3>\n

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This content was published in 2016. For up-to-date information, and to find out what you can do to take action, visit our banks campaign page.<\/a>.<\/span><\/p>\n

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Fueling the fire 2016<\/h1>\n

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How the big banks are using our money to support the dirty fossil fuel industry<\/h2>\n

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Introduction<\/a>
The Carbon Bubble<\/a>
The importance of the “Big Four”<\/a>
Two degrees scorecard<\/a>
Export Credit Agencies<\/a>
Top Lenders by Sector<\/a>
Renewable vs. Fossil Fuel Lending<\/a>
Take Action<\/a><\/p>\n

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Please note: Data on this page comprises lending from 2008-2016<\/span><\/p>\n

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Photo: Hazelwood Open Mine Fire February 2014 – CFA Communities & Communication<\/small><\/p>\n

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Introduction<\/p>\n

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The big banks are funding a huge problem. \u00a0The ongoing use of fossil fuels is jeopardising our ability to achieve a safe climate future. The coal, gas and oil industries are also damaging our environment, farmland, water resources, health and natural icons like\u00a0the Great Barrier Reef.<\/p>\n

Banks play a critical role in enabling and sustaining fossil fuel projects. Fueling the Fire exposes which banks are supporting the fossil fuel industry and helps you\u00a0take action to change how these institutions invest.<\/p>\n

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With one of the big four?<\/h3>\n

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The importance of the “Big Four”<\/p>\n

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ANZ, Commonwealth Bank, NAB and Westpac loaned a combined $70.3 billion to fossil fuels around the world from 2008-2016. Of this total, $49.9b has gone to projects and companies within Australia.<\/p>\n

Each of the big four’s total lending to fossil fuels from 2008-2016 is shown in the graphics below. In the first half of 2016, the big four loaned $3.5b globally to fossil fuel projects and companies, with $480 million of that going to the local industry.<\/p>\n

[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_3,1_3,1_3″ _builder_version=”4.20.2″ _module_preset=”default” custom_padding=”15px||15px||true|false” global_colors_info=”{}”][et_pb_column type=”1_3″ _builder_version=”4.20.2″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_column][et_pb_column type=”1_3″ _builder_version=”4.20.2″ _module_preset=”default” global_colors_info=”{}”][et_pb_image src=”https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2016\/08\/ANZ-fossil-fuel-lending-2008-to-2016.jpg” title_text=”ANZ fossil fuel lending 2008 to 2016″ force_fullwidth=”on” _builder_version=”4.20.2″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_image][\/et_pb_column][et_pb_column type=”1_3″ _builder_version=”4.20.2″ _module_preset=”default” global_colors_info=”{}”][et_pb_image src=”https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2016\/08\/CBA-fossil-fuel-lending-2008-to-2016.jpg” title_text=”CBA fossil fuel lending 2008 to 2016″ force_fullwidth=”on” _builder_version=”4.20.2″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_image][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_3,1_3,1_3″ _builder_version=”4.20.2″ _module_preset=”default” custom_padding=”15px||15px||true|false” global_colors_info=”{}”][et_pb_column type=”1_3″ _builder_version=”4.20.2″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_column][et_pb_column type=”1_3″ _builder_version=”4.20.2″ _module_preset=”default” global_colors_info=”{}”][et_pb_image src=”https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2016\/08\/NAB-fossil-fuel-lending-2008-to-2016.jpg” title_text=”NAB fossil fuel lending 2008 to 2016″ force_fullwidth=”on” _builder_version=”4.20.2″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_image][\/et_pb_column][et_pb_column type=”1_3″ _builder_version=”4.20.2″ _module_preset=”default” global_colors_info=”{}”][et_pb_image src=”https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2016\/08\/Westpac-fossil-fuel-lending-2008-to-2016.jpg” title_text=”Westpac fossil fuel lending 2008 to 2016″ force_fullwidth=”on” _builder_version=”4.20.2″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_image][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.20.2″ _module_preset=”default” background_color=”rgba(66,49,67,0.85)” custom_padding=”15px||15px||true|false” global_colors_info=”{}”][et_pb_row column_structure=”1_3,2_3″ _builder_version=”4.20.2″ _module_preset=”default” custom_padding=”15px||15px||true|false” global_colors_info=”{}”][et_pb_column type=”1_3″ _builder_version=”4.20.2″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.20.2″ _module_preset=”default” text_font=”|700||on|||||” text_text_color=”#FFFFFF” text_font_size=”2em” text_line_height=”1.3em” global_colors_info=”{}”]<\/p>\n

The importance of the “Big Four”<\/p>\n

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If the world is to meet\u00a0its agreed goal of keeping global warming to less than 2\u00baC, 80% of current fossil fuel reserves\u00a0cannot be burned.<\/p>\n

By continuing to support fossil fuel companies and projects, banks are creating massive economic risks. Failure to keep a lid on global warming would be an economic, environmental and humanitarian disaster. But serious action on climate change also means that fossil fuel companies face major write downs, as they end up owning coal, oil and gas reserves that are effectively worthless.\u00a0\u00a0Banks supporting fossil fuel companies to develop bigger reserves are just inflating this bubble even further.<\/p>\n

[\/et_pb_text][et_pb_image src=”https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2015\/08\/The-Carbon-Bubbletps1.png” title_text=”The-Carbon-Bubble(tps)” force_fullwidth=”on” _builder_version=”4.20.2″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_image][et_pb_text _builder_version=”4.20.2″ _module_preset=”default” text_text_color=”#FFFFFF” global_colors_info=”{}”]<\/p>\n

As the world moves to limit global warming, trillions of dollars of fossil fuel assets are at risk in the impending ‘carbon bubble’.<\/p>\n

Click here to find out more about the carbon bubble.<\/a><\/span><\/p>\n

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Two degrees scorecard<\/p>\n

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ANZ, Commonwealth Bank,\u00a0NAB\u00a0and Westpac have all publicly championed<\/a> the internationally agreed aim to limit global warming to less than two degrees above pre-industrial levels, and\u00a0committed to support the transition to a low carbon economy. But since these commitments were made in late 2015, each of the big banks continued to finance and enable new fossil fuel projects, which have no place in any serious plan to stay within the carbon budget.<\/p>\n

Click the scorecard below to learn more about how the banks have performed against their two-degree commitments.<\/p>\n

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Export Credit Agencies<\/p>\n

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Export Credit Agencies are semi-governmental financial institutions that are often able to lend much more than commercial banks. Their support is integral to the success of\u00a0many of the largest fossil fuel projects, such as Australia’s massive LNG export ventures. Below are the major ECAs that provided finance to fossil fuel projects in Australia from 2008-2016.<\/p>\n

[\/et_pb_text][et_pb_code _builder_version=”4.20.2″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n
Export Credit Agency<\/th>\n

<\/p>\n

Debt ($AU Millions)<\/th>\n

<\/p>\n

Number of Deals<\/th>\n

<\/p>\n

Country of Origin<\/th>\n

<\/tr>\n

<\/p>\n

Japan Bank for International Cooperation<\/td>\n

<\/p>\n

$8528<\/td>\n

<\/p>\n

9<\/td>\n

<\/p>\n

Japan<\/td>\n

<\/tr>\n

<\/p>\n

Export-Import Bank of the United States<\/td>\n

<\/p>\n

$4719<\/td>\n

<\/p>\n

4<\/td>\n

<\/p>\n

USA<\/td>\n

<\/tr>\n

<\/p>\n

Export-Import Bank of China<\/td>\n

<\/p>\n

$3711<\/td>\n

<\/p>\n

4<\/td>\n

<\/p>\n

China<\/td>\n

<\/tr>\n

<\/p>\n

Export Development Canada<\/td>\n

<\/p>\n

$1371<\/td>\n

<\/p>\n

7<\/td>\n

<\/p>\n

Canada<\/td>\n

<\/tr>\n

<\/p>\n

Korea Exim Bank<\/td>\n

<\/p>\n

$649<\/td>\n

<\/p>\n

1<\/td>\n

<\/p>\n

Korea<\/td>\n

<\/tr>\n

<\/p>\n

Development Bank of Japan<\/td>\n

<\/p>\n

$404<\/td>\n

<\/p>\n

4<\/td>\n

<\/p>\n

Japan<\/td>\n

<\/tr>\n

<\/p>\n

Export Finance & Insurance Corp<\/td>\n

<\/p>\n

$143<\/td>\n

<\/p>\n

1<\/td>\n

<\/p>\n

Australia<\/td>\n

<\/tr>\n

<\/p>\n

Export-Import Bank of India<\/td>\n

<\/p>\n

$69<\/td>\n

<\/p>\n

2<\/td>\n

<\/p>\n

India<\/td>\n

<\/tr>\n

<\/table>\n

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top lenders by sector<\/p>\n

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Lending in Australia 2008-2016:<\/h4>\n

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\"TOP<\/p>\n

[\/et_pb_toggle][et_pb_toggle title=”Coal mines” _builder_version=”4.20.2″ _module_preset=”default” custom_margin=”||10px||false|false” global_colors_info=”{}”]<\/p>\n

\"TOP<\/p>\n

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\"TOP<\/p>\n

[\/et_pb_toggle][et_pb_toggle title=”Gas power stations” _builder_version=”4.20.2″ _module_preset=”default” custom_margin=”||10px||false|false” global_colors_info=”{}”]<\/p>\n

\"TOP<\/p>\n

[\/et_pb_toggle][et_pb_toggle title=”LNG” _builder_version=”4.20.2″ _module_preset=”default” custom_margin=”||10px||false|false” global_colors_info=”{}”]<\/p>\n

\"TOP<\/p>\n

[\/et_pb_toggle][et_pb_toggle title=”Gas supply” _builder_version=”4.20.2″ _module_preset=”default” custom_margin=”||10px||false|false” global_colors_info=”{}”]<\/p>\n

\"TOPLENDERS<\/p>\n

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Renewable vs. Fossil Fuel Lending<\/p>\n

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The big four’s lending to renewable energy is vastly overshadowed by their support for dirty fossil fuels.<\/p>\n

For every dollar loaned to support renewable energy projects, the big Australian banks have provided eight times as much to fossil fuels on average. The graphic gives a sense of this major disparity, showing the total amount each bank loaned to fossil fuels in Australia from 2008-2016, as well as their total lending to renewables over the same period.<\/p>\n

Worryingly, bank lending to renewables ground almost to a halt in the first of 2016, with neither ANZ nor CommBank providing a single dollar to the sector.<\/p>\n

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Fossil fuel to renewables lending in Australia, 2008-2016<\/p>\n

[\/et_pb_text][et_pb_image src=”https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2016\/08\/Fossil-fuel-vs-renewable-energy-finance.png” title_text=”Fossil fuel vs renewable energy finance” force_fullwidth=”on” _builder_version=”4.20.2″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_image][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"

ARCHIVED CONTENT This content was published in 2016. For up-to-date information, and to find out what you can do to take action, visit our banks campaign page.. Fueling the fire 2016 How the big banks are using our money to support the dirty fossil fuel industry IntroductionThe Carbon BubbleThe importance of the “Big Four”Two degrees […]<\/p>\n","protected":false},"author":16,"featured_media":0,"parent":14832,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"template-blank-4.php","meta":{"_acf_changed":false,"_et_pb_use_builder":"on","_et_pb_old_content":"[cs_content][cs_section bg_image=\"http:\/\/www.marketforces.org.au\/wp-content\/uploads\/2015\/08\/CFA-Hazelwood-Open-Fire-Mine-Fire-Web.jpg\" parallax=\"false\" separator_top_type=\"none\" separator_top_height=\"50px\" separator_top_inset=\"0px\" separator_top_angle_point=\"50\" separator_bottom_type=\"none\" separator_bottom_height=\"50px\" separator_bottom_inset=\"0px\" separator_bottom_angle_point=\"50\" _label=\"Title\" style=\"margin: 0px;padding: 45px 0px;\"][cs_row inner_container=\"true\" marginless_columns=\"false\" _label=\"Row 1\" style=\"margin: 0px auto;padding: 0px;\"][cs_column fade=\"false\" fade_animation=\"in\" fade_animation_offset=\"45px\" fade_duration=\"750\" _label=\"1\/1\" type=\"1\/1\" style=\"padding: 0px;\"][x_custom_headline level=\"h1\" looks_like=\"h1\" accent=\"false\" class=\"ftfheading\" style=\"color: hsl(0, 0%, 100%);\"]Fueling the fire 2016<\/strong>[\/x_custom_headline][cs_text class=\"ftfheading-tagline\"]How the big banks are using our money to support the dirty fossil fuel industry[\/cs_text][\/cs_column][\/cs_row][cs_row inner_container=\"true\" marginless_columns=\"false\" _label=\"Copy of Row 1\" class=\"order-copy\" style=\"margin: 0px auto;padding: 0px;\"][cs_column fade=\"false\" fade_animation=\"in\" fade_animation_offset=\"45px\" fade_duration=\"750\" _label=\"2\/3\" type=\"2\/3\" style=\"padding: 0px;\"][cs_text class=\"jump-to-contents\"]Introduction<\/a>\nThe Carbon Bubble<\/a>\nThe importance of the \"Big Four\"<\/a>\nTwo degrees scorecard<\/a>\nExport Credit Agencies<\/a>\nTop Lenders by Sector<\/a>\nRenewable vs. Fossil Fuel Lending<\/a>\nTake Action<\/a>[\/cs_text][cs_text]Please note: Data on this page comprises lending from 2008-2016<\/span>[\/cs_text][\/cs_column][cs_column fade=\"false\" fade_animation=\"in\" fade_animation_offset=\"45px\" fade_duration=\"750\" _label=\"1\/3\" type=\"1\/3\" style=\"padding: 0px;\"] [\/cs_column][\/cs_row][cs_row inner_container=\"true\" marginless_columns=\"false\" _label=\"Row 3\" style=\"margin: 0px auto;padding: 0px;\"][cs_column fade=\"false\" fade_animation=\"in\" fade_animation_offset=\"45px\" fade_duration=\"750\" _label=\"1\/1\" type=\"1\/1\" style=\"padding: 0px;\"][cs_text class=\"right-copy-white\"]Photo: Hazelwood Open Mine Fire February 2014 - CFA Communities & Communication<\/small>[\/cs_text][\/cs_column][\/cs_row][\/cs_section][cs_element_section _id=\"14\" ][cs_element_layout_row _id=\"15\" ][cs_element_layout_column _id=\"16\" ][cs_element_gap _id=\"17\" ][cs_text class=\"cs-ta-center\"]This content was published in 2016. For up-to-date information, and to find out what you can do to take action, click the button below to visit our banks campaign page.[\/cs_text][cs_element_button _id=\"19\" ][cs_element_gap _id=\"20\" ][\/cs_element_layout_column][\/cs_element_layout_row][\/cs_element_section][cs_section id=\"intro\" parallax=\"false\" separator_top_type=\"none\" separator_top_height=\"50px\" separator_top_inset=\"0px\" separator_top_angle_point=\"50\" separator_bottom_type=\"none\" separator_bottom_height=\"50px\" separator_bottom_inset=\"0px\" separator_bottom_angle_point=\"50\" _label=\"Introduction\" style=\"margin: 0px;padding: 45px 0px;\"][cs_row inner_container=\"true\" marginless_columns=\"false\" _label=\"Row 1 (1)\" style=\"margin: 0px auto;padding: 0px;\"][cs_column fade=\"true\" fade_animation=\"in-from-left\" fade_animation_offset=\"45px\" fade_duration=\"400\" _label=\"1\/3\" type=\"1\/3\" style=\"padding: 0px;\"][x_custom_headline level=\"h4\" looks_like=\"h4\" accent=\"false\" class=\"left-heading\"]Introduction[\/x_custom_headline][\/cs_column][cs_column fade=\"false\" fade_animation=\"in\" fade_animation_offset=\"45px\" fade_duration=\"750\" _label=\"1\/3\" type=\"1\/3\" style=\"padding: 0px;\"][cs_text class=\"right-copy\"]The big banks are funding a huge problem.  The ongoing use of fossil fuels is jeopardising our ability to achieve a safe climate future. The coal, gas and oil industries are also damaging our environment, farmland, water resources, health and natural icons like the Great Barrier Reef.\n\nBanks play a critical role in enabling and sustaining fossil fuel projects. Fueling the Fire exposes which banks are supporting the fossil fuel industry and helps you take action to change how these institutions invest.[\/cs_text][\/cs_column][cs_column fade=\"false\" fade_animation=\"in\" fade_animation_offset=\"45px\" fade_duration=\"750\" _label=\"1\/3\" type=\"1\/3\" class=\"graphic\" style=\"padding: 0px;\"][x_image type=\"none\" src=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2016\/08\/Big-4-lending-2008-to-2016.jpg\" alt=\"Since 2008 the big four have loaned 36.7 billion dollars to the fossil fuel industry\" link=\"false\" href=\"#\" title=\"\" target=\"\" info=\"none\" info_place=\"top\" info_trigger=\"hover\" info_content=\"\"][\/cs_column][\/cs_row][\/cs_section][cs_section bg_color=\"hsla(350, 40%, 40%, 0.85)\" parallax=\"false\" separator_top_type=\"none\" separator_top_height=\"50px\" separator_top_inset=\"0px\" separator_top_angle_point=\"50\" separator_bottom_type=\"none\" separator_bottom_height=\"50px\" separator_bottom_inset=\"0px\" separator_bottom_angle_point=\"50\" _label=\"Put your bank on notice\" style=\"margin: 0px;padding: 20px 0px 0px;\"][cs_row inner_container=\"true\" marginless_columns=\"false\" _label=\"Row 1\" style=\"margin: 0px auto;padding: 0px;\"][cs_column fade=\"false\" fade_animation=\"in\" fade_animation_offset=\"45px\" fade_duration=\"750\" _label=\"1\/3\" type=\"1\/3\" style=\"padding: 0px;\"][cs_text class=\"cs-ta-center\"]\n

With one of the big four?<\/span><\/h5>\n[\/cs_text][\/cs_column][cs_column fade=\"false\" fade_animation=\"in\" fade_animation_offset=\"45px\" fade_duration=\"750\" _label=\"2\/3\" type=\"2\/3\" class=\"cs-ta-center\" style=\"padding: 0px;\"][x_accordion class=\"accordionDarkPurple\" style=\"background:#ffffff;\"][x_accordion_item title=\"Put your bank on notice!\" open=\"true\"][gravityform id=\"55\" title=\"false\" description=\"true\"][\/x_accordion_item][\/x_accordion][\/cs_column][\/cs_row][\/cs_section][cs_section id=\"big-four-lending\" parallax=\"false\" separator_top_type=\"none\" separator_top_height=\"50px\" separator_top_inset=\"0px\" separator_top_angle_point=\"50\" separator_bottom_type=\"none\" separator_bottom_height=\"50px\" separator_bottom_inset=\"0px\" separator_bottom_angle_point=\"50\" _label=\"The Big Four's Lending\" class=\"cs-ta-left\" style=\"margin: 0px;padding: 45px 0px;\"][cs_row inner_container=\"true\" marginless_columns=\"false\" _label=\"Row 1\" style=\"margin: 0px auto;padding: 0px;\"][cs_column fade=\"true\" fade_animation=\"in-from-left\" fade_animation_offset=\"45px\" fade_duration=\"400\" _label=\"1\/3\" type=\"1\/3\" style=\"padding: 0px;\"][x_custom_headline level=\"h4\" looks_like=\"h4\" accent=\"false\" class=\"left-heading\"]The importance of the \"Big Four\"[\/x_custom_headline][\/cs_column][cs_column fade=\"false\" fade_animation=\"in\" fade_animation_offset=\"45px\" fade_duration=\"750\" _label=\"2\/3\" type=\"2\/3\" style=\"padding: 0px;\"][cs_text class=\"right-copy\"]ANZ, Commonwealth Bank, NAB and Westpac loaned a combined $70.3 billion to fossil fuels around the world from 2008-2016. Of this total, $49.9b has gone to projects and companies within Australia.\n\nEach of the big four's total lending to fossil fuels from 2008-2016 is shown in the graphics below. In the first half of 2016, the big four loaned $3.5b globally to fossil fuel projects and companies, with $480 million of that going to the local industry.[\/cs_text][\/cs_column][\/cs_row][cs_row inner_container=\"true\" marginless_columns=\"false\" _label=\"Copy of Row 1\" style=\"margin: 0px auto;padding: 0px;\"][cs_column fade=\"false\" fade_animation=\"in\" fade_animation_offset=\"45px\" fade_duration=\"750\" _label=\"1\/3\" type=\"1\/3\" class=\"emptycell\" style=\"padding: 0px;\"] [\/cs_column][cs_column fade=\"false\" fade_animation=\"in\" fade_animation_offset=\"45px\" fade_duration=\"750\" _label=\"1\/3\" type=\"1\/3\" class=\"graphic\" style=\"padding: 0px;\"][x_image type=\"none\" src=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2016\/08\/ANZ-fossil-fuel-lending-2008-to-2016.jpg\" alt=\"ANZ have loaned 16.5 billion dollars to fossil fuels\" link=\"false\" href=\"#\" title=\"\" target=\"\" info=\"none\" info_place=\"top\" info_trigger=\"hover\" info_content=\"\"][\/cs_column][cs_column fade=\"false\" fade_animation=\"in\" fade_animation_offset=\"45px\" fade_duration=\"750\" _label=\"1\/3\" type=\"1\/3\" class=\"graphic\" style=\"padding: 0px;\"][x_image type=\"none\" src=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2016\/08\/CBA-fossil-fuel-lending-2008-to-2016.jpg\" alt=\"Commbank has loaned 13.6 billion dollars to fossil fuels\" link=\"false\" href=\"#\" title=\"\" target=\"\" info=\"none\" info_place=\"top\" info_trigger=\"hover\" info_content=\"\"][\/cs_column][\/cs_row][cs_row inner_container=\"true\" marginless_columns=\"false\" _label=\"Row 6\" style=\"margin: 0px auto;padding: 0px;\"][cs_column fade=\"false\" fade_animation=\"in\" fade_animation_offset=\"45px\" fade_duration=\"750\" _label=\"1\/3\" type=\"1\/3\" class=\"emptycell\" style=\"padding: 0px;\"] [\/cs_column][cs_column fade=\"false\" fade_animation=\"in\" fade_animation_offset=\"45px\" fade_duration=\"750\" _label=\"1\/3\" type=\"1\/3\" class=\"graphic\" style=\"padding: 0px;\"][x_image type=\"none\" src=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2016\/08\/NAB-fossil-fuel-lending-2008-to-2016.jpg\" alt=\"NAB has loaned 11.2 billion dollars to fossil fuels\" link=\"false\" href=\"#\" title=\"\" target=\"\" info=\"none\" info_place=\"top\" info_trigger=\"hover\" info_content=\"\"][\/cs_column][cs_column fade=\"false\" fade_animation=\"in\" fade_animation_offset=\"45px\" fade_duration=\"750\" _label=\"1\/3\" type=\"1\/3\" class=\"graphic\" style=\"padding: 0px;\"][x_image type=\"none\" src=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2016\/08\/Westpac-fossil-fuel-lending-2008-to-2016.jpg\" alt=\"westpac has loaned 8.2 billion dollars to fossil fuels\" link=\"false\" href=\"#\" title=\"\" target=\"\" info=\"none\" info_place=\"top\" info_trigger=\"hover\" info_content=\"\"][\/cs_column][\/cs_row][\/cs_section][cs_section id=\"carbon-bubble\" bg_color=\"hsla(297, 15%, 23%, 0.85)\" parallax=\"false\" separator_top_type=\"none\" separator_top_height=\"50px\" separator_top_inset=\"0px\" separator_top_angle_point=\"50\" separator_bottom_type=\"none\" separator_bottom_height=\"50px\" separator_bottom_inset=\"0px\" separator_bottom_angle_point=\"50\" _label=\"The Carbon Bubble\" style=\"margin: 0px;padding: 45px 0px;\"][cs_row inner_container=\"true\" marginless_columns=\"false\" _label=\"Row 1\" style=\"margin: 0px auto;padding: 0px;\"][cs_column fade=\"true\" fade_animation=\"in-from-left\" fade_animation_offset=\"45px\" fade_duration=\"400\" _label=\"1\/3\" type=\"1\/3\" style=\"padding: 0px;\"][x_custom_headline level=\"h4\" looks_like=\"h4\" accent=\"false\" class=\"left-heading-white\" style=\"color: hsl(0, 0%, 100%);\"]The Carbon Bubble[\/x_custom_headline][\/cs_column][cs_column fade=\"false\" fade_animation=\"in\" fade_animation_offset=\"45px\" fade_duration=\"750\" _label=\"2\/3\" type=\"2\/3\" style=\"padding: 0px;\"][cs_text class=\"right-copy-white\"]If the world is to meet its agreed goal of keeping global warming to less than 2\u00baC, 80% of current fossil fuel reserves cannot be burned.\n\nBy continuing to support fossil fuel companies and projects, banks are creating massive economic risks. Failure to keep a lid on global warming would be an economic, environmental and humanitarian disaster. But serious action on climate change also means that fossil fuel companies face major write downs, as they end up owning coal, oil and gas reserves that are effectively worthless.  Banks supporting fossil fuel companies to develop bigger reserves are just inflating this bubble even further.[\/cs_text][x_image type=\"none\" src=\"http:\/\/www.marketforces.org.au\/wp-content\/uploads\/2015\/08\/The-Carbon-Bubbletps1.png\" alt=\"We cannot burn it all, maximum resources that can be burned to limit a rise in temp to 2 degrees is 565 GT CO2\" link=\"false\" href=\"#\" title=\"\" target=\"\" info=\"none\" info_place=\"top\" info_trigger=\"hover\" info_content=\"\"][cs_text class=\"right-copy-white\"]As the world moves to limit global warming, trillions of dollars of fossil fuel assets are at risk in the impending 'carbon bubble'.\n\nClick here to find out more about the carbon bubble.<\/a><\/span>[\/cs_text][\/cs_column][\/cs_row][\/cs_section][cs_section id=\"rhetoric-reality\" parallax=\"false\" separator_top_type=\"none\" separator_top_height=\"50px\" separator_top_inset=\"0px\" separator_top_angle_point=\"50\" separator_bottom_type=\"none\" separator_bottom_height=\"50px\" separator_bottom_inset=\"0px\" separator_bottom_angle_point=\"50\" _label=\"Two degrees scorecard\" style=\"margin: 0px;padding: 45px 0px;\"][cs_row inner_container=\"true\" marginless_columns=\"false\" _label=\"Row 1\" style=\"margin: 0px auto;padding: 0px;\"][cs_column fade=\"true\" fade_animation=\"in-from-left\" fade_animation_offset=\"45px\" fade_duration=\"400\" _label=\"1\/3\" type=\"1\/3\" style=\"padding: 0px;\"][x_custom_headline level=\"h4\" looks_like=\"h4\" accent=\"false\" class=\"left-heading\"]Two degrees scorecard[\/x_custom_headline][\/cs_column][cs_column fade=\"false\" fade_animation=\"in\" fade_animation_offset=\"45px\" fade_duration=\"750\" _label=\"2\/3\" type=\"2\/3\" style=\"padding: 0px;\"][cs_text class=\"right-copy\"]ANZ, Commonwealth Bank, NAB and Westpac have all publicly championed<\/a> the internationally agreed aim to limit global warming to less than two degrees above pre-industrial levels, and committed to support the transition to a low carbon economy. But since these commitments were made in late 2015, each of the big banks continued to finance and enable new fossil fuel projects, which have no place in any serious plan to stay within the carbon budget.\n\nClick the scorecard below to learn more about how the banks have performed against their two-degree commitments.[\/cs_text][x_image type=\"none\" src=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2016\/11\/2016-banks-two-degree-scorecard.png\" alt=\"\" link=\"true\" href=\"https:\/\/www.marketforces.org.au\/twodegrees\" title=\"\" target=\"\" info=\"none\" info_place=\"top\" info_trigger=\"hover\" info_content=\"\"][\/cs_column][\/cs_row][\/cs_section][cs_section id=\"ecas\" bg_color=\"hsla(297, 15%, 23%, 0.85)\" parallax=\"false\" separator_top_type=\"none\" separator_top_height=\"50px\" separator_top_inset=\"0px\" separator_top_angle_point=\"50\" separator_bottom_type=\"none\" separator_bottom_height=\"50px\" separator_bottom_inset=\"0px\" separator_bottom_angle_point=\"50\" _label=\"Export Credit Agencies\" style=\"margin: 0px;padding: 45px 0px;\"][cs_row inner_container=\"true\" marginless_columns=\"false\" _label=\"Row 1\" style=\"margin: 0px auto;padding: 0px;\"][cs_column fade=\"true\" fade_animation=\"in\" fade_animation_offset=\"45px\" fade_duration=\"400\" _label=\"1\/3\" type=\"1\/3\" style=\"padding: 0px 0 0;\"][x_custom_headline level=\"h4\" looks_like=\"h4\" accent=\"false\" class=\"left-heading-white\" style=\"color: hsl(0, 0%, 100%);\"]Export Credit Agencies[\/x_custom_headline][\/cs_column][cs_column fade=\"false\" fade_animation=\"in\" fade_animation_offset=\"45px\" fade_duration=\"750\" _label=\"2\/3\" type=\"2\/3\" style=\"padding: 0px;\"][cs_text class=\"right-copy-white\"]Export Credit Agencies are semi-governmental financial institutions that are often able to lend much more than commercial banks. Their support is integral to the success of many of the largest fossil fuel projects, such as Australia's massive LNG export ventures. Below are the major ECAs that provided finance to fossil fuel projects in Australia from 2008-2016.[\/cs_text][x_raw_content]\n\n\n\n\n\n\n\n\n\n\n\n
Export Credit Agency<\/th>\nDebt ($AU Millions)<\/th>\nNumber of Deals<\/th>\nCountry of Origin<\/th>\n<\/tr>\n
Japan Bank for International Cooperation<\/td>\n$8528<\/td>\n9<\/td>\nJapan<\/td>\n<\/tr>\n
Export-Import Bank of the United States<\/td>\n$4719<\/td>\n4<\/td>\nUSA<\/td>\n<\/tr>\n
Export-Import Bank of China<\/td>\n$3711<\/td>\n4<\/td>\nChina<\/td>\n<\/tr>\n
Export Development Canada<\/td>\n$1371<\/td>\n7<\/td>\nCanada<\/td>\n<\/tr>\n
Korea Exim Bank<\/td>\n$649<\/td>\n1<\/td>\nKorea<\/td>\n<\/tr>\n
Development Bank of Japan<\/td>\n$404<\/td>\n4<\/td>\nJapan<\/td>\n<\/tr>\n
Export Finance & Insurance Corp<\/td>\n$143<\/td>\n1<\/td>\nAustralia<\/td>\n<\/tr>\n
Export-Import Bank of India<\/td>\n$69<\/td>\n2<\/td>\nIndia<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n[\/x_raw_content][\/cs_column][\/cs_row][\/cs_section][cs_section id=\"top-lenders\" parallax=\"false\" separator_top_type=\"none\" separator_top_height=\"50px\" separator_top_inset=\"0px\" separator_top_angle_point=\"50\" separator_bottom_type=\"none\" separator_bottom_height=\"50px\" separator_bottom_inset=\"0px\" separator_bottom_angle_point=\"50\" _label=\"Top Lenders by Sector\" style=\"margin: 0px;padding: 45px 0px;\"][cs_row inner_container=\"true\" marginless_columns=\"false\" _label=\"Row 1\" style=\"margin: 0px auto;padding: 0px;\"][cs_column fade=\"false\" fade_animation=\"in\" fade_animation_offset=\"45px\" fade_duration=\"750\" _label=\"1\/3\" type=\"1\/3\" style=\"padding: 0px;\"][x_custom_headline level=\"h4\" looks_like=\"h4\" accent=\"false\" class=\"left-heading\"]top lenders by sector[\/x_custom_headline][\/cs_column][cs_column fade=\"false\" fade_animation=\"in\" fade_animation_offset=\"45px\" fade_duration=\"750\" _label=\"1\/3\" type=\"2\/3\" style=\"padding: 0px;\"][x_custom_headline level=\"h5\" looks_like=\"h5\" accent=\"false\" class=\"cs-ta-center\"]Lending in Australia 2008-2016:[\/x_custom_headline][x_accordion][x_accordion_item title=\"Coal power stations\" open=\"true\" class=\"accordionSunsetPurple\"]\"TOP<\/a>[\/x_accordion_item][x_accordion_item title=\"Coal mines\" open=\"false\" class=\"accordionSunsetPurple\"]\"TOP<\/a>[\/x_accordion_item][x_accordion_item title=\"Coal ports\" open=\"false\" class=\"accordionSunsetPurple\"]\"TOP<\/a>[\/x_accordion_item][x_accordion_item title=\"Gas power stations\" open=\"false\" class=\"accordionSunsetPurple\"]\"TOP<\/a>[\/x_accordion_item][x_accordion_item title=\"LNG\" open=\"false\" class=\"accordionSunsetPurple\"]\"TOP<\/a>[\/x_accordion_item][x_accordion_item title=\"Gas supply\" open=\"false\" class=\"accordionSunsetPurple\"]\"TOPLENDERS<\/a>[\/x_accordion_item][\/x_accordion][\/cs_column][\/cs_row][cs_row inner_container=\"true\" marginless_columns=\"false\" _label=\"Row 4\" style=\"margin: 0px auto;padding: 0px;\"][cs_column fade=\"false\" fade_animation=\"in\" fade_animation_offset=\"45px\" fade_duration=\"750\" _label=\"1\/1\" type=\"1\/1\" style=\"padding: 0px;\"][x_custom_headline level=\"h5\" looks_like=\"h5\" accent=\"false\" class=\"cs-ta-center left-heading\"]Find out more about where banks are lending in our Tracking the Money <\/a><\/em>series.[\/x_custom_headline][\/cs_column][\/cs_row][\/cs_section][cs_section id=\"renewables-fossil-fuels\" bg_color=\"hsla(304, 15%, 23%, 0.85)\" parallax=\"false\" separator_top_type=\"none\" separator_top_height=\"50px\" separator_top_inset=\"0px\" separator_top_angle_point=\"50\" separator_bottom_type=\"none\" separator_bottom_height=\"50px\" separator_bottom_inset=\"0px\" separator_bottom_angle_point=\"50\" _label=\"Renewables In Perspective\" style=\"margin: 0px;padding: 45px 0px;\"][cs_row inner_container=\"true\" marginless_columns=\"false\" _label=\"Row 1\" style=\"margin: 0px auto;padding: 0px;\"][cs_column fade=\"true\" fade_animation=\"in-from-left\" fade_animation_offset=\"45px\" fade_duration=\"400\" _label=\"1\/3\" type=\"1\/3\" style=\"padding: 0px;\"][x_custom_headline level=\"h4\" looks_like=\"h4\" accent=\"false\" class=\"left-heading-white\" style=\"color: hsl(0, 0%, 100%);\"] Renewable vs. Fossil Fuel Lending[\/x_custom_headline][\/cs_column][cs_column fade=\"false\" fade_animation=\"in\" fade_animation_offset=\"45px\" fade_duration=\"750\" _label=\"1\/3\" type=\"2\/3\" class=\"graphic\" style=\"padding: 0px;\"][cs_text class=\"right-copy-white\"]The big four's lending to renewable energy is vastly overshadowed by their support for dirty fossil fuels.\n\nFor every dollar loaned to support renewable energy projects, the big Australian banks have provided eight times as much to fossil fuels on average. The graphic gives a sense of this major disparity, showing the total amount each bank loaned to fossil fuels in Australia from 2008-2016, as well as their total lending to renewables over the same period.\n\nWorryingly, bank lending to renewables ground almost to a halt in the first of 2016, with neither ANZ nor CommBank providing a single dollar to the sector.[\/cs_text][x_custom_headline level=\"h6\" looks_like=\"h6\" accent=\"false\" style=\"color: hsl(0, 0%, 100%);\"]Fossil fuel to renewables lending in Australia, 2008-2016[\/x_custom_headline][x_image type=\"none\" src=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2016\/08\/Fossil-fuel-vs-renewable-energy-finance.png\" alt=\"ratio of renewable energy lending to fossil fuel lending by the big four\" link=\"false\" href=\"#\" title=\"\" target=\"\" info=\"none\" info_place=\"top\" info_trigger=\"hover\" info_content=\"\"][\/cs_column][\/cs_row][\/cs_section][cs_section id=\"projects\" parallax=\"false\" separator_top_type=\"none\" separator_top_height=\"50px\" separator_top_inset=\"0px\" separator_top_angle_point=\"50\" separator_bottom_type=\"none\" separator_bottom_height=\"50px\" separator_bottom_inset=\"0px\" separator_bottom_angle_point=\"50\" _label=\"Coal and gas in the Reef\" class=\"cs-hide-xl cs-hide-lg cs-hide-md cs-hide-sm cs-hide-xs\" style=\"margin: 0px;padding: 45px 0px;\"][cs_row inner_container=\"true\" marginless_columns=\"false\" _label=\"Copy of Row 1\" style=\"margin: 0px auto;padding: 0px;\"][cs_column fade=\"true\" fade_animation=\"in\" fade_animation_offset=\"45px\" fade_duration=\"400\" _label=\"1\/3\" type=\"1\/3\" style=\"padding: 0px;\"][x_custom_headline level=\"h4\" looks_like=\"h4\" accent=\"false\" class=\"left-heading-white\"]lending to coal and gas in the reef[\/x_custom_headline][\/cs_column][cs_column fade=\"false\" fade_animation=\"in\" fade_animation_offset=\"45px\" fade_duration=\"750\" _label=\"1\/3\" type=\"2\/3\" class=\"cs-ta-left\" style=\"padding: 0;\"][x_raw_content style=\"background:#433244;\"]\n\n\n\n\n\n\n\n
Bank<\/th>\nDebt ($AU Millions)<\/th>\nNumber of Deals<\/th>\n<\/tr>\n
ANZ<\/td>\n$4130<\/td>\n15<\/td>\n<\/tr>\n
Commonwealth Bank<\/td>\n$3163<\/td>\n12<\/td>\n<\/tr>\n
Westpac<\/td>\n$2815<\/td>\n16<\/td>\n<\/tr>\n
NAB<\/td>\n$2094<\/td>\n10<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n[\/x_raw_content][cs_text class=\"right-copy\"]Having seen the worst ever bleaching event already in 2016, there's no denying our Great Barrier Reef is in desperate trouble. Its single greatest threat is climate change, and it is further damaged by increasing coastal industrialisation and shipping through its waters.\n\nDespite the havoc wreaked by coal and gas export projects in the World Heritage Area, banks have continued to loan billions to projects like Adani Abbot Point<\/a> and the three massive LNG projects at Curtis Island, with Commbank clearly the worst offender.[\/cs_text][\/cs_column][\/cs_row][cs_row inner_container=\"true\" marginless_columns=\"false\" _label=\"Copy of Copy of Row 1\" style=\"margin: 0px auto;padding: 0px;\"][cs_column fade=\"true\" fade_animation=\"in\" fade_animation_offset=\"45px\" fade_duration=\"400\" _label=\"1\/3\" type=\"1\/3\" style=\"padding: 0px;\"] [\/cs_column][cs_column fade=\"false\" fade_animation=\"in\" fade_animation_offset=\"45px\" fade_duration=\"750\" _label=\"1\/3\" type=\"1\/3\" style=\"padding: 0;\"][x_image type=\"none\" src=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2015\/12\/abbot-point-square-1.jpg\" alt=\"abbott point terminal puts the reef at risk\" link=\"false\" href=\"#\" title=\"\" target=\"\" info=\"none\" info_place=\"top\" info_trigger=\"hover\" info_content=\"\"][cs_text]Bleached coral in the Great Barrier Reef[\/cs_text][\/cs_column][cs_column fade=\"false\" fade_animation=\"in\" fade_animation_offset=\"45px\" fade_duration=\"750\" _label=\"1\/3\" type=\"1\/3\" style=\"padding: 0px;\"][x_image type=\"none\" src=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2016\/04\/Bleached-coral-in-the-Great-Barrier-Reef-Credit-Matt-Kieffer.jpg\" alt=\"galilee basin\" link=\"false\" href=\"#\" title=\"\" target=\"\" info=\"none\" info_place=\"top\" info_trigger=\"hover\" info_content=\"\"][cs_text]Adani Abbot Point Coal Terminal[\/cs_text][\/cs_column][\/cs_row][\/cs_section][\/cs_content][cs_content_seo]Fueling the fire 2016How the big banks are using our money to support the dirty fossil fuel industry\nIntroduction\nThe Carbon Bubble\nThe importance of the \"Big Four\"\nTwo degrees scorecard\nExport Credit Agencies\nTop Lenders by Sector\nRenewable vs. Fossil Fuel Lending\nTake Action\nPlease note: Data on this page comprises lending from 2008-2016\n Photo: Hazelwood Open Mine Fire February 2014 - CFA Communities & Communication\n\nThis content was published in 2016. For up-to-date information, and to find out what you can do to take action, click the button below to visit our banks campaign page.\n\nTake me to the banks campaign page\n\nIntroductionThe big banks are funding a huge problem.  The ongoing use of fossil fuels is jeopardising our ability to achieve a safe climate future. The coal, gas and oil industries are also damaging our environment, farmland, water resources, health and natural icons like the Great Barrier Reef.\nBanks play a critical role in enabling and sustaining fossil fuel projects. Fueling the Fire exposes which banks are supporting the fossil fuel industry and helps you take action to change how these institutions invest.\nWith one of the big four?\nPut your bank on notice!\n\nIn three simple steps, you can join thousands of customers working with us to ensure the big banks stop funding dirty fossil fuels\n1 Your details2 Make your divestment count3 Your message\n\nSelect your bank*Select from listANZCommonwealth BankNABWestpacName*\n\nFirst\n\nLast\n\nEmail*\n\nPostcode*Phone Number\n\nThe next questions are entirely optional. We appreciate the information is sensitive and will keep it confidential. We ask only to assess the impact of this campaign.Which of these products and services do you have with your current bank?\n\nPersonal Account\n\nBusiness Account\n\nHome Loan\n\nOther Loan\n\nShares in the bank\nIf you have an account with this bank, how much money would you take out if you closed your account? Please enter whole numbers only - no dollar sign or comma.If you have a loan with this bank, roughly how much is the value of the loan? Please enter whole numbers only - no dollar sign or comma.If you have shares in the bank that you are looking to divest, roughly how much are those shares worth? Please enter whole numbers only - no dollar sign or comma.\n\nYour messageI believe in protecting and improving our natural environment and as a customer, I expect the same from the bank that has custody of my money.\n\nThe expansion of the fossil fuel industry in Australia is threatening our land and water resources, people\u2019s health and parts of our natural environment, including iconic sites such as the Great Barrier Reef.\n\nFurthermore, the world is at a point where we need to rapidly transition away from polluting fossil fuels to clean, renewable energy if we are to avoid runaway climate change. Any new loans to coal and gas projects represent a massive risk to our prospects of keeping global warming to within manageable limits and delay the necessary action required.\n\nThousands of customers have been leaving the major banks because of your heavy investment in the fossil fuel sector, and moving to banks that are not supporting these environmentally damaging projects. I may soon join them.\n\nI want you to unequivocally rule out future loans to coal and gas mining, transport and export projects. I want you to make this commitment directly to me, as well as publicly. If you do not make this commitment, I will be forced to close my account with you and take my money to a bank that won't use it to finance the expansion of the fossil fuel industry, climate change and environmental destruction.\n\nI look forward to hearing back from you very soon.Yes, I want to hear more from Market Forces about this campaign\n\njQuery(document).bind('gform_post_render', function(event, formId, currentPage){if(formId == 55) {if(typeof Placeholders != 'undefined'){\nPlaceholders.enable();\n}} } );jQuery(document).bind('gform_post_conditional_logic', function(event, formId, fields, isInit){} ); jQuery(document).ready(function(){jQuery(document).trigger('gform_post_render', [55, 1]) } ); The importance of the \"Big Four\"ANZ, Commonwealth Bank, NAB and Westpac loaned a combined $70.3 billion to fossil fuels around the world from 2008-2016. Of this total, $49.9b has gone to projects and companies within Australia.\nEach of the big four's total lending to fossil fuels from 2008-2016 is shown in the graphics below. In the first half of 2016, the big four loaned $3.5b globally to fossil fuel projects and companies, with $480 million of that going to the local industry.\n  The Carbon BubbleIf the world is to meet its agreed goal of keeping global warming to less than 2\u00baC, 80% of current fossil fuel reserves cannot be burned.\nBy continuing to support fossil fuel companies and projects, banks are creating massive economic risks. Failure to keep a lid on global warming would be an economic, environmental and humanitarian disaster. But serious action on climate change also means that fossil fuel companies face major write downs, as they end up owning coal, oil and gas reserves that are effectively worthless.  Banks supporting fossil fuel companies to develop bigger reserves are just inflating this bubble even further.\nAs the world moves to limit global warming, trillions of dollars of fossil fuel assets are at risk in the impending 'carbon bubble'.\nClick here to find out more about the carbon bubble.\nTwo degrees scorecardANZ, Commonwealth Bank, NAB and Westpac have all publicly championed the internationally agreed aim to limit global warming to less than two degrees above pre-industrial levels, and committed to support the transition to a low carbon economy. But since these commitments were made in late 2015, each of the big banks continued to finance and enable new fossil fuel projects, which have no place in any serious plan to stay within the carbon budget.\nClick the scorecard below to learn more about how the banks have performed against their two-degree commitments.\nExport Credit AgenciesExport Credit Agencies are semi-governmental financial institutions that are often able to lend much more than commercial banks. Their support is integral to the success of many of the largest fossil fuel projects, such as Australia's massive LNG export ventures. Below are the major ECAs that provided finance to fossil fuel projects in Australia from 2008-2016.\n\nExport Credit Agency\nDebt ($AU Millions)\nNumber of Deals\nCountry of Origin\n\nJapan Bank for International Cooperation\n$8528\n9\nJapan\n\nExport-Import Bank of the United States\n$4719\n4\nUSA\n\nExport-Import Bank of China\n$3711\n4\nChina\n\nExport Development Canada\n$1371\n7\nCanada\n\nKorea Exim Bank\n$649\n1\nKorea\n\nDevelopment Bank of Japan\n$404\n4\nJapan\n\nExport Finance & Insurance Corp\n$143\n1\nAustralia\n\nExport-Import Bank of India\n$69\n2\nIndia\n\ntop lenders by sectorLending in Australia 2008-2016:Coal power stationsCoal minesCoal portsGas power stationsLNGGas supplyFind out more about where banks are lending in our Tracking the Money series. Renewable vs. Fossil Fuel LendingThe big four's lending to renewable energy is vastly overshadowed by their support for dirty fossil fuels.\nFor every dollar loaned to support renewable energy projects, the big Australian banks have provided eight times as much to fossil fuels on average. The graphic gives a sense of this major disparity, showing the total amount each bank loaned to fossil fuels in Australia from 2008-2016, as well as their total lending to renewables over the same period.\nWorryingly, bank lending to renewables ground almost to a halt in the first of 2016, with neither ANZ nor CommBank providing a single dollar to the sector.\nFossil fuel to renewables lending in Australia, 2008-2016lending to coal and gas in the reef\n\nBank\nDebt ($AU Millions)\nNumber of Deals\n\nANZ\n$4130\n15\n\nCommonwealth Bank\n$3163\n12\n\nWestpac\n$2815\n16\n\nNAB\n$2094\n10\n\nHaving seen the worst ever bleaching event already in 2016, there's no denying our Great Barrier Reef is in desperate trouble. Its single greatest threat is climate change, and it is further damaged by increasing coastal industrialisation and shipping through its waters.\nDespite the havoc wreaked by coal and gas export projects in the World Heritage Area, banks have continued to loan billions to projects like Adani Abbot Point and the three massive LNG projects at Curtis Island, with Commbank clearly the worst offender.\n Bleached coral in the Great Barrier Reef\nAdani Abbot Point Coal Terminal\"Since\"ANZ\"Commbank\"NAB\"westpac\"We\"TOP\"TOP\"TOP\"TOP\"TOP\"TOPLENDERS\"ratio\"abbott\"galilee[\/cs_content_seo]","_et_gb_content_width":"","inline_featured_image":false,"footnotes":""},"class_list":["post-11919","page","type-page","status-publish","hentry"],"acf":[],"yoast_head":"\nFueling the Fire - Market Forces<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketforces.org.au\/info\/fuelingthefire\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fueling the Fire - Market Forces\" \/>\n<meta property=\"og:description\" content=\"ARCHIVED CONTENT This content was published in 2016. 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