{"id":76924,"date":"2024-07-16T01:00:00","date_gmt":"2024-07-15T15:00:00","guid":{"rendered":"https:\/\/www.marketforces.org.au\/?page_id=76924"},"modified":"2024-10-29T17:46:57","modified_gmt":"2024-10-29T06:46:57","slug":"banking-climate-failure","status":"publish","type":"page","link":"https:\/\/www.marketforces.org.au\/campaigns\/banks\/banking-climate-failure\/","title":{"rendered":"Banking Climate Failure"},"content":{"rendered":"<p>[et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;4.23&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;0px||12px||false|false&#8221; global_module=&#8221;69001&#8243; saved_tabs=&#8221;all&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_row module_class=&#8221;mf-breadcrumbs&#8221; _builder_version=&#8221;4.23&#8243; _module_preset=&#8221;default&#8221; max_width=&#8221;1440px&#8221; custom_padding=&#8221;0px||0px||false|false&#8221; custom_css_main_element=&#8221;margin: auto;&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.21.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_code _builder_version=&#8221;4.27.0&#8243; _module_preset=&#8221;default&#8221; custom_css_main_element=&#8221;margin: auto;&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;]<span><span><a href=\"https:\/\/www.marketforces.org.au\/\">Home<\/a><\/span><\/span>[\/et_pb_code][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=&#8221;1&#8243; custom_padding_last_edited=&#8221;on|phone&#8221; admin_label=&#8221;Section &#8211; Header&#8221; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; background_image=&#8221;https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2024\/07\/Banking-Climate-Failure-webpage-banner.png&#8221; width_tablet=&#8221;90%&#8221; width_phone=&#8221;90%&#8221; width_last_edited=&#8221;on|phone&#8221; max_width=&#8221;1440px&#8221; module_alignment=&#8221;center&#8221; min_height=&#8221;400px&#8221; custom_margin=&#8221;||||false|false&#8221; custom_padding=&#8221;0px|0px|0px|0px|false|false&#8221; custom_padding_tablet=&#8221;0px|0px|0px|0px|false|false&#8221; custom_padding_phone=&#8221;||||false|false&#8221; custom_css_main_element=&#8221;display: flex;||    align-items: flex-end;||    justify-content: center;&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_row _builder_version=&#8221;4.20.0&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;#FFFFFF&#8221; width=&#8221;100%&#8221; max_width=&#8221;885px&#8221; module_alignment=&#8221;center&#8221; custom_padding=&#8221;29px|49px|0px|49px|false|true&#8221; custom_css_main_element=&#8221;align-self: flex-end;||    margin: unset;&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.20.0&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;||||false|false&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_text _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; text_font=&#8221;|600||on|||||&#8221; text_text_color=&#8221;#f06400&#8243; text_line_height=&#8221;1.42em&#8221; custom_margin=&#8221;||8px||false|false&#8221; hover_enabled=&#8221;0&#8243; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; sticky_enabled=&#8221;0&#8243;]<\/p>\n<p>REPORT<\/p>\n<p>[\/et_pb_text][et_pb_text _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; header_font=&#8221;|800|||||||&#8221; custom_margin=&#8221;||1px|||&#8221; hover_enabled=&#8221;0&#8243; header_font_size_tablet=&#8221;48px&#8221; header_font_size_phone=&#8221;42px&#8221; header_font_size_last_edited=&#8221;on|phone&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; sticky_enabled=&#8221;0&#8243;]<\/p>\n<h1>Banking Climate Failure<\/h1>\n<p>[\/et_pb_text][et_pb_text _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; header_2_font=&#8221;|800|||||||&#8221; header_2_font_size=&#8221;24px&#8221; header_2_line_height=&#8221;1.2em&#8221; hover_enabled=&#8221;0&#8243; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; sticky_enabled=&#8221;0&#8243;]<\/p>\n<h2>The broken climate promises of Australia&#8217;s Big Four banks<\/h2>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=&#8221;1&#8243; admin_label=&#8221;Section &#8211; Actions&#8221; module_id=&#8221;section-take-action&#8221; _builder_version=&#8221;4.20.0&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;60px||30px||false|false&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_row column_structure=&#8221;2_5,3_5&#8243; make_equal=&#8221;on&#8221; module_class=&#8221;toc-item&#8221; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;0px||0px|||&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_column type=&#8221;2_5&#8243; _builder_version=&#8221;4.20.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_text _builder_version=&#8221;4.20.2&#8243; _module_preset=&#8221;default&#8221; header_2_text_color=&#8221;#131313&#8243; header_3_text_color=&#8221;#131313&#8243; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;]<\/p>\n<h3>Executive Summary<\/h3>\n<p>[\/et_pb_text][et_pb_text _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;]<\/p>\n<p>Market Forces\u2019 latest analysis reveals that in 2023, Australia\u2019s big four banks, ANZ, Commonwealth Bank, NAB, and Westpac continued to pour billions of dollars into the fossil fuel industry. In 2023 these banks loaned <strong>$3.6 billion<\/strong> to fossil fuels. The big four have now poured over <strong>$61 billion into fossil fuels since the Paris Agreement<\/strong>.<\/p>\n<p>Worst of all, money is still flowing to companies that plan to build new and expanded coal, oil and gas projects, which are incompatible with limiting global warming to 1.5\u00b0C. Australia\u2019s big four banks loaned <strong>$2.5 billion<\/strong> to companies with fossil fuel expansion plans in 2023.<\/p>\n<p>There is some good news. 2023 was the first year since the Paris Agreement that none of the big four Australian banks participated in a deal explicitly for a new or expanded fossil fuel project. Between 2016 and 2022, the big four loaned <a href=\"https:\/\/www.marketforces.org.au\/campaigns\/banks\/banking-climate-failure-2023\/\" target=\"_blank\" rel=\"noopener\">$9.5 billion<\/a> directly to new and expanded fossil fuel projects. But 2023 may have marked the beginning of the end of the big banks providing project finance to coal, oil and gas developments causing unacceptable harm to our climate.<\/p>\n<p>However, as direct loans to fossil fuel projects dries up, general purpose corporate lending and bonds are increasingly being used as backdoor financing options for companies pursuing new coal, oil and gas developments.<\/p>\n<p>The big four Australian banks arranged <strong>$2.2 billion<\/strong> for fossil fuels through the bond market in 2023. <strong>$1.4 billion<\/strong> of this was for companies with expansion plans.<\/p>\n<p>All of the big four Australian banks have committed to the goals of limiting warming to 1.5\u00b0C and net-zero emissions by 2050. Yet despite the scientific consensus that new and expanded fossil fuels are incompatible with these goals, the banks continue to recklessly finance companies pursuing these projects, completely undermining their climate credentials in the process.<\/p>\n<p>[\/et_pb_text][\/et_pb_column][et_pb_column type=&#8221;3_5&#8243; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;#f2f2f2&#8243; custom_padding=&#8221;30px|30px|30px|30px|false|false&#8221; custom_padding_tablet=&#8221;30px|30px|30px|30px|false|false&#8221; custom_padding_phone=&#8221;30px|10px||10px|false|false&#8221; custom_padding_last_edited=&#8221;on|desktop&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_text module_id=&#8221;take-action&#8221; _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; header_2_font=&#8221;|800|||||||&#8221; header_2_text_color=&#8221;#131313&#8243; header_2_font_size=&#8221;36px&#8221; header_2_line_height=&#8221;1.17em&#8221; custom_margin=&#8221;0px||0px||false|false&#8221; custom_padding=&#8221;0px||0px||false|false&#8221; hover_enabled=&#8221;0&#8243; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; sticky_enabled=&#8221;0&#8243;]<\/p>\n<h2>Take action<\/h2>\n<p>[\/et_pb_text][et_pb_text _builder_version=&#8221;4.20.2&#8243; _module_preset=&#8221;default&#8221; custom_margin=&#8221;||12px||false|false&#8221; custom_padding=&#8221;||||false|false&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;]<\/p>\n<p>Tell your bank: stop financing companies expanding coal, oil and gas!<\/p>\n<p>[\/et_pb_text][et_pb_text _builder_version=&#8221;4.24.3&#8243; _module_preset=&#8221;default&#8221; text_font_size=&#8221;12px&#8221; text_line_height=&#8221;1.3em&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;]<\/p>\n<p>(If you\u2019re not a customer or shareholder of one of the big four, you can use the \u201cAll Banks\u201d tab to send all four banks a message.)<\/p>\n<p>[\/et_pb_text][et_pb_tabs disabled_on=&#8221;off|off|off&#8221; module_class=&#8221;mf-gf-multi-tab&#8221; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; custom_css_free_form=&#8221;@media (max-width: 767px) {||  .et_pb_tabs .et_pb_tabs_controls {||    display: flex;||    flex-direction: column;||    width: 100%;||  }||}||&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_tab title=&#8221;ANZ&#8221; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;]<\/p>\n<script type=\"text\/javascript\">\n\/* <![CDATA[ *\/\nvar 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name='input_1.6' id='input_655_1_6' value=''   aria-required='true'     \/>\n                                                    <label for='input_655_1_6' class='gform-field-label gform-field-label--type-sub '>Last<\/label>\n                                                <\/span>\n                            \n                        <\/div><\/fieldset><div id=\"field_655_3\" class=\"gfield gfield--type-email gfield--input-type-email gfield--width-full gfield_contains_required field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_655_3'>Email<span class=\"gfield_required\"><span class=\"gfield_required gfield_required_text\">(Required)<\/span><\/span><\/label><div class='ginput_container ginput_container_email'>\n                            <input name='input_3' id='input_655_3' type='email' value='' class='large'    aria-required=\"true\" aria-invalid=\"false\" 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id=\"field_655_7\" class=\"gfield gfield--type-section gfield--input-type-section gsection field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_hidden\"  ><div class=\"admin-hidden-markup\"><i class=\"gform-icon gform-icon--hidden\" aria-hidden=\"true\" title=\"This field is hidden when viewing the form\"><\/i><span>This field is hidden when viewing the form<\/span><\/div><h3 class=\"gsection_title\">Customer<\/h3><\/div><div id=\"field_655_5\" class=\"gfield gfield--type-text gfield--input-type-text gfield--width-full field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_655_5'>Subject<\/label><div class='ginput_container ginput_container_text'><input name='input_5' id='input_655_5' type='text' value='Start acting in-line with your commitments and stop funding fossil fuel expansion! ' class='large'      aria-invalid=\"false\"   \/><\/div><\/div><div id=\"field_655_6\" class=\"gfield gfield--type-textarea gfield--input-type-textarea gfield--width-full field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_655_6'>Your message to ANZ<\/label><div class='ginput_container ginput_container_textarea'><textarea name='input_6' id='input_655_6' class='textarea large'      aria-invalid=\"false\"   rows='10' cols='50'>Dear ANZ,\n\nI write to you today as a concerned customer. \n\nIt is appalling that, despite your claimed commitment to the Paris Agreement and net zero emissions by 2050, you have continued to loan hundreds of millions to companies expanding coal, oil and gas. \n\nDespite the scientific imperative that new and expanded fossil fuel projects must not proceed if we are to meet global climate goals, your bank continues to enable coal, oil and gas companies to bulldoze ahead with their expansion plans. This makes a mockery of your own commitments. \n\nBetween 2016-2023, ANZ poured the most amount of money into fossil fuels of all Australian banks, a whopping $19.8 billion. Factoring in its lending in early 2024 to companies with some of the biggest coal, oil and gas expansion plans in the world, ANZ has now blown past $20 billion to fossil fuels since the Paris Agreement was signed. \n\nBut worst of all is the over $12 billion ANZ has loaned to new and expanded coal, oil and gas projects and the companies pursuing them since 2016. Just last year ANZ loaned over $900 million to companies with plans to expand fossil fuels, arranging an almost equivalent amount to these expansion companies through the bond market. \n\nANZ has a long list of clients currently pursuing expansionary coal, oil and gas projects including JERA, APA Group, Santos, Glencore, BHP, Baker Hughes, Siemens Energy, San Miguel Corporation, GE Vernova, and Woodside.    \n\nThese examples are just some of many. It is beyond comprehension that your climate policy gives climate destroying coal, oil and gas expansion companies a free pass until at least October 2025 when the world\u2019s leading experts have already made clear that we have no room for new or expanded fossil fuel developments. Even then, your clients are not expected to reduce scope 3 emissions, by far the biggest source of emissions for most fossil fuel companies, making a mockery of transition plans. \n\nWhen it comes to action on climate change, you are the clear laggard among your peers. \n\nHowever, ANZ still has a chance to prevent even further damage from being inflicted on people and planet. ANZ can implement policies today that would put an end to this rampant financing of climate-destroying fossil fuel expansion. \n\nAs a concerned ANZ customer, I sincerely request that you implement a framework for ensuring all fossil fuel finance decisions ANZ makes are aligned with a 1.5\u00b0C-warming pathway, by:\n\n\u2013 Ruling out any direct finance for any fossil fuel expansion project (extraction and associated infrastructure), including new or expanded metallurgical coal mines, LNG import terminals, and pipelines; \n\u2013 Requiring transition plans from all fossil fuel companies, including companies involved in the midstream and downstream fossil fuel value chain;\n\u2013 Requiring these transition plans be aligned to a 1.5\u00b0C pathway;\n\u2013 Requiring these transition plans to have 1.5\u00b0C-aligned scope 3 emissions reduction targets;  \n\u2013 Rule out providing all types of new finance (e.g., project finance, corporate finance, and arranging or facilitating bonds) to all fossil fuel companies without 1.5\u00b0C-aligned transition plans, and \n\u2013 Between now and the date ANZ requires transition plans from - do not provide financial support (corporate finance, project finance or bonds) to any project or company that will expand the fossil fuel sector.\n\nOn behalf of all your shareholders, customers and all Australians who care about a safe future for our communities and our families, I sincerely urge you to adopt these requests. \n\nYour consideration and response on this matter is highly appreciated.\n\nSincerely,<\/textarea><\/div><\/div><div id=\"field_655_8\" class=\"gfield gfield--type-section gfield--input-type-section gsection field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_hidden\"  ><div class=\"admin-hidden-markup\"><i class=\"gform-icon gform-icon--hidden\" aria-hidden=\"true\" title=\"This field is hidden when viewing the form\"><\/i><span>This field is hidden when viewing the form<\/span><\/div><h3 class=\"gsection_title\">Both a customer and shareholder<\/h3><\/div><div id=\"field_655_9\" class=\"gfield gfield--type-text gfield--input-type-text gfield--width-full field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_655_9'>Subject<\/label><div class='ginput_container ginput_container_text'><input name='input_9' id='input_655_9' type='text' value='Start acting in-line with your commitments and stop funding fossil fuel expansion!' class='large'      aria-invalid=\"false\"   \/><\/div><\/div><div id=\"field_655_10\" class=\"gfield gfield--type-textarea gfield--input-type-textarea gfield--width-full field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_655_10'>Your message to ANZ<\/label><div class='ginput_container ginput_container_textarea'><textarea name='input_10' id='input_655_10' class='textarea large'      aria-invalid=\"false\"   rows='10' cols='50'>Dear ANZ,\n\nI write to you today as a concerned shareholder and customer. \n\nIt is appalling that, despite your claimed commitment to the Paris Agreement and net zero emissions by 2050, you have continued to loan hundreds of millions to companies expanding coal, oil and gas. \n\nDespite the scientific imperative that new and expanded fossil fuel projects must not proceed if we are to meet global climate goals, your bank continues to enable coal, oil and gas companies to bulldoze ahead with their expansion plans. This makes a mockery of your own commitments. \n\nBetween 2016-2023, ANZ poured the most amount of money into fossil fuels of all Australian banks, a whopping $19.8 billion. Factoring in its lending in early 2024 to companies with some of the biggest coal, oil and gas expansion plans in the world, ANZ has now blown past $20 billion to fossil fuels since the Paris Agreement was signed. \n\nBut worst of all is the over $12 billion ANZ has loaned to new and expanded coal, oil and gas projects and the companies pursuing them since 2016. Just last year ANZ loaned over $900 million to companies with plans to expand fossil fuels, arranging an almost equivalent amount to these expansion companies through the bond market. \n\nANZ has a long list of clients currently pursuing expansionary coal, oil and gas projects including JERA, APA Group, Santos, Glencore, BHP, Baker Hughes, Siemens Energy, San Miguel Corporation, GE Vernova, and Woodside.    \n\nThese examples are just some of many. It is beyond comprehension that your climate policy gives climate destroying coal, oil and gas expansion companies a free pass until at least October 2025 when the world\u2019s leading experts have already made clear that we have no room for new or expanded fossil fuel developments. Even then, your clients are not expected to reduce scope 3 emissions, by far the biggest source of emissions for most fossil fuel companies, making a mockery of transition plans. \n\nWhen it comes to action on climate change, you are the clear laggard among your peers. \n\nHowever, ANZ still has a chance to prevent even further damage from being inflicted on people and planet. ANZ can implement policies today that would put an end to this rampant financing of climate-destroying fossil fuel expansion. \n\nAs a concerned ANZ shareholder and customer, I sincerely request that you implement a framework for ensuring all fossil fuel finance decisions ANZ makes are aligned with a 1.5\u00b0C-warming pathway, by:\n\n\u2013 Ruling out any direct finance for any fossil fuel expansion project (extraction and associated infrastructure), including new or expanded metallurgical coal mines, LNG import terminals, and pipelines; \n\u2013 Requiring transition plans from all fossil fuel companies, including companies involved in the midstream and downstream fossil fuel value chain;\n\u2013 Requiring these transition plans be aligned to a 1.5\u00b0C pathway;\n\u2013 Requiring these transition plans to have 1.5\u00b0C-aligned scope 3 emissions reduction targets;  \n\u2013 Rule out providing all types of new finance (e.g., project finance, corporate finance, and arranging or facilitating bonds) to all fossil fuel companies without 1.5\u00b0C-aligned transition plans, and \n\u2013 Between now and the date ANZ requires transition plans from - do not provide financial support (corporate finance, project finance or bonds) to any project or company that will expand the fossil fuel sector.\n\nOn behalf of all your shareholders, customers and all Australians who care about a safe future for our communities and our families, I sincerely urge you to adopt these requests. \n\nYour consideration and response on this matter is highly appreciated.\n\nSincerely,<\/textarea><\/div><\/div><div id=\"field_655_11\" class=\"gfield gfield--type-section gfield--input-type-section gsection field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_hidden\"  ><div class=\"admin-hidden-markup\"><i class=\"gform-icon gform-icon--hidden\" aria-hidden=\"true\" title=\"This field is hidden when viewing the form\"><\/i><span>This field is hidden when viewing the form<\/span><\/div><h3 class=\"gsection_title\">Shareholder<\/h3><\/div><div id=\"field_655_12\" class=\"gfield gfield--type-text gfield--input-type-text gfield--width-full field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_655_12'>Subject<\/label><div class='ginput_container ginput_container_text'><input name='input_12' id='input_655_12' type='text' value='Start acting in-line with your commitments and stop funding fossil fuel expansion! ' class='large'      aria-invalid=\"false\"   \/><\/div><\/div><div id=\"field_655_13\" class=\"gfield gfield--type-textarea gfield--input-type-textarea gfield--width-full field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_655_13'>Your message to ANZ<\/label><div class='ginput_container ginput_container_textarea'><textarea name='input_13' id='input_655_13' class='textarea large'      aria-invalid=\"false\"   rows='10' cols='50'>Dear ANZ,\n\nI write to you today as a concerned shareholder. \n\nIt is appalling that, despite your claimed commitment to the Paris Agreement and net zero emissions by 2050, you have continued to loan hundreds of millions to companies expanding coal, oil and gas. \n\nDespite the scientific imperative that new and expanded fossil fuel projects must not proceed if we are to meet global climate goals, your bank continues to enable coal, oil and gas companies to bulldoze ahead with their expansion plans. This makes a mockery of your own commitments. \n\nBetween 2016-2023, ANZ poured the most amount of money into fossil fuels of all Australian banks, a whopping $19.8 billion. Factoring in its lending in early 2024 to companies with some of the biggest coal, oil and gas expansion plans in the world, ANZ has now blown past $20 billion to fossil fuels since the Paris Agreement was signed. \n\nBut worst of all is the over $12 billion ANZ has loaned to new and expanded coal, oil and gas projects and the companies pursuing them since 2016. Just last year ANZ loaned over $900 million to companies with plans to expand fossil fuels, arranging an almost equivalent amount to these expansion companies through the bond market. \n\nANZ has a long list of clients currently pursuing expansionary coal, oil and gas projects including JERA, APA Group, Santos, Glencore, BHP, Baker Hughes, Siemens Energy, San Miguel Corporation, GE Vernova, and Woodside.    \n\nThese examples are just some of many. It is beyond comprehension that your climate policy gives climate destroying coal, oil and gas expansion companies a free pass until at least October 2025 when the world\u2019s leading experts have already made clear that we have no room for new or expanded fossil fuel developments. Even then, your clients are not expected to reduce scope 3 emissions, by far the biggest source of emissions for most fossil fuel companies, making a mockery of transition plans. \n\nWhen it comes to action on climate change, you are the clear laggard among your peers. \n\nHowever, ANZ still has a chance to prevent even further damage from being inflicted on people and planet. ANZ can implement policies today that would put an end to this rampant financing of climate-destroying fossil fuel expansion. \n\nAs a concerned ANZ shareholder, I sincerely request that you implement a framework for ensuring all fossil fuel finance decisions ANZ makes are aligned with a 1.5\u00b0C-warming pathway, by:\n\n\u2013 Ruling out any direct finance for any fossil fuel expansion project (extraction and associated infrastructure), including new or expanded metallurgical coal mines, LNG import terminals, and pipelines; \n\u2013 Requiring transition plans from all fossil fuel companies, including companies involved in the midstream and downstream fossil fuel value chain;\n\u2013 Requiring these transition plans be aligned to a 1.5\u00b0C pathway;\n\u2013 Requiring these transition plans to have 1.5\u00b0C-aligned scope 3 emissions reduction targets;  \n\u2013 Rule out providing all types of new finance (e.g., project finance, corporate finance, and arranging or facilitating bonds) to all fossil fuel companies without 1.5\u00b0C-aligned transition plans, and \n\u2013 Between now and the date ANZ requires transition plans from - do not provide financial support (corporate finance, project finance or bonds) to any project or company that will expand the fossil fuel sector.\n\nOn behalf of all your shareholders, customers and all Australians who care about a safe future for our communities and our families, I sincerely urge you to adopt these requests. \n\nYour consideration and response on this matter is highly appreciated.\n\nSincerely,<\/textarea><\/div><\/div><div id=\"field_655_14\" class=\"gfield gfield--type-section gfield--input-type-section gsection field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_hidden\"  ><div class=\"admin-hidden-markup\"><i class=\"gform-icon gform-icon--hidden\" aria-hidden=\"true\" title=\"This field is hidden when viewing the form\"><\/i><span>This field is hidden when viewing the form<\/span><\/div><h3 class=\"gsection_title\">Neither<\/h3><\/div><div id=\"field_655_15\" class=\"gfield gfield--type-text gfield--input-type-text gfield--width-full field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_655_15'>Subject<\/label><div class='ginput_container ginput_container_text'><input name='input_15' id='input_655_15' type='text' value='Start acting in-line with your commitments and stop funding fossil fuel expansion!' class='large'      aria-invalid=\"false\"   \/><\/div><\/div><div id=\"field_655_16\" class=\"gfield gfield--type-textarea gfield--input-type-textarea gfield--width-full field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_655_16'>Your message to ANZ<\/label><div class='ginput_container ginput_container_textarea'><textarea name='input_16' id='input_655_16' class='textarea large'      aria-invalid=\"false\"   rows='10' cols='50'>Dear ANZ,\n\nIt is appalling that, despite your claimed commitment to the Paris Agreement and net zero emissions by 2050, you have continued to loan hundreds of millions to companies expanding coal, oil and gas. \n\nDespite the scientific imperative that new and expanded fossil fuel projects must not proceed if we are to meet global climate goals, your bank continues to enable coal, oil and gas companies to bulldoze ahead with their expansion plans. This makes a mockery of your own commitments. \n\nBetween 2016-2023, ANZ poured the most amount of money into fossil fuels of all Australian banks, a whopping $19.8 billion. Factoring in its lending in early 2024 to companies with some of the biggest coal, oil and gas expansion plans in the world, ANZ has now blown past $20 billion to fossil fuels since the Paris Agreement was signed. \n\nBut worst of all is the over $12 billion ANZ has loaned to new and expanded coal, oil and gas projects and the companies pursuing them since 2016. Just last year ANZ loaned over $900 million to companies with plans to expand fossil fuels, arranging an almost equivalent amount to these expansion companies through the bond market. \n\nANZ has a long list of clients currently pursuing expansionary coal, oil and gas projects including JERA, APA Group, Santos, Glencore, BHP, Baker Hughes, Siemens Energy, San Miguel Corporation, GE Vernova, and Woodside.    \n\nThese examples are just some of many. It is beyond comprehension that your climate policy gives climate destroying coal, oil and gas expansion companies a free pass until at least October 2025 when the world\u2019s leading experts have already made clear that we have no room for new or expanded fossil fuel developments. Even then, your clients are not expected to reduce scope 3 emissions, by far the biggest source of emissions for most fossil fuel companies, making a mockery of transition plans. \n\nWhen it comes to action on climate change, you are the clear laggard among your peers. \n\nHowever, ANZ still has a chance to prevent even further damage from being inflicted on people and planet. ANZ can implement policies today that would put an end to this rampant financing of climate-destroying fossil fuel expansion. \n\nI, therefore, sincerely request that you implement a framework for ensuring all fossil fuel finance decisions ANZ makes are aligned with a 1.5\u00b0C-warming pathway, by:\n\n\u2013 Ruling out any direct finance for any fossil fuel expansion project (extraction and associated infrastructure), including new or expanded metallurgical coal mines, LNG import terminals, and pipelines; \n\u2013 Requiring transition plans from all fossil fuel companies, including companies involved in the midstream and downstream fossil fuel value chain;\n\u2013 Requiring these transition plans be aligned to a 1.5\u00b0C pathway;\n\u2013 Requiring these transition plans to have 1.5\u00b0C-aligned scope 3 emissions reduction targets;  \n\u2013 Rule out providing all types of new finance (e.g., project finance, corporate finance, and arranging or facilitating bonds) to all fossil fuel companies without 1.5\u00b0C-aligned transition plans, and \n\u2013 Between now and the date ANZ requires transition plans from - do not provide financial support (corporate finance, project finance or bonds) to any project or company that will expand the fossil fuel sector.\n\nOn behalf of all your shareholders, customers and all Australians who care about a safe future for our communities and our families, I sincerely urge you to adopt these requests. \n\nYour consideration and response on this matter is highly appreciated.\n\nSincerely,<\/textarea><\/div><\/div><fieldset id=\"field_655_17\" class=\"gfield gfield--type-checkbox gfield--type-choice gfield--input-type-checkbox gfield--width-full field_sublabel_below gfield--no-description field_description_below hidden_label field_validation_below gfield_visibility_visible\"  ><legend class='gfield_label gform-field-label gfield_label_before_complex' >Yes, of course I want updates about Market Forces campaigns!<\/legend><div class='ginput_container ginput_container_checkbox'><div class='gfield_checkbox ' id='input_655_17'><div class='gchoice gchoice_655_17_1'>\n\t\t\t\t\t\t\t\t<input class='gfield-choice-input' name='input_17.1' type='checkbox'  value='Yes, of course I want updates about Market Forces campaigns!' checked='checked' id='choice_655_17_1'   \/>\n\t\t\t\t\t\t\t\t<label for='choice_655_17_1' id='label_655_17_1' class='gform-field-label gform-field-label--type-inline'>Yes, of course I want updates about Market Forces campaigns!<\/label>\n\t\t\t\t\t\t\t<\/div><\/div><\/div><\/fieldset><fieldset id=\"field_655_18\" class=\"gfield gfield--type-checkbox gfield--type-choice gfield--input-type-checkbox gfield--width-full field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_hidden\"  ><div class=\"admin-hidden-markup\"><i class=\"gform-icon gform-icon--hidden\" aria-hidden=\"true\" title=\"This field is hidden when viewing the form\"><\/i><span>This field is hidden when viewing the form<\/span><\/div><legend class='gfield_label gform-field-label gfield_label_before_complex' >PASS DATA - MAIN LIST: Are you an ANZ customer or shareholder -&gt; ANZ customer<\/legend><div class='ginput_container ginput_container_checkbox'><div class='gfield_checkbox ' id='input_655_18'><div class='gchoice gchoice_655_18_1'>\n\t\t\t\t\t\t\t\t<input class='gfield-choice-input' name='input_18.1' type='checkbox'  value='ANZ customer' checked='checked' id='choice_655_18_1'   \/>\n\t\t\t\t\t\t\t\t<label for='choice_655_18_1' id='label_655_18_1' class='gform-field-label gform-field-label--type-inline'>ANZ customer<\/label>\n\t\t\t\t\t\t\t<\/div><\/div><\/div><\/fieldset><fieldset id=\"field_655_19\" class=\"gfield gfield--type-checkbox gfield--type-choice gfield--input-type-checkbox gfield--width-full field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_hidden\"  ><div class=\"admin-hidden-markup\"><i class=\"gform-icon gform-icon--hidden\" aria-hidden=\"true\" title=\"This field is hidden when viewing the form\"><\/i><span>This field is hidden when viewing the form<\/span><\/div><legend class='gfield_label gform-field-label gfield_label_before_complex' >PASS DATA - MAIN LIST: Are you an ANZ customer or shareholder -&gt; ANZ shareholder<\/legend><div class='ginput_container ginput_container_checkbox'><div class='gfield_checkbox ' id='input_655_19'><div class='gchoice gchoice_655_19_1'>\n\t\t\t\t\t\t\t\t<input class='gfield-choice-input' name='input_19.1' type='checkbox'  value='ANZ shareholder' checked='checked' id='choice_655_19_1'   \/>\n\t\t\t\t\t\t\t\t<label for='choice_655_19_1' id='label_655_19_1' class='gform-field-label gform-field-label--type-inline'>ANZ shareholder<\/label>\n\t\t\t\t\t\t\t<\/div><\/div><\/div><\/fieldset><fieldset id=\"field_655_20\" class=\"gfield gfield--type-checkbox gfield--type-choice gfield--input-type-checkbox gfield--width-full field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_hidden\"  ><div class=\"admin-hidden-markup\"><i class=\"gform-icon gform-icon--hidden\" aria-hidden=\"true\" title=\"This field is hidden when viewing the form\"><\/i><span>This field is hidden when viewing the form<\/span><\/div><legend class='gfield_label gform-field-label gfield_label_before_complex' >TOOK ACTION: Banks - ANZ Banking Climate Failure - July 2024<\/legend><div class='ginput_container ginput_container_checkbox'><div class='gfield_checkbox ' id='input_655_20'><div class='gchoice gchoice_655_20_1'>\n\t\t\t\t\t\t\t\t<input class='gfield-choice-input' name='input_20.1' type='checkbox'  value='TOOK ACTION: Banks - ANZ Banking Climate Failure - July 2024' checked='checked' id='choice_655_20_1'   \/>\n\t\t\t\t\t\t\t\t<label for='choice_655_20_1' id='label_655_20_1' class='gform-field-label gform-field-label--type-inline'>TOOK ACTION: Banks - ANZ 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]]> *\/\n<\/script>\n\n<p>[\/et_pb_tab][et_pb_tab title=&#8221;CommBank&#8221; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;]<\/p>\n\n                <div class='gf_browser_unknown gform_wrapper gravity-theme gform-theme--no-framework' data-form-theme='gravity-theme' data-form-index='0' id='gform_wrapper_656' style='display:none'>\n                        <div class='gform_heading'>\n                            <p class='gform_description'><\/p>\n                        <\/div><form method='post' enctype='multipart\/form-data'  id='gform_656'  action='\/wp-json\/wp\/v2\/pages\/76924' data-formid='656' novalidate><div class='gf_invisible ginput_recaptchav3' data-sitekey='6LdpG74bAAAAAAfG76zCHaW_pwUx9zp9bP05qG2y' data-tabindex='0'><input id=\"input_0e61fae1ac5f4b2d865e5211ef52b0e3\" class=\"gfield_recaptcha_response\" type=\"hidden\" name=\"input_0e61fae1ac5f4b2d865e5211ef52b0e3\" value=\"\"\/><\/div>\n                        <div class='gform-body gform_body'><div id='gform_fields_656' class='gform_fields top_label form_sublabel_below description_below validation_below'><fieldset id=\"field_656_1\" class=\"gfield gfield--type-name gfield--input-type-name gfield_contains_required field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><legend class='gfield_label gform-field-label gfield_label_before_complex' >Name<span class=\"gfield_required\"><span class=\"gfield_required gfield_required_text\">(Required)<\/span><\/span><\/legend><div class='ginput_complex ginput_container ginput_container--name no_prefix has_first_name no_middle_name has_last_name no_suffix gf_name_has_2 ginput_container_name gform-grid-row' id='input_656_1'>\n                            \n                            <span id='input_656_1_3_container' class='name_first gform-grid-col gform-grid-col--size-auto' >\n                                                    <input type='text' name='input_1.3' id='input_656_1_3' value=''   aria-required='true'     \/>\n                                                    <label for='input_656_1_3' class='gform-field-label gform-field-label--type-sub '>First<\/label>\n                                                <\/span>\n                            \n                            <span id='input_656_1_6_container' class='name_last gform-grid-col gform-grid-col--size-auto' >\n                                                    <input type='text' name='input_1.6' id='input_656_1_6' value=''   aria-required='true'     \/>\n                                                    <label for='input_656_1_6' class='gform-field-label gform-field-label--type-sub '>Last<\/label>\n                                                <\/span>\n                            \n                        <\/div><\/fieldset><div id=\"field_656_3\" class=\"gfield gfield--type-email gfield--input-type-email gfield--width-full gfield_contains_required field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_656_3'>Email<span class=\"gfield_required\"><span class=\"gfield_required gfield_required_text\">(Required)<\/span><\/span><\/label><div class='ginput_container ginput_container_email'>\n                            <input name='input_3' id='input_656_3' type='email' value='' class='large'    aria-required=\"true\" aria-invalid=\"false\"  \/>\n                        <\/div><\/div><fieldset id=\"field_656_4\" class=\"gfield gfield--type-radio gfield--type-choice gfield--input-type-radio gfield--width-full field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><legend class='gfield_label gform-field-label' >Are you a CommBank customer or shareholder?<\/legend><div class='ginput_container ginput_container_radio'><div class='gfield_radio' id='input_656_4'>\n\t\t\t<div class='gchoice gchoice_656_4_0'>\n\t\t\t\t\t<input class='gfield-choice-input' name='input_4' type='radio' value='Customer' checked='checked' id='choice_656_4_0' onchange='gformToggleRadioOther( this )'    \/>\n\t\t\t\t\t<label for='choice_656_4_0' id='label_656_4_0' class='gform-field-label gform-field-label--type-inline'>Customer<\/label>\n\t\t\t<\/div>\n\t\t\t<div class='gchoice gchoice_656_4_1'>\n\t\t\t\t\t<input class='gfield-choice-input' name='input_4' type='radio' value='Both a customer and shareholder'  id='choice_656_4_1' onchange='gformToggleRadioOther( this )'    \/>\n\t\t\t\t\t<label for='choice_656_4_1' id='label_656_4_1' class='gform-field-label gform-field-label--type-inline'>Both a customer and shareholder<\/label>\n\t\t\t<\/div>\n\t\t\t<div class='gchoice gchoice_656_4_2'>\n\t\t\t\t\t<input class='gfield-choice-input' name='input_4' type='radio' value='Shareholder'  id='choice_656_4_2' onchange='gformToggleRadioOther( this )'    \/>\n\t\t\t\t\t<label for='choice_656_4_2' id='label_656_4_2' class='gform-field-label gform-field-label--type-inline'>Shareholder<\/label>\n\t\t\t<\/div>\n\t\t\t<div class='gchoice gchoice_656_4_3'>\n\t\t\t\t\t<input class='gfield-choice-input' name='input_4' type='radio' value='Neither'  id='choice_656_4_3' onchange='gformToggleRadioOther( this )'    \/>\n\t\t\t\t\t<label for='choice_656_4_3' id='label_656_4_3' class='gform-field-label gform-field-label--type-inline'>Neither<\/label>\n\t\t\t<\/div><\/div><\/div><\/fieldset><div id=\"field_656_7\" class=\"gfield gfield--type-section gfield--input-type-section gsection field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_hidden\"  ><div class=\"admin-hidden-markup\"><i class=\"gform-icon gform-icon--hidden\" aria-hidden=\"true\" title=\"This field is hidden when viewing the form\"><\/i><span>This field is hidden when viewing the form<\/span><\/div><h3 class=\"gsection_title\">Customer<\/h3><\/div><div id=\"field_656_5\" class=\"gfield gfield--type-text gfield--input-type-text gfield--width-full field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_656_5'>Subject<\/label><div class='ginput_container ginput_container_text'><input name='input_5' id='input_656_5' type='text' value='Start acting in-line with your commitments and stop funding fossil fuel expansion! ' class='large'      aria-invalid=\"false\"   \/><\/div><\/div><div id=\"field_656_6\" class=\"gfield gfield--type-textarea gfield--input-type-textarea gfield--width-full field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_656_6'>Your message to CommBank<\/label><div class='ginput_container ginput_container_textarea'><textarea name='input_6' id='input_656_6' class='textarea large'      aria-invalid=\"false\"   rows='10' cols='50'>Dear Commonwealth Bank,\n\nI write to you today as a concerned customer. \n\nIt is appalling that, despite your claimed commitment to the Paris Agreement and net zero emissions by 2050, you continue to finance companies with dangerous coal, oil and gas expansion plans. \n\nSince 2016, Commonwealth Bank has loaned the second most to fossil fuels of Australia\u2019s big four banks, a whopping $16.1 billion. However, I was encouraged to see that, after a long and shameful history of pouring billions of dollars into fossil fuels and enabling billions of tonnes of emissions through your financing, you have consistently reduced overall fossil fuel lending in 2022 and 2023.  \n\nDespite that, I was extremely disappointed to learn that in 2023 you loaned $50 million to APA Group in a loan that does not need to be repaid in full until 2033, during which time APA threatens to unleash massive climate pollution from the Beetaloo Basin. Estimated end-user emissions from the development of Beetaloo gas are 1.1 billion tonnes of CO2-e, almost 2.5 times Australia\u2019s entire annual emissions. Traditional Owners including the Nurrdalinji Aboriginal Corporation, as well as local farmers and landholders, have voiced vehement opposition to the Beetaloo fracking plans, including raising concerns about risks to groundwater in the Cambrian Limestone Aquifer, which sustains local livelihoods and ecosystems.\n\nCommonwealth Bank also retains $900 million in exposure to the thermal coal sector, including coal giant, Glencore. The company is pursuing an extension for the Hunter Valley Continued Operations project, which is the largest coal mining proposal ever put forward in New South Wales. The proposed continuation of the mine would see mining continue until 2050, with emissions estimates of up to 1.2 billion tonnes of CO2-e, more than 2.5 times Australia\u2019s current annual emissions. At a recent Australian Senate Inquiry into Greenwashing, a representative of Glencore openly admitted that \u201cwe do not make any claim to be aligned with the Paris Agreement\u201d. Given this admission, it\u2019s startling that Commonwealth Bank\u2019s current policy has no requirements for thermal coal mining companies to have Paris-aligned transition plans to keep receiving finance. This means the bank could continue to fund Glencore until 2030, and enable it to kick start its massive coal extension in the Hunter Valley. \n\nThese examples show Commonwealth Bank\u2019s climate policy is still not consistent with your commitments to the climate goals of the Paris Agreement and net zero emissions by 2050. \n\nI know that you will be releasing your Climate Report in August this year.  As a concerned customer, I am calling on you to finally live up to your climate commitments and ensure all fossil fuel decisions Commonwealth Banks makes are aligned with a 1.5\u00b0C-warming pathway, by:\n\n\u2013 Ruling out any direct finance for any fossil fuel expansion project (extraction and associated infrastructure), including new or expanded metallurgical coal mines and LNG projects. \n\u2013 Requiring transition plans from all fossil fuel companies, including companies involved in the midstream and downstream fossil fuel value chain;\n\u2013 Requiring these transition plans be aligned to a 1.5\u00b0C pathway;\n\u2013 Categorically rule out providing all types of new finance (e.g., project finance, corporate finance, and arranging or facilitating bonds) to all fossil fuel companies without 1.5\u00b0C-aligned transition plans, and \n\u2013 Between now and the date Commonwealth Bank requires transition plans from - do not provide financial support (corporate finance, project finance or bonds) to any project or company that will expand the fossil fuel sector.\n\nOn behalf of all your shareholders, customers and all Australians who care about a safe future for our communities and our families, I sincerely urge you to adopt these requests. \n\nYour consideration and response on this matter is highly appreciated.\n\nSincerely,<\/textarea><\/div><\/div><div id=\"field_656_8\" class=\"gfield gfield--type-section gfield--input-type-section gsection field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_hidden\"  ><div class=\"admin-hidden-markup\"><i class=\"gform-icon gform-icon--hidden\" aria-hidden=\"true\" title=\"This field is hidden when viewing the form\"><\/i><span>This field is hidden when viewing the form<\/span><\/div><h3 class=\"gsection_title\">Both a customer and shareholder<\/h3><\/div><div id=\"field_656_9\" class=\"gfield gfield--type-text gfield--input-type-text gfield--width-full field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_656_9'>Subject<\/label><div class='ginput_container ginput_container_text'><input name='input_9' id='input_656_9' type='text' value='Start acting in-line with your commitments and stop funding fossil fuel expansion!' class='large'      aria-invalid=\"false\"   \/><\/div><\/div><div id=\"field_656_10\" class=\"gfield gfield--type-textarea gfield--input-type-textarea gfield--width-full field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_656_10'>Your message to CommBank<\/label><div class='ginput_container ginput_container_textarea'><textarea name='input_10' id='input_656_10' class='textarea large'      aria-invalid=\"false\"   rows='10' cols='50'>Dear Commonwealth Bank,\n\nI write to you today as a concerned shareholder and customer. \n\nIt is appalling that, despite your claimed commitment to the Paris Agreement and net zero emissions by 2050, you continue to finance companies with dangerous coal, oil and gas expansion plans. \n\nSince 2016, Commonwealth Bank has loaned the second most to fossil fuels of Australia\u2019s big four banks, a whopping $16.1 billion. However, I was encouraged to see that, after a long and shameful history of pouring billions of dollars into fossil fuels and enabling billions of tonnes of emissions through your financing, you have consistently reduced overall fossil fuel lending in 2022 and 2023.  \n\nDespite that, I was extremely disappointed to learn that in 2023 you loaned $50 million to APA Group in a loan that does not need to be repaid in full until 2033, during which time APA threatens to unleash massive climate pollution from the Beetaloo Basin. Estimated end-user emissions from the development of Beetaloo gas are 1.1 billion tonnes of CO2-e, almost 2.5 times Australia\u2019s entire annual emissions. Traditional Owners including the Nurrdalinji Aboriginal Corporation, as well as local farmers and landholders, have voiced vehement opposition to the Beetaloo fracking plans, including raising concerns about risks to groundwater in the Cambrian Limestone Aquifer, which sustains local livelihoods and ecosystems.\n\nCommonwealth Bank also retains $900 million in exposure to the thermal coal sector, including coal giant, Glencore. The company is pursuing an extension for the Hunter Valley Continued Operations project, which is the largest coal mining proposal ever put forward in New South Wales. The proposed continuation of the mine would see mining continue until 2050, with emissions estimates of up to 1.2 billion tonnes of CO2-e, more than 2.5 times Australia\u2019s current annual emissions. At a recent Australian Senate Inquiry into Greenwashing, a representative of Glencore openly admitted that \u201cwe do not make any claim to be aligned with the Paris Agreement\u201d. Given this admission, it\u2019s startling that Commonwealth Bank\u2019s current policy has no requirements for thermal coal mining companies to have Paris-aligned transition plans to keep receiving finance. This means the bank could continue to fund Glencore until 2030, and enable it to kick start its massive coal extension in the Hunter Valley. \n\nThese examples show Commonwealth Bank\u2019s climate policy is still not consistent with your commitments to the climate goals of the Paris Agreement and net zero emissions by 2050. \n\nI know that you will be releasing your Climate Report in August this year.  As a concerned shareholder and customer, I am calling on you to finally live up to your climate commitments and ensure all fossil fuel decisions Commonwealth Banks makes are aligned with a 1.5\u00b0C-warming pathway, by:\n\n\u2013 Ruling out any direct finance for any fossil fuel expansion project (extraction and associated infrastructure), including new or expanded metallurgical coal mines and LNG projects. \n\u2013 Requiring transition plans from all fossil fuel companies, including companies involved in the midstream and downstream fossil fuel value chain;\n\u2013 Requiring these transition plans be aligned to a 1.5\u00b0C pathway;\n\u2013 Categorically rule out providing all types of new finance (e.g., project finance, corporate finance, and arranging or facilitating bonds) to all fossil fuel companies without 1.5\u00b0C-aligned transition plans, and \n\u2013 Between now and the date Commonwealth Bank requires transition plans from - do not provide financial support (corporate finance, project finance or bonds) to any project or company that will expand the fossil fuel sector.\n\nOn behalf of all your shareholders, customers and all Australians who care about a safe future for our communities and our families, I sincerely urge you to adopt these requests. \n\nYour consideration and response on this matter is highly appreciated.\n\nSincerely,<\/textarea><\/div><\/div><div id=\"field_656_11\" class=\"gfield gfield--type-section gfield--input-type-section gsection field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_hidden\"  ><div class=\"admin-hidden-markup\"><i class=\"gform-icon gform-icon--hidden\" aria-hidden=\"true\" title=\"This field is hidden when viewing the form\"><\/i><span>This field is hidden when viewing the form<\/span><\/div><h3 class=\"gsection_title\">Shareholder<\/h3><\/div><div id=\"field_656_12\" class=\"gfield gfield--type-text gfield--input-type-text gfield--width-full field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_656_12'>Subject<\/label><div class='ginput_container ginput_container_text'><input name='input_12' id='input_656_12' type='text' value='Start acting in-line with your commitments and stop funding fossil fuel expansion' class='large'      aria-invalid=\"false\"   \/><\/div><\/div><div id=\"field_656_13\" class=\"gfield gfield--type-textarea gfield--input-type-textarea gfield--width-full field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_656_13'>Your message to CommBank<\/label><div class='ginput_container ginput_container_textarea'><textarea name='input_13' id='input_656_13' class='textarea large'      aria-invalid=\"false\"   rows='10' cols='50'>Dear Commonwealth Bank,\n\nI write to you today as a concerned shareholder. \n\nIt is appalling that, despite your claimed commitment to the Paris Agreement and net zero emissions by 2050, you continue to finance companies with dangerous coal, oil and gas expansion plans. \n\nSince 2016, Commonwealth Bank has loaned the second most to fossil fuels of Australia\u2019s big four banks, a whopping $16.1 billion. However, I was encouraged to see that, after a long and shameful history of pouring billions of dollars into fossil fuels and enabling billions of tonnes of emissions through your financing, you have consistently reduced overall fossil fuel lending in 2022 and 2023.  \n\nDespite that, I was extremely disappointed to learn that in 2023 you loaned $50 million to APA Group in a loan that does not need to be repaid in full until 2033, during which time APA threatens to unleash massive climate pollution from the Beetaloo Basin. Estimated end-user emissions from the development of Beetaloo gas are 1.1 billion tonnes of CO2-e, almost 2.5 times Australia\u2019s entire annual emissions. Traditional Owners including the Nurrdalinji Aboriginal Corporation, as well as local farmers and landholders, have voiced vehement opposition to the Beetaloo fracking plans, including raising concerns about risks to groundwater in the Cambrian Limestone Aquifer, which sustains local livelihoods and ecosystems.\n\nCommonwealth Bank also retains $900 million in exposure to the thermal coal sector, including coal giant, Glencore. The company is pursuing an extension for the Hunter Valley Continued Operations project, which is the largest coal mining proposal ever put forward in New South Wales. The proposed continuation of the mine would see mining continue until 2050, with emissions estimates of up to 1.2 billion tonnes of CO2-e, more than 2.5 times Australia\u2019s current annual emissions. At a recent Australian Senate Inquiry into Greenwashing, a representative of Glencore openly admitted that \u201cwe do not make any claim to be aligned with the Paris Agreement\u201d. Given this admission, it\u2019s startling that Commonwealth Bank\u2019s current policy has no requirements for thermal coal mining companies to have Paris-aligned transition plans to keep receiving finance. This means the bank could continue to fund Glencore until 2030, and enable it to kick start its massive coal extension in the Hunter Valley. \n\nThese examples show Commonwealth Bank\u2019s climate policy is still not consistent with your commitments to the climate goals of the Paris Agreement and net zero emissions by 2050. \n\nI know that you will be releasing your Climate Report in August this year.  As a concerned shareholder, I am calling on you to finally live up to your climate commitments and ensure all fossil fuel decisions Commonwealth Banks makes are aligned with a 1.5\u00b0C-warming pathway, by:\n\n\u2013 Ruling out any direct finance for any fossil fuel expansion project (extraction and associated infrastructure), including new or expanded metallurgical coal mines and LNG projects. \n\u2013 Requiring transition plans from all fossil fuel companies, including companies involved in the midstream and downstream fossil fuel value chain;\n\u2013 Requiring these transition plans be aligned to a 1.5\u00b0C pathway;\n\u2013 Categorically rule out providing all types of new finance (e.g., project finance, corporate finance, and arranging or facilitating bonds) to all fossil fuel companies without 1.5\u00b0C-aligned transition plans, and \n\u2013 Between now and the date Commonwealth Bank requires transition plans from - do not provide financial support (corporate finance, project finance or bonds) to any project or company that will expand the fossil fuel sector.\n\nOn behalf of all your shareholders, customers and all Australians who care about a safe future for our communities and our families, I sincerely urge you to adopt these requests. \n\nYour consideration and response on this matter is highly appreciated.\n\nSincerely,<\/textarea><\/div><\/div><div id=\"field_656_14\" class=\"gfield gfield--type-section gfield--input-type-section gsection field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_hidden\"  ><div class=\"admin-hidden-markup\"><i class=\"gform-icon gform-icon--hidden\" aria-hidden=\"true\" title=\"This field is hidden when viewing the form\"><\/i><span>This field is hidden when viewing the form<\/span><\/div><h3 class=\"gsection_title\">Neither<\/h3><\/div><div id=\"field_656_15\" class=\"gfield gfield--type-text gfield--input-type-text gfield--width-full field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_656_15'>Subject<\/label><div class='ginput_container ginput_container_text'><input name='input_15' id='input_656_15' type='text' value='Start acting in-line with your commitments and stop funding fossil fuel expansion! ' class='large'      aria-invalid=\"false\"   \/><\/div><\/div><div id=\"field_656_16\" class=\"gfield gfield--type-textarea gfield--input-type-textarea gfield--width-full field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_656_16'>Your message to CommBank<\/label><div class='ginput_container ginput_container_textarea'><textarea name='input_16' id='input_656_16' class='textarea large'      aria-invalid=\"false\"   rows='10' cols='50'>Dear Commonwealth Bank,\n\nIt is appalling that, despite your claimed commitment to the Paris Agreement and net zero emissions by 2050, you continue to finance companies with dangerous coal, oil and gas expansion plans. \n\nSince 2016, Commonwealth Bank has loaned the second most to fossil fuels of Australia\u2019s big four banks, a whopping $16.1 billion. However, I was encouraged to see that, after a long and shameful history of pouring billions of dollars into fossil fuels and enabling billions of tonnes of emissions through your financing, you have consistently reduced overall fossil fuel lending in 2022 and 2023.  \n\nDespite that, I was extremely disappointed to learn that in 2023 you loaned $50 million to APA Group in a loan that does not need to be repaid in full until 2033, during which time APA threatens to unleash massive climate pollution from the Beetaloo Basin. Estimated end-user emissions from the development of Beetaloo gas are 1.1 billion tonnes of CO2-e, almost 2.5 times Australia\u2019s entire annual emissions. Traditional Owners including the Nurrdalinji Aboriginal Corporation, as well as local farmers and landholders, have voiced vehement opposition to the Beetaloo fracking plans, including raising concerns about risks to groundwater in the Cambrian Limestone Aquifer, which sustains local livelihoods and ecosystems.\n\nCommonwealth Bank also retains $900 million in exposure to the thermal coal sector, including coal giant, Glencore. The company is pursuing an extension for the Hunter Valley Continued Operations project, which is the largest coal mining proposal ever put forward in New South Wales. The proposed continuation of the mine would see mining continue until 2050, with emissions estimates of up to 1.2 billion tonnes of CO2-e, more than 2.5 times Australia\u2019s current annual emissions. At a recent Australian Senate Inquiry into Greenwashing, a representative of Glencore openly admitted that \u201cwe do not make any claim to be aligned with the Paris Agreement\u201d. Given this admission, it\u2019s startling that Commonwealth Bank\u2019s current policy has no requirements for thermal coal mining companies to have Paris-aligned transition plans to keep receiving finance. This means the bank could continue to fund Glencore until 2030, and enable it to kick start its massive coal extension in the Hunter Valley. \n\nThese examples show Commonwealth Bank\u2019s climate policy is still not consistent with your commitments to the climate goals of the Paris Agreement and net zero emissions by 2050. \n\nI know that you will be releasing your Climate Report in August this year. I am calling on you to finally live up to your climate commitments and ensure all fossil fuel decisions Commonwealth Banks makes are aligned with a 1.5\u00b0C-warming pathway, by:\n\n\u2013 Ruling out any direct finance for any fossil fuel expansion project (extraction and associated infrastructure), including new or expanded metallurgical coal mines and LNG projects. \n\u2013 Requiring transition plans from all fossil fuel companies, including companies involved in the midstream and downstream fossil fuel value chain;\n\u2013 Requiring these transition plans be aligned to a 1.5\u00b0C pathway;\n\u2013 Categorically rule out providing all types of new finance (e.g., project finance, corporate finance, and arranging or facilitating bonds) to all fossil fuel companies without 1.5\u00b0C-aligned transition plans, and \n\u2013 Between now and the date Commonwealth Bank requires transition plans from - do not provide financial support (corporate finance, project finance or bonds) to any project or company that will expand the fossil fuel sector.\n\nOn behalf of all your shareholders, customers and all Australians who care about a safe future for our communities and our families, I sincerely urge you to adopt these requests. \n\nYour consideration and response on this matter is highly appreciated.\n\nSincerely,<\/textarea><\/div><\/div><fieldset id=\"field_656_17\" class=\"gfield gfield--type-checkbox gfield--type-choice gfield--input-type-checkbox gfield--width-full field_sublabel_below gfield--no-description field_description_below hidden_label field_validation_below gfield_visibility_visible\"  ><legend class='gfield_label gform-field-label gfield_label_before_complex' >Yes, of course I want updates about Market Forces campaigns!<\/legend><div class='ginput_container ginput_container_checkbox'><div class='gfield_checkbox ' id='input_656_17'><div class='gchoice gchoice_656_17_1'>\n\t\t\t\t\t\t\t\t<input class='gfield-choice-input' name='input_17.1' type='checkbox'  value='Yes, of course I want updates about Market Forces campaigns!' checked='checked' id='choice_656_17_1'   \/>\n\t\t\t\t\t\t\t\t<label for='choice_656_17_1' id='label_656_17_1' class='gform-field-label gform-field-label--type-inline'>Yes, of course I want updates about Market Forces campaigns!<\/label>\n\t\t\t\t\t\t\t<\/div><\/div><\/div><\/fieldset><fieldset id=\"field_656_18\" class=\"gfield gfield--type-checkbox gfield--type-choice gfield--input-type-checkbox gfield--width-full field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_hidden\"  ><div class=\"admin-hidden-markup\"><i class=\"gform-icon gform-icon--hidden\" aria-hidden=\"true\" title=\"This field is hidden when viewing the form\"><\/i><span>This field is hidden when viewing the form<\/span><\/div><legend class='gfield_label gform-field-label gfield_label_before_complex' >PASS DATA - MAIN LIST: Are you an CommBank customer or shareholder -&gt; CommBank customer<\/legend><div class='ginput_container ginput_container_checkbox'><div class='gfield_checkbox ' id='input_656_18'><div class='gchoice gchoice_656_18_1'>\n\t\t\t\t\t\t\t\t<input class='gfield-choice-input' name='input_18.1' type='checkbox'  value='a CommBank customer' checked='checked' id='choice_656_18_1'   \/>\n\t\t\t\t\t\t\t\t<label for='choice_656_18_1' id='label_656_18_1' class='gform-field-label gform-field-label--type-inline'>a CommBank customer<\/label>\n\t\t\t\t\t\t\t<\/div><\/div><\/div><\/fieldset><fieldset id=\"field_656_19\" class=\"gfield gfield--type-checkbox gfield--type-choice gfield--input-type-checkbox gfield--width-full field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_hidden\"  ><div class=\"admin-hidden-markup\"><i class=\"gform-icon gform-icon--hidden\" aria-hidden=\"true\" title=\"This field is hidden when viewing the form\"><\/i><span>This field is hidden when viewing the form<\/span><\/div><legend class='gfield_label gform-field-label gfield_label_before_complex' >PASS DATA - MAIN LIST: Are you an CommBank customer or shareholder -&gt; CommBank shareholder<\/legend><div class='ginput_container ginput_container_checkbox'><div class='gfield_checkbox ' id='input_656_19'><div class='gchoice gchoice_656_19_1'>\n\t\t\t\t\t\t\t\t<input class='gfield-choice-input' name='input_19.1' type='checkbox'  value='a CommBank shareholder' checked='checked' id='choice_656_19_1'   \/>\n\t\t\t\t\t\t\t\t<label for='choice_656_19_1' id='label_656_19_1' class='gform-field-label gform-field-label--type-inline'>a CommBank shareholder<\/label>\n\t\t\t\t\t\t\t<\/div><\/div><\/div><\/fieldset><fieldset id=\"field_656_20\" class=\"gfield gfield--type-checkbox gfield--type-choice gfield--input-type-checkbox gfield--width-full field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_hidden\"  ><div class=\"admin-hidden-markup\"><i class=\"gform-icon gform-icon--hidden\" aria-hidden=\"true\" title=\"This field is hidden when viewing the form\"><\/i><span>This field is hidden when viewing the form<\/span><\/div><legend class='gfield_label gform-field-label gfield_label_before_complex' >TOOK ACTION: Banks - CommBank Banking Climate Failure - July 2024<\/legend><div class='ginput_container ginput_container_checkbox'><div class='gfield_checkbox ' id='input_656_20'><div class='gchoice gchoice_656_20_1'>\n\t\t\t\t\t\t\t\t<input class='gfield-choice-input' name='input_20.1' type='checkbox'  value='TOOK ACTION: Banks - CommBank Banking Climate Failure - July 2024' checked='checked' id='choice_656_20_1'   \/>\n\t\t\t\t\t\t\t\t<label for='choice_656_20_1' id='label_656_20_1' class='gform-field-label gform-field-label--type-inline'>TOOK ACTION: Banks - CommBank Banking Climate Failure - July 2024<\/label>\n\t\t\t\t\t\t\t<\/div><\/div><\/div><\/fieldset><\/div><\/div>\n        <div class='gform-footer gform_footer 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_module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;]<\/p>\n\n                <div class='gf_browser_unknown gform_wrapper gravity-theme gform-theme--no-framework' data-form-theme='gravity-theme' data-form-index='0' id='gform_wrapper_657' style='display:none'>\n                        <div class='gform_heading'>\n                            <p class='gform_description'><\/p>\n                        <\/div><form method='post' enctype='multipart\/form-data'  id='gform_657'  action='\/wp-json\/wp\/v2\/pages\/76924' data-formid='657' novalidate><div class='gf_invisible ginput_recaptchav3' data-sitekey='6LdpG74bAAAAAAfG76zCHaW_pwUx9zp9bP05qG2y' data-tabindex='0'><input id=\"input_70d9d6abd56ae5c7db97b2f2b5c58a09\" class=\"gfield_recaptcha_response\" type=\"hidden\" name=\"input_70d9d6abd56ae5c7db97b2f2b5c58a09\" value=\"\"\/><\/div>\n                        <div class='gform-body gform_body'><div id='gform_fields_657' class='gform_fields top_label form_sublabel_below description_below validation_below'><fieldset id=\"field_657_1\" class=\"gfield gfield--type-name gfield--input-type-name gfield_contains_required field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><legend class='gfield_label gform-field-label gfield_label_before_complex' >Name<span class=\"gfield_required\"><span class=\"gfield_required gfield_required_text\">(Required)<\/span><\/span><\/legend><div class='ginput_complex ginput_container ginput_container--name no_prefix has_first_name no_middle_name has_last_name no_suffix gf_name_has_2 ginput_container_name gform-grid-row' id='input_657_1'>\n                            \n                            <span id='input_657_1_3_container' class='name_first gform-grid-col gform-grid-col--size-auto' >\n                                                    <input type='text' name='input_1.3' id='input_657_1_3' value=''   aria-required='true'     \/>\n                                                    <label for='input_657_1_3' class='gform-field-label gform-field-label--type-sub '>First<\/label>\n                                                <\/span>\n                            \n                            <span id='input_657_1_6_container' class='name_last gform-grid-col gform-grid-col--size-auto' >\n                                                    <input type='text' name='input_1.6' id='input_657_1_6' value=''   aria-required='true'     \/>\n                                                    <label for='input_657_1_6' class='gform-field-label gform-field-label--type-sub '>Last<\/label>\n                                                <\/span>\n                            \n                        <\/div><\/fieldset><div id=\"field_657_3\" class=\"gfield gfield--type-email gfield--input-type-email gfield--width-full gfield_contains_required field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_657_3'>Email<span class=\"gfield_required\"><span class=\"gfield_required gfield_required_text\">(Required)<\/span><\/span><\/label><div class='ginput_container ginput_container_email'>\n                            <input name='input_3' id='input_657_3' type='email' value='' class='large'    aria-required=\"true\" aria-invalid=\"false\"  \/>\n                        <\/div><\/div><fieldset id=\"field_657_4\" class=\"gfield gfield--type-radio gfield--type-choice gfield--input-type-radio gfield--width-full field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><legend class='gfield_label gform-field-label' >Are you a NAB customer or shareholder?<\/legend><div class='ginput_container ginput_container_radio'><div class='gfield_radio' id='input_657_4'>\n\t\t\t<div class='gchoice gchoice_657_4_0'>\n\t\t\t\t\t<input class='gfield-choice-input' name='input_4' type='radio' value='Customer' checked='checked' id='choice_657_4_0' onchange='gformToggleRadioOther( this )'    \/>\n\t\t\t\t\t<label for='choice_657_4_0' id='label_657_4_0' class='gform-field-label gform-field-label--type-inline'>Customer<\/label>\n\t\t\t<\/div>\n\t\t\t<div class='gchoice gchoice_657_4_1'>\n\t\t\t\t\t<input class='gfield-choice-input' name='input_4' type='radio' value='Both a customer and shareholder'  id='choice_657_4_1' onchange='gformToggleRadioOther( this )'    \/>\n\t\t\t\t\t<label for='choice_657_4_1' id='label_657_4_1' class='gform-field-label gform-field-label--type-inline'>Both a customer and shareholder<\/label>\n\t\t\t<\/div>\n\t\t\t<div class='gchoice gchoice_657_4_2'>\n\t\t\t\t\t<input class='gfield-choice-input' name='input_4' type='radio' value='Shareholder'  id='choice_657_4_2' onchange='gformToggleRadioOther( this )'    \/>\n\t\t\t\t\t<label for='choice_657_4_2' id='label_657_4_2' class='gform-field-label gform-field-label--type-inline'>Shareholder<\/label>\n\t\t\t<\/div>\n\t\t\t<div class='gchoice gchoice_657_4_3'>\n\t\t\t\t\t<input class='gfield-choice-input' name='input_4' type='radio' value='Neither'  id='choice_657_4_3' onchange='gformToggleRadioOther( this )'    \/>\n\t\t\t\t\t<label for='choice_657_4_3' id='label_657_4_3' class='gform-field-label gform-field-label--type-inline'>Neither<\/label>\n\t\t\t<\/div><\/div><\/div><\/fieldset><div id=\"field_657_7\" class=\"gfield gfield--type-section gfield--input-type-section gsection field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_hidden\"  ><div class=\"admin-hidden-markup\"><i class=\"gform-icon gform-icon--hidden\" aria-hidden=\"true\" title=\"This field is hidden when viewing the form\"><\/i><span>This field is hidden when viewing the form<\/span><\/div><h3 class=\"gsection_title\">Customer<\/h3><\/div><div id=\"field_657_5\" class=\"gfield gfield--type-text gfield--input-type-text gfield--width-full field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_657_5'>Subject<\/label><div class='ginput_container ginput_container_text'><input name='input_5' id='input_657_5' type='text' value='Start acting in-line with your commitments and stop funding fossil fuel expansion! ' class='large'      aria-invalid=\"false\"   \/><\/div><\/div><div id=\"field_657_6\" class=\"gfield gfield--type-textarea gfield--input-type-textarea gfield--width-full field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_657_6'>Your message to NAB<\/label><div class='ginput_container ginput_container_textarea'><textarea name='input_6' id='input_657_6' class='textarea large'      aria-invalid=\"false\"   rows='10' cols='50'>Dear NAB,\n\nI write to you as a concerned customer. \n\nIt is appalling that, despite your claimed commitment to the Paris Agreement and net zero emissions by 2050, you have continued to loan hundreds of millions to companies expanding coal, oil and gas. \n\nIn 2023, NAB topped the charts as Australia\u2019s biggest lender to fossil fuels, including $859 million to companies with coal, oil and gas expansion plans. Since 2016, you have loaned a whopping $15.5 billion to the fossil fuel industry, with almost half of that lending going to new or expanded fossil fuel projects or the companies developing them.  \n\nThis includes funding for:\n- APA Group, in a loan that does not need to be repaid in full until 2033, during which time APA threatens to unleash massive climate pollution from the Beetaloo Basin. Estimated end-user emissions from the development of Beetaloo gas are 1.1 billion tonnes of CO2-e, almost 2.5 times Australia\u2019s entire annual emissions. Traditional Owners including the Nurrdalinji Aboriginal Corporation, as well as local farmers and landholders, have voiced vehement opposition to the Beetaloo fracking plans, including raising concerns about risks to groundwater in the Cambrian Limestone Aquifer, which sustains local livelihoods and ecosystems. \n\nI was pleased to learn that NAB has recently taken some small steps to address customer, shareholder, and wider community concern around its fossil fuel finance activity. \n\nWhile NAB has disclosed a framework for assessing some of its fossil fuel clients\u2019 transition plans for alignment with Paris, it still hasn\u2019t committed to not providing new finance to companies that aren\u2019t aligned with NAB\u2019s climate commitments, and its current policy doesn\u2019t capture all companies in the fossil fuel value chain, including pipeline operators like APA Group. \n\nNAB also is yet to rule out providing project finance for all new and expanded fossil fuel projects, and could still fund new pipelines, LNG projects, and metallurgical coal mines that could unlock new coal, oil and gas the planet cannot afford to burn. This is particularly concerning given NAB has funded new coal mines like Olive Downs in Queensland, new pipelines like Coastal Gaslink Pipeline, and new LNG projects like Woodside\u2019s Pluto 2 LNG Train in recent years. These projects alone will result in billions of tonnes of harmful emissions entering the atmosphere, making climate change worse than it already is. \n\nHowever, NAB has shown in recent months that it is capable of making changes, and still has a chance to prevent even further damage from being inflicted on people and planet. \n\nI know that you will be releasing your Climate Report later this year. As a concerned customer, I am calling on you to finally live up to your climate commitments and ensure all fossil fuel decisions NAB\nmakes are aligned with a 1.5\u00b0C-warming pathway, by:\n\n\u2013 Ruling out any direct finance for any fossil fuel expansion project (extraction and associated infrastructure), including new or expanded metallurgical coal mines, LNG projects, and transmission pipelines. \n\u2013 Requiring transition plans from all fossil fuel companies, including companies involved in the midstream and downstream fossil fuel value chain;\n\u2013 Categorically rule out providing all types of new finance (e.g., project finance, corporate finance, and arranging or facilitating bonds) to all fossil fuel companies without 1.5\u00b0C-aligned transition plans, and \n\u2013 Between now and the date NAB requires transition plans from - do not provide financial support (corporate finance, project finance or bonds) to any project or company that will expand the fossil fuel sector.\n\nOn behalf of all your shareholders, customers and all Australians who care about a safe future for our communities and our families, I sincerely urge you to adopt these requests. \n\nYour consideration and response on this matter is highly appreciated.\n\nSincerely,<\/textarea><\/div><\/div><div id=\"field_657_8\" class=\"gfield gfield--type-section gfield--input-type-section gsection field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_hidden\"  ><div class=\"admin-hidden-markup\"><i class=\"gform-icon gform-icon--hidden\" aria-hidden=\"true\" title=\"This field is hidden when viewing the form\"><\/i><span>This field is hidden when viewing the form<\/span><\/div><h3 class=\"gsection_title\">Both a customer and shareholder<\/h3><\/div><div id=\"field_657_9\" class=\"gfield gfield--type-text gfield--input-type-text gfield--width-full field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_657_9'>Subject<\/label><div class='ginput_container ginput_container_text'><input name='input_9' id='input_657_9' type='text' value='Start acting in-line with your commitments and stop funding fossil fuel expansion! ' class='large'      aria-invalid=\"false\"   \/><\/div><\/div><div id=\"field_657_10\" class=\"gfield gfield--type-textarea gfield--input-type-textarea gfield--width-full field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_657_10'>Your message to NAB<\/label><div class='ginput_container ginput_container_textarea'><textarea name='input_10' id='input_657_10' class='textarea large'      aria-invalid=\"false\"   rows='10' cols='50'>Dear NAB,\n\nI write to you as a concerned customer and shareholder. \n\nIt is appalling that, despite your claimed commitment to the Paris Agreement and net zero emissions by 2050, you have continued to loan hundreds of millions to companies expanding coal, oil and gas. \n\nIn 2023, NAB topped the charts as Australia\u2019s biggest lender to fossil fuels, including $859 million to companies with coal, oil and gas expansion plans. Since 2016, you have loaned a whopping $15.5 billion to the fossil fuel industry, with almost half of that lending going to new or expanded fossil fuel projects or the companies developing them.  \n\nThis includes funding for:\n- APA Group, in a loan that does not need to be repaid in full until 2033, during which time APA threatens to unleash massive climate pollution from the Beetaloo Basin. Estimated end-user emissions from the development of Beetaloo gas are 1.1 billion tonnes of CO2-e, almost 2.5 times Australia\u2019s entire annual emissions. Traditional Owners including the Nurrdalinji Aboriginal Corporation, as well as local farmers and landholders, have voiced vehement opposition to the Beetaloo fracking plans, including raising concerns about risks to groundwater in the Cambrian Limestone Aquifer, which sustains local livelihoods and ecosystems. \n\nI was pleased to learn that NAB has recently taken some small steps to address customer, shareholder, and wider community concern around its fossil fuel finance activity. \n\nWhile NAB has disclosed a framework for assessing some of its fossil fuel clients\u2019 transition plans for alignment with Paris, it still hasn\u2019t committed to not providing new finance to companies that aren\u2019t aligned with NAB\u2019s climate commitments, and its current policy doesn\u2019t capture all companies in the fossil fuel value chain, including pipeline operators like APA Group. \n\nNAB also is yet to rule out providing project finance for all new and expanded fossil fuel projects, and could still fund new pipelines, LNG projects, and metallurgical coal mines that could unlock new coal, oil and gas the planet cannot afford to burn. This is particularly concerning given NAB has funded new coal mines like Olive Downs in Queensland, new pipelines like Coastal Gaslink Pipeline, and new LNG projects like Woodside\u2019s Pluto 2 LNG Train in recent years. These projects alone will result in billions of tonnes of harmful emissions entering the atmosphere, making climate change worse than it already is. \n\nHowever, NAB has shown in recent months that it is capable of making changes, and still has a chance to prevent even further damage from being inflicted on people and planet. \n\nI know that you will be releasing your Climate Report later this year. As a customer and shareholder I am calling on you to finally live up to your climate commitments and ensure all fossil fuel decisions NAB\nmakes are aligned with a 1.5\u00b0C-warming pathway, by:\n\n\u2013 Ruling out any direct finance for any fossil fuel expansion project (extraction and associated infrastructure), including new or expanded metallurgical coal mines, LNG projects, and transmission pipelines. \n\u2013 Requiring transition plans from all fossil fuel companies, including companies involved in the midstream and downstream fossil fuel value chain;\n\u2013 Categorically rule out providing all types of new finance (e.g., project finance, corporate finance, and arranging or facilitating bonds) to all fossil fuel companies without 1.5\u00b0C-aligned transition plans, and \n\u2013 Between now and the date NAB requires transition plans from - do not provide financial support (corporate finance, project finance or bonds) to any project or company that will expand the fossil fuel sector.\n\nOn behalf of all your shareholders, customers and all Australians who care about a safe future for our communities and our families, I sincerely urge you to adopt these requests. \n\nYour consideration and response on this matter is highly appreciated.\n\nSincerely,<\/textarea><\/div><\/div><div id=\"field_657_11\" class=\"gfield gfield--type-section gfield--input-type-section gsection field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_hidden\"  ><div class=\"admin-hidden-markup\"><i class=\"gform-icon gform-icon--hidden\" aria-hidden=\"true\" title=\"This field is hidden when viewing the form\"><\/i><span>This field is hidden when viewing the form<\/span><\/div><h3 class=\"gsection_title\">Shareholder<\/h3><\/div><div id=\"field_657_12\" class=\"gfield gfield--type-text gfield--input-type-text gfield--width-full field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_657_12'>Subject<\/label><div class='ginput_container ginput_container_text'><input name='input_12' id='input_657_12' type='text' value='Start acting in-line with your commitments and stop funding fossil fuel expansion!' class='large'      aria-invalid=\"false\"   \/><\/div><\/div><div id=\"field_657_13\" class=\"gfield gfield--type-textarea gfield--input-type-textarea gfield--width-full field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_657_13'>Your message to NAB<\/label><div class='ginput_container ginput_container_textarea'><textarea name='input_13' id='input_657_13' class='textarea large'      aria-invalid=\"false\"   rows='10' cols='50'>Dear NAB,\n\nI write to you as a concerned shareholder. \n\nIt is appalling that, despite your claimed commitment to the Paris Agreement and net zero emissions by 2050, you have continued to loan hundreds of millions to companies expanding coal, oil and gas. \n\nIn 2023, NAB topped the charts as Australia\u2019s biggest lender to fossil fuels, including $859 million to companies with coal, oil and gas expansion plans. Since 2016, you have loaned a whopping $15.5 billion to the fossil fuel industry, with almost half of that lending going to new or expanded fossil fuel projects or the companies developing them.  \n\nThis includes funding for:\n- APA Group, in a loan that does not need to be repaid in full until 2033, during which time APA threatens to unleash massive climate pollution from the Beetaloo Basin. Estimated end-user emissions from the development of Beetaloo gas are 1.1 billion tonnes of CO2-e, almost 2.5 times Australia\u2019s entire annual emissions. Traditional Owners including the Nurrdalinji Aboriginal Corporation, as well as local farmers and landholders, have voiced vehement opposition to the Beetaloo fracking plans, including raising concerns about risks to groundwater in the Cambrian Limestone Aquifer, which sustains local livelihoods and ecosystems. \n\nI was pleased to learn that NAB has recently taken some small steps to address customer, shareholder, and wider community concern around its fossil fuel finance activity. \n\nWhile NAB has disclosed a framework for assessing some of its fossil fuel clients\u2019 transition plans for alignment with Paris, it still hasn\u2019t committed to not providing new finance to companies that aren\u2019t aligned with NAB\u2019s climate commitments, and its current policy doesn\u2019t capture all companies in the fossil fuel value chain, including pipeline operators like APA Group. \n\nNAB also is yet to rule out providing project finance for all new and expanded fossil fuel projects, and could still fund new pipelines, LNG projects, and metallurgical coal mines that could unlock new coal, oil and gas the planet cannot afford to burn. This is particularly concerning given NAB has funded new coal mines like Olive Downs in Queensland, new pipelines like Coastal Gaslink Pipeline, and new LNG projects like Woodside\u2019s Pluto 2 LNG Train in recent years. These projects alone will result in billions of tonnes of harmful emissions entering the atmosphere, making climate change worse than it already is. \n\nHowever, NAB has shown in recent months that it is capable of making changes, and still has a chance to prevent even further damage from being inflicted on people and planet. \n\nI know that you will be releasing your Climate Report later this year. As a concerned shareholder, I am calling on you to finally live up to your climate commitments and ensure all fossil fuel decisions NAB\nmakes are aligned with a 1.5\u00b0C-warming pathway, by:\n\n\u2013 Ruling out any direct finance for any fossil fuel expansion project (extraction and associated infrastructure), including new or expanded metallurgical coal mines, LNG projects, and transmission pipelines. \n\u2013 Requiring transition plans from all fossil fuel companies, including companies involved in the midstream and downstream fossil fuel value chain;\n\u2013 Categorically rule out providing all types of new finance (e.g., project finance, corporate finance, and arranging or facilitating bonds) to all fossil fuel companies without 1.5\u00b0C-aligned transition plans, and \n\u2013 Between now and the date NAB requires transition plans from - do not provide financial support (corporate finance, project finance or bonds) to any project or company that will expand the fossil fuel sector.\n\nOn behalf of all your shareholders, customers and all Australians who care about a safe future for our communities and our families, I sincerely urge you to adopt these requests. \n\nYour consideration and response on this matter is highly appreciated.\n\nSincerely,<\/textarea><\/div><\/div><div id=\"field_657_14\" class=\"gfield gfield--type-section gfield--input-type-section gsection field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_hidden\"  ><div class=\"admin-hidden-markup\"><i class=\"gform-icon gform-icon--hidden\" aria-hidden=\"true\" title=\"This field is hidden when viewing the form\"><\/i><span>This field is hidden when viewing the form<\/span><\/div><h3 class=\"gsection_title\">Neither<\/h3><\/div><div id=\"field_657_15\" class=\"gfield gfield--type-text gfield--input-type-text gfield--width-full field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_657_15'>Subject<\/label><div class='ginput_container ginput_container_text'><input name='input_15' id='input_657_15' type='text' value='Start acting in-line with your commitments and stop funding fossil fuel expansion!' class='large'      aria-invalid=\"false\"   \/><\/div><\/div><div id=\"field_657_16\" class=\"gfield gfield--type-textarea gfield--input-type-textarea gfield--width-full field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_657_16'>Your message to NAB<\/label><div class='ginput_container ginput_container_textarea'><textarea name='input_16' id='input_657_16' class='textarea large'      aria-invalid=\"false\"   rows='10' cols='50'>Dear NAB,\n\nIt is appalling that, despite your claimed commitment to the Paris Agreement and net zero emissions by 2050, you have continued to loan hundreds of millions to companies expanding coal, oil and gas. \n\nIn 2023, NAB topped the charts as Australia\u2019s biggest lender to fossil fuels, including $859 million to companies with coal, oil and gas expansion plans. Since 2016, you have loaned a whopping $15.5 billion to the fossil fuel industry, with almost half of that lending going to new or expanded fossil fuel projects or the companies developing them.  \n\nThis includes funding for:\n- APA Group, in a loan that does not need to be repaid in full until 2033, during which time APA threatens to unleash massive climate pollution from the Beetaloo Basin. Estimated end-user emissions from the development of Beetaloo gas are 1.1 billion tonnes of CO2-e, almost 2.5 times Australia\u2019s entire annual emissions. Traditional Owners including the Nurrdalinji Aboriginal Corporation, as well as local farmers and landholders, have voiced vehement opposition to the Beetaloo fracking plans, including raising concerns about risks to groundwater in the Cambrian Limestone Aquifer, which sustains local livelihoods and ecosystems. \n\nI was pleased to learn that NAB has recently taken some small steps to address customer, shareholder, and wider community concern around its fossil fuel finance activity. \n\nWhile NAB has disclosed a framework for assessing some of its fossil fuel clients\u2019 transition plans for alignment with Paris, it still hasn\u2019t committed to not providing new finance to companies that aren\u2019t aligned with NAB\u2019s climate commitments, and its current policy doesn\u2019t capture all companies in the fossil fuel value chain, including pipeline operators like APA Group. \n\nNAB also is yet to rule out providing project finance for all new and expanded fossil fuel projects, and could still fund new pipelines, LNG projects, and metallurgical coal mines that could unlock new coal, oil and gas the planet cannot afford to burn. This is particularly concerning given NAB has funded new coal mines like Olive Downs in Queensland, new pipelines like Coastal Gaslink Pipeline, and new LNG projects like Woodside\u2019s Pluto 2 LNG Train in recent years. These projects alone will result in billions of tonnes of harmful emissions entering the atmosphere, making climate change worse than it already is. \n\nHowever, NAB has shown in recent months that it is capable of making changes, and still has a chance to prevent even further damage from being inflicted on people and planet. \n\nI know that you will be releasing your Climate Report later this year. I am calling on you to finally live up to your climate commitments and ensure all fossil fuel decisions NAB\nmakes are aligned with a 1.5\u00b0C-warming pathway, by:\n\n\u2013 Ruling out any direct finance for any fossil fuel expansion project (extraction and associated infrastructure), including new or expanded metallurgical coal mines, LNG projects, and transmission pipelines. \n\u2013 Requiring transition plans from all fossil fuel companies, including companies involved in the midstream and downstream fossil fuel value chain;\n\u2013 Categorically rule out providing all types of new finance (e.g., project finance, corporate finance, and arranging or facilitating bonds) to all fossil fuel companies without 1.5\u00b0C-aligned transition plans, and \n\u2013 Between now and the date NAB requires transition plans from - do not provide financial support (corporate finance, project finance or bonds) to any project or company that will expand the fossil fuel sector.\n\nOn behalf of all your shareholders, customers and all Australians who care about a safe future for our communities and our families, I sincerely urge you to adopt these requests. \n\nYour consideration and response on this matter is highly appreciated.\n\nSincerely,<\/textarea><\/div><\/div><fieldset id=\"field_657_17\" class=\"gfield gfield--type-checkbox gfield--type-choice gfield--input-type-checkbox gfield--width-full field_sublabel_below gfield--no-description field_description_below hidden_label field_validation_below gfield_visibility_visible\"  ><legend class='gfield_label gform-field-label gfield_label_before_complex' >Yes, of course I want updates about Market Forces campaigns!<\/legend><div class='ginput_container ginput_container_checkbox'><div class='gfield_checkbox ' id='input_657_17'><div class='gchoice gchoice_657_17_1'>\n\t\t\t\t\t\t\t\t<input class='gfield-choice-input' name='input_17.1' type='checkbox'  value='Yes, of course I want updates about Market Forces campaigns!' checked='checked' id='choice_657_17_1'   \/>\n\t\t\t\t\t\t\t\t<label for='choice_657_17_1' id='label_657_17_1' class='gform-field-label gform-field-label--type-inline'>Yes, of course I want updates about Market Forces campaigns!<\/label>\n\t\t\t\t\t\t\t<\/div><\/div><\/div><\/fieldset><fieldset id=\"field_657_18\" class=\"gfield gfield--type-checkbox gfield--type-choice gfield--input-type-checkbox gfield--width-full field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_hidden\"  ><div class=\"admin-hidden-markup\"><i class=\"gform-icon gform-icon--hidden\" aria-hidden=\"true\" title=\"This field is hidden when viewing the form\"><\/i><span>This field is hidden when viewing the form<\/span><\/div><legend class='gfield_label gform-field-label gfield_label_before_complex' >PASS DATA - MAIN LIST: Are you an NAB customer or shareholder -&gt; NAB customer<\/legend><div class='ginput_container ginput_container_checkbox'><div class='gfield_checkbox ' id='input_657_18'><div class='gchoice gchoice_657_18_1'>\n\t\t\t\t\t\t\t\t<input class='gfield-choice-input' name='input_18.1' type='checkbox'  value='NAB customer' checked='checked' id='choice_657_18_1'   \/>\n\t\t\t\t\t\t\t\t<label for='choice_657_18_1' id='label_657_18_1' class='gform-field-label gform-field-label--type-inline'>NAB customer<\/label>\n\t\t\t\t\t\t\t<\/div><\/div><\/div><\/fieldset><fieldset id=\"field_657_19\" class=\"gfield gfield--type-checkbox gfield--type-choice gfield--input-type-checkbox gfield--width-full field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_hidden\"  ><div class=\"admin-hidden-markup\"><i class=\"gform-icon gform-icon--hidden\" aria-hidden=\"true\" title=\"This field is hidden when viewing the form\"><\/i><span>This field is hidden when viewing the form<\/span><\/div><legend class='gfield_label gform-field-label gfield_label_before_complex' >PASS DATA - MAIN LIST: Are you an NAB customer or shareholder -&gt; NAB shareholder<\/legend><div class='ginput_container ginput_container_checkbox'><div class='gfield_checkbox ' id='input_657_19'><div class='gchoice gchoice_657_19_1'>\n\t\t\t\t\t\t\t\t<input class='gfield-choice-input' name='input_19.1' type='checkbox'  value='NAB shareholder' checked='checked' id='choice_657_19_1'   \/>\n\t\t\t\t\t\t\t\t<label for='choice_657_19_1' id='label_657_19_1' class='gform-field-label gform-field-label--type-inline'>NAB shareholder<\/label>\n\t\t\t\t\t\t\t<\/div><\/div><\/div><\/fieldset><fieldset id=\"field_657_20\" class=\"gfield gfield--type-checkbox gfield--type-choice gfield--input-type-checkbox gfield--width-full field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_hidden\"  ><div class=\"admin-hidden-markup\"><i class=\"gform-icon gform-icon--hidden\" aria-hidden=\"true\" title=\"This field is hidden when viewing the form\"><\/i><span>This field is hidden when viewing the form<\/span><\/div><legend class='gfield_label gform-field-label gfield_label_before_complex' >TOOK ACTION: Banks - NAB Banking Climate Failure - July 2024<\/legend><div class='ginput_container ginput_container_checkbox'><div class='gfield_checkbox ' id='input_657_20'><div class='gchoice gchoice_657_20_1'>\n\t\t\t\t\t\t\t\t<input class='gfield-choice-input' name='input_20.1' type='checkbox'  value='TOOK ACTION: Banks - NAB Banking Climate Failure - July 2024' checked='checked' id='choice_657_20_1'   \/>\n\t\t\t\t\t\t\t\t<label for='choice_657_20_1' id='label_657_20_1' class='gform-field-label gform-field-label--type-inline'>TOOK ACTION: Banks - NAB Banking Climate Failure - July 2024<\/label>\n\t\t\t\t\t\t\t<\/div><\/div><\/div><\/fieldset><\/div><\/div>\n        <div class='gform-footer gform_footer top_label'> <input type='submit' id='gform_submit_button_657' class='gform_button button' onclick='gform.submission.handleButtonClick(this);' 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theme_builder_area=&#8221;post_content&#8221;]<\/p>\n\n                <div class='gf_browser_unknown gform_wrapper gravity-theme gform-theme--no-framework' data-form-theme='gravity-theme' data-form-index='0' id='gform_wrapper_658' style='display:none'>\n                        <div class='gform_heading'>\n                            <p class='gform_description'><\/p>\n                        <\/div><form method='post' enctype='multipart\/form-data'  id='gform_658'  action='\/wp-json\/wp\/v2\/pages\/76924' data-formid='658' novalidate><div class='gf_invisible ginput_recaptchav3' data-sitekey='6LdpG74bAAAAAAfG76zCHaW_pwUx9zp9bP05qG2y' data-tabindex='0'><input id=\"input_676934f3240a9a6e20a9fda87fc54132\" class=\"gfield_recaptcha_response\" type=\"hidden\" name=\"input_676934f3240a9a6e20a9fda87fc54132\" value=\"\"\/><\/div>\n                        <div class='gform-body gform_body'><div id='gform_fields_658' class='gform_fields top_label form_sublabel_below description_below validation_below'><fieldset id=\"field_658_1\" class=\"gfield gfield--type-name gfield--input-type-name gfield_contains_required field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><legend class='gfield_label gform-field-label gfield_label_before_complex' >Name<span class=\"gfield_required\"><span class=\"gfield_required gfield_required_text\">(Required)<\/span><\/span><\/legend><div class='ginput_complex ginput_container ginput_container--name no_prefix has_first_name no_middle_name has_last_name no_suffix gf_name_has_2 ginput_container_name gform-grid-row' id='input_658_1'>\n                            \n                            <span id='input_658_1_3_container' class='name_first gform-grid-col gform-grid-col--size-auto' >\n                                                    <input type='text' name='input_1.3' id='input_658_1_3' value=''   aria-required='true'     \/>\n                                                    <label for='input_658_1_3' class='gform-field-label gform-field-label--type-sub '>First<\/label>\n                                                <\/span>\n                            \n                            <span id='input_658_1_6_container' class='name_last gform-grid-col gform-grid-col--size-auto' >\n                                                    <input type='text' name='input_1.6' id='input_658_1_6' value=''   aria-required='true'     \/>\n                                                    <label for='input_658_1_6' class='gform-field-label gform-field-label--type-sub '>Last<\/label>\n                                                <\/span>\n                            \n                        <\/div><\/fieldset><div id=\"field_658_3\" class=\"gfield gfield--type-email gfield--input-type-email gfield--width-full gfield_contains_required field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_658_3'>Email<span class=\"gfield_required\"><span class=\"gfield_required gfield_required_text\">(Required)<\/span><\/span><\/label><div class='ginput_container ginput_container_email'>\n                            <input name='input_3' id='input_658_3' type='email' value='' class='large'    aria-required=\"true\" aria-invalid=\"false\"  \/>\n                        <\/div><\/div><fieldset id=\"field_658_4\" class=\"gfield gfield--type-radio gfield--type-choice gfield--input-type-radio gfield--width-full field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><legend class='gfield_label gform-field-label' >Are you a Westpac customer or shareholder?<\/legend><div class='ginput_container ginput_container_radio'><div class='gfield_radio' id='input_658_4'>\n\t\t\t<div class='gchoice gchoice_658_4_0'>\n\t\t\t\t\t<input class='gfield-choice-input' name='input_4' type='radio' value='Customer' checked='checked' id='choice_658_4_0' onchange='gformToggleRadioOther( this )'    \/>\n\t\t\t\t\t<label for='choice_658_4_0' id='label_658_4_0' class='gform-field-label gform-field-label--type-inline'>Customer<\/label>\n\t\t\t<\/div>\n\t\t\t<div class='gchoice gchoice_658_4_1'>\n\t\t\t\t\t<input class='gfield-choice-input' name='input_4' type='radio' value='Both a customer and shareholder'  id='choice_658_4_1' onchange='gformToggleRadioOther( this )'    \/>\n\t\t\t\t\t<label for='choice_658_4_1' id='label_658_4_1' class='gform-field-label gform-field-label--type-inline'>Both a customer and shareholder<\/label>\n\t\t\t<\/div>\n\t\t\t<div class='gchoice gchoice_658_4_2'>\n\t\t\t\t\t<input class='gfield-choice-input' name='input_4' type='radio' value='Shareholder'  id='choice_658_4_2' onchange='gformToggleRadioOther( this )'    \/>\n\t\t\t\t\t<label for='choice_658_4_2' id='label_658_4_2' class='gform-field-label gform-field-label--type-inline'>Shareholder<\/label>\n\t\t\t<\/div>\n\t\t\t<div class='gchoice gchoice_658_4_3'>\n\t\t\t\t\t<input class='gfield-choice-input' name='input_4' type='radio' value='Neither'  id='choice_658_4_3' onchange='gformToggleRadioOther( this )'    \/>\n\t\t\t\t\t<label for='choice_658_4_3' id='label_658_4_3' class='gform-field-label gform-field-label--type-inline'>Neither<\/label>\n\t\t\t<\/div><\/div><\/div><\/fieldset><div id=\"field_658_7\" class=\"gfield gfield--type-section gfield--input-type-section gsection field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_hidden\"  ><div class=\"admin-hidden-markup\"><i class=\"gform-icon gform-icon--hidden\" aria-hidden=\"true\" title=\"This field is hidden when viewing the form\"><\/i><span>This field is hidden when viewing the form<\/span><\/div><h3 class=\"gsection_title\">Customer<\/h3><\/div><div id=\"field_658_5\" class=\"gfield gfield--type-text gfield--input-type-text gfield--width-full field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_658_5'>Subject<\/label><div class='ginput_container ginput_container_text'><input name='input_5' id='input_658_5' type='text' value='Start acting in-line with your commitments and stop funding fossil fuel expansion! ' class='large'      aria-invalid=\"false\"   \/><\/div><\/div><div id=\"field_658_6\" class=\"gfield gfield--type-textarea gfield--input-type-textarea gfield--width-full field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_658_6'>Your message to Westpac<\/label><div class='ginput_container ginput_container_textarea'><textarea name='input_6' id='input_658_6' class='textarea large'      aria-invalid=\"false\"   rows='10' cols='50'>Dear Westpac,\n\nI write to you today as a concerned customer. \n\nIt is appalling that, despite your claimed commitment to the Paris Agreement and net zero emissions by 2050, you have continued to loan hundreds of millions to companies expanding coal, oil and gas. \n\nIn the last three years, Westpac has lost its title of lowest lender to fossil fuels among Australia\u2019s big four banks. What is most concerning is the companies and projects this lending is going to. \n\nIn just the last few years, Westpac has demonstrated a clear propensity for funding companies with some of the biggest coal, oil and gas expansion plans in the world. Between 2021-2023 Westpac loaned $1.8 billion to new and expanded coal, oil and gas projects and the companies developing them, with $533 million in 2023 alone.   \n\nI was particularly shocked to learn that Westpac is funding companies and projects responsible for part of a massive planned gas buildout across Asia. 63% of the world\u2019s proposed new gas power is in Asia. Despite opposition from local communities, the fossil fuel industry is pushing costly and climate destroying projects in this region, and it\u2019s being enabled by Westpac. \n\nThis includes funding for:\n- Global Infrastructure Partners, in a loan that enabled Woodside to proceed with the climate-wrecking Scarborough\/Pluto 2 gas project. Conservative estimates put the emissions from this project at 637 million tonnes of CO2 equivalent, with independent analysis concluding the project \u201crepresents a bet against the world implementing the Paris Agreement\u201d \n- Santos, which plans to increase production 16% between 2022 and 2028, while the latest International Energy Agency Net-Zero by 2050 Scenario projects global oil and gas production must fall 19% by the end of this decade. \n- Woodside, which plans to increase oil and gas production by 24% by 2028 from 2022 levels with new projects coming online. Woodside has five planned new or expanded oil and gas projects in the pipeline. \n- GE Vernova, a company involved in a staggering 25GW of new LNG to power projects in Bangladesh and Vietnam. In the Chattogram region of Bangladesh alone, gas or LNG projects with GE involvement would add approximately 430 million tonnes of carbon dioxide equivalent (CO2-e) to the atmosphere throughout the plants\u2019 operational lives, over four times the country\u2019s total emissions in 2022.\n- APA Group, a company planning to construct several pipelines to support extensive fracking in the Beetaloo Basin, one of the biggest proposed gas projects in Australia\u2019s history, with estimated end-user emissions of 1.1 billion tonnes of carbon dioxide equivalent (CO2-e), almost 2.5 times Australia\u2019s annual emissions. Most of the gas is destined for export.\n- JERA, a major player in the Japan-led fossil gas expansion in Asia, pursuing five new LNG to power projects in Bangladesh and Vietnam with nameplate capacity of 11.6GW - effectively trying to lock these countries into dirty and expensive fossil fuels instead of renewable energy. \n\nThis kind of financing activity calls into question not only Westpac\u2019s commitments, but the kind of world and economies Westpac wants to be shaping. These companies are demonstrating their intention to ensure that the \u2018Asian growth market\u2019 is locked into dependence on outdated and harmful technologies instead of developing clean, renewable energy, and Westpac is bankrolling it. \n\nI know that you will be releasing your Climate Report later this year. As a concerned customer, I am calling on you to finally live up to your climate commitments and ensure all fossil fuel decisions Westpac\nmakes are aligned with a 1.5\u00b0C-warming pathway, by:\n\n\u2013 Ruling out any direct finance for any fossil fuel expansion project (extraction and associated infrastructure), including expanded metallurgical coal mines. \n\u2013 Requiring transition plans from all fossil fuel companies, including companies involved in the midstream and downstream fossil fuel value chain;\n\u2013 Categorically rule out providing all types of new finance (e.g., project finance, corporate finance, and arranging or facilitating bonds) to all fossil fuel companies without 1.5\u00b0C-aligned transition plans, and \n\u2013 Between now and the date Westpac requires transition plans from - do not provide financial support (corporate finance, project finance or bonds) to any project or company that will expand the fossil fuel sector.\n\nOn behalf of all your shareholders, customers and all Australians who care about a safe future for our communities and our families, I sincerely urge you to adopt these requests.\n\nYour consideration and response on this matter is highly appreciated.\n\nSincerely,<\/textarea><\/div><\/div><div id=\"field_658_8\" class=\"gfield gfield--type-section gfield--input-type-section gsection field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_hidden\"  ><div class=\"admin-hidden-markup\"><i class=\"gform-icon gform-icon--hidden\" aria-hidden=\"true\" title=\"This field is hidden when viewing the form\"><\/i><span>This field is hidden when viewing the form<\/span><\/div><h3 class=\"gsection_title\">Both a customer and shareholder<\/h3><\/div><div id=\"field_658_9\" class=\"gfield gfield--type-text gfield--input-type-text gfield--width-full field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_658_9'>Subject<\/label><div class='ginput_container ginput_container_text'><input name='input_9' id='input_658_9' type='text' value='Start acting in-line with your commitments and stop funding fossil fuel expansion!' class='large'      aria-invalid=\"false\"   \/><\/div><\/div><div id=\"field_658_10\" class=\"gfield gfield--type-textarea gfield--input-type-textarea gfield--width-full field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_658_10'>Your message to Westpac<\/label><div class='ginput_container ginput_container_textarea'><textarea name='input_10' id='input_658_10' class='textarea large'      aria-invalid=\"false\"   rows='10' cols='50'>Dear Westpac,\n\nI write to you today as a concerned customer and shareholder. \n\nIt is appalling that, despite your claimed commitment to the Paris Agreement and net zero emissions by 2050, you have continued to loan hundreds of millions to companies expanding coal, oil and gas. \n\nIn the last three years, Westpac has lost its title of lowest lender to fossil fuels among Australia\u2019s big four banks. What is most concerning is the companies and projects this lending is going to. \n\nIn just the last few years, Westpac has demonstrated a clear propensity for funding companies with some of the biggest coal, oil and gas expansion plans in the world. Between 2021-2023 Westpac loaned $1.8 billion to new and expanded coal, oil and gas projects and the companies developing them, with $533 million in 2023 alone.   \n\nI was particularly shocked to learn that Westpac is funding companies and projects responsible for part of a massive planned gas buildout across Asia. 63% of the world\u2019s proposed new gas power is in Asia. Despite opposition from local communities, the fossil fuel industry is pushing costly and climate destroying projects in this region, and it\u2019s being enabled by Westpac. \n\nThis includes funding for:\n- Global Infrastructure Partners, in a loan that enabled Woodside to proceed with the climate-wrecking Scarborough\/Pluto 2 gas project. Conservative estimates put the emissions from this project at 637 million tonnes of CO2 equivalent, with independent analysis concluding the project \u201crepresents a bet against the world implementing the Paris Agreement\u201d \n- Santos, which plans to increase production 16% between 2022 and 2028, while the latest International Energy Agency Net-Zero by 2050 Scenario projects global oil and gas production must fall 19% by the end of this decade. \n- Woodside, which plans to increase oil and gas production by 24% by 2028 from 2022 levels with new projects coming online. Woodside has five planned new or expanded oil and gas projects in the pipeline. \n- GE Vernova, a company involved in a staggering 25GW of new LNG to power projects in Bangladesh and Vietnam. In the Chattogram region of Bangladesh alone, gas or LNG projects with GE involvement would add approximately 430 million tonnes of carbon dioxide equivalent (CO2-e) to the atmosphere throughout the plants\u2019 operational lives, over four times the country\u2019s total emissions in 2022.\n- APA Group, a company planning to construct several pipelines to support extensive fracking in the Beetaloo Basin, one of the biggest proposed gas projects in Australia\u2019s history, with estimated end-user emissions of 1.1 billion tonnes of carbon dioxide equivalent (CO2-e), almost 2.5 times Australia\u2019s annual emissions. Most of the gas is destined for export.\n- JERA, a major player in the Japan-led fossil gas expansion in Asia, pursuing five new LNG to power projects in Bangladesh and Vietnam with nameplate capacity of 11.6GW - effectively trying to lock these countries into dirty and expensive fossil fuels instead of renewable energy. \n\nThis kind of financing activity calls into question not only Westpac\u2019s commitments, but the kind of world and economies Westpac wants to be shaping. These companies are demonstrating their intention to ensure that the \u2018Asian growth market\u2019 is locked into dependence on outdated and harmful technologies instead of developing clean, renewable energy, and Westpac is bankrolling it. \n\nI know that you will be releasing your Climate Report later this year. As a concerned customer and shareholder, I am calling on you to finally live up to your climate commitments and ensure all fossil fuel decisions Westpac\nmakes are aligned with a 1.5\u00b0C-warming pathway, by:\n\n\u2013 Ruling out any direct finance for any fossil fuel expansion project (extraction and associated infrastructure), including expanded metallurgical coal mines. \n\u2013 Requiring transition plans from all fossil fuel companies, including companies involved in the midstream and downstream fossil fuel value chain;\n\u2013 Categorically rule out providing all types of new finance (e.g., project finance, corporate finance, and arranging or facilitating bonds) to all fossil fuel companies without 1.5\u00b0C-aligned transition plans, and \n\u2013 Between now and the date Westpac requires transition plans from - do not provide financial support (corporate finance, project finance or bonds) to any project or company that will expand the fossil fuel sector.\n\nOn behalf of all your shareholders, customers and all Australians who care about a safe future for our communities and our families, I sincerely urge you to adopt these requests.\n\nYour consideration and response on this matter is highly appreciated.\n\nSincerely,<\/textarea><\/div><\/div><div id=\"field_658_11\" class=\"gfield gfield--type-section gfield--input-type-section gsection field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_hidden\"  ><div class=\"admin-hidden-markup\"><i class=\"gform-icon gform-icon--hidden\" aria-hidden=\"true\" title=\"This field is hidden when viewing the form\"><\/i><span>This field is hidden when viewing the form<\/span><\/div><h3 class=\"gsection_title\">Shareholder<\/h3><\/div><div id=\"field_658_12\" class=\"gfield gfield--type-text gfield--input-type-text gfield--width-full field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_658_12'>Subject<\/label><div class='ginput_container ginput_container_text'><input name='input_12' id='input_658_12' type='text' value='Start acting in-line with your commitments and stop funding fossil fuel expansion!' class='large'      aria-invalid=\"false\"   \/><\/div><\/div><div id=\"field_658_13\" class=\"gfield gfield--type-textarea gfield--input-type-textarea gfield--width-full field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_658_13'>Your message to Westpac<\/label><div class='ginput_container ginput_container_textarea'><textarea name='input_13' id='input_658_13' class='textarea large'      aria-invalid=\"false\"   rows='10' cols='50'>Dear Westpac,\n\nI write to you today as a concerned shareholder. \n\nIt is appalling that, despite your claimed commitment to the Paris Agreement and net zero emissions by 2050, you have continued to loan hundreds of millions to companies expanding coal, oil and gas. \n\nIn the last three years, Westpac has lost its title of lowest lender to fossil fuels among Australia\u2019s big four banks. What is most concerning is the companies and projects this lending is going to. \n\nIn just the last few years, Westpac has demonstrated a clear propensity for funding companies with some of the biggest coal, oil and gas expansion plans in the world. Between 2021-2023 Westpac loaned $1.8 billion to new and expanded coal, oil and gas projects and the companies developing them, with $533 million in 2023 alone.   \n\nI was particularly shocked to learn that Westpac is funding companies and projects responsible for part of a massive planned gas buildout across Asia. 63% of the world\u2019s proposed new gas power is in Asia. Despite opposition from local communities, the fossil fuel industry is pushing costly and climate destroying projects in this region, and it\u2019s being enabled by Westpac. \n\nThis includes funding for:\n- Global Infrastructure Partners, in a loan that enabled Woodside to proceed with the climate-wrecking Scarborough\/Pluto 2 gas project. Conservative estimates put the emissions from this project at 637 million tonnes of CO2 equivalent, with independent analysis concluding the project \u201crepresents a bet against the world implementing the Paris Agreement\u201d \n- Santos, which plans to increase production 16% between 2022 and 2028, while the latest International Energy Agency Net-Zero by 2050 Scenario projects global oil and gas production must fall 19% by the end of this decade. \n- Woodside, which plans to increase oil and gas production by 24% by 2028 from 2022 levels with new projects coming online. Woodside has five planned new or expanded oil and gas projects in the pipeline. \n- GE Vernova, a company involved in a staggering 25GW of new LNG to power projects in Bangladesh and Vietnam. In the Chattogram region of Bangladesh alone, gas or LNG projects with GE involvement would add approximately 430 million tonnes of carbon dioxide equivalent (CO2-e) to the atmosphere throughout the plants\u2019 operational lives, over four times the country\u2019s total emissions in 2022.\n- APA Group, a company planning to construct several pipelines to support extensive fracking in the Beetaloo Basin, one of the biggest proposed gas projects in Australia\u2019s history, with estimated end-user emissions of 1.1 billion tonnes of carbon dioxide equivalent (CO2-e), almost 2.5 times Australia\u2019s annual emissions. Most of the gas is destined for export.\n- JERA, a major player in the Japan-led fossil gas expansion in Asia, pursuing five new LNG to power projects in Bangladesh and Vietnam with nameplate capacity of 11.6GW - effectively trying to lock these countries into dirty and expensive fossil fuels instead of renewable energy. \n\nThis kind of financing activity calls into question not only Westpac\u2019s commitments, but the kind of world and economies Westpac wants to be shaping. These companies are demonstrating their intention to ensure that the \u2018Asian growth market\u2019 is locked into dependence on outdated and harmful technologies instead of developing clean, renewable energy, and Westpac is bankrolling it. \n\nI know that you will be releasing your Climate Report later this year. As a concerned shareholder, I am calling on you to finally live up to your climate commitments and ensure all fossil fuel decisions Westpac\nmakes are aligned with a 1.5\u00b0C-warming pathway, by:\n\n\u2013 Ruling out any direct finance for any fossil fuel expansion project (extraction and associated infrastructure), including expanded metallurgical coal mines. \n\u2013 Requiring transition plans from all fossil fuel companies, including companies involved in the midstream and downstream fossil fuel value chain;\n\u2013 Categorically rule out providing all types of new finance (e.g., project finance, corporate finance, and arranging or facilitating bonds) to all fossil fuel companies without 1.5\u00b0C-aligned transition plans, and \n\u2013 Between now and the date Westpac requires transition plans from - do not provide financial support (corporate finance, project finance or bonds) to any project or company that will expand the fossil fuel sector.\n\nOn behalf of all your shareholders, customers and all Australians who care about a safe future for our communities and our families, I sincerely urge you to adopt these requests.\n\nYour consideration and response on this matter is highly appreciated.\n\nSincerely,<\/textarea><\/div><\/div><div id=\"field_658_14\" class=\"gfield gfield--type-section gfield--input-type-section gsection field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_hidden\"  ><div class=\"admin-hidden-markup\"><i class=\"gform-icon gform-icon--hidden\" aria-hidden=\"true\" title=\"This field is hidden when viewing the form\"><\/i><span>This field is hidden when viewing the form<\/span><\/div><h3 class=\"gsection_title\">Neither<\/h3><\/div><div id=\"field_658_15\" class=\"gfield gfield--type-text gfield--input-type-text gfield--width-full field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_658_15'>Subject<\/label><div class='ginput_container ginput_container_text'><input name='input_15' id='input_658_15' type='text' value='Start acting in-line with your commitments and stop funding fossil fuel expansion!' class='large'      aria-invalid=\"false\"   \/><\/div><\/div><div id=\"field_658_16\" class=\"gfield gfield--type-textarea gfield--input-type-textarea gfield--width-full field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_658_16'>Your message to Westpac<\/label><div class='ginput_container ginput_container_textarea'><textarea name='input_16' id='input_658_16' class='textarea large'      aria-invalid=\"false\"   rows='10' cols='50'>Dear Westpac,\n\nIt is appalling that, despite your claimed commitment to the Paris Agreement and net zero emissions by 2050, you have continued to loan hundreds of millions to companies expanding coal, oil and gas. \n\nIn the last three years, Westpac has lost its title of lowest lender to fossil fuels among Australia\u2019s big four banks. What is most concerning is the companies and projects this lending is going to. \n\nIn just the last few years, Westpac has demonstrated a clear propensity for funding companies with some of the biggest coal, oil and gas expansion plans in the world. Between 2021-2023 Westpac loaned $1.8 billion to new and expanded coal, oil and gas projects and the companies developing them, with $533 million in 2023 alone.   \n\nI was particularly shocked to learn that Westpac is funding companies and projects responsible for part of a massive planned gas buildout across Asia. 63% of the world\u2019s proposed new gas power is in Asia. Despite opposition from local communities, the fossil fuel industry is pushing costly and climate destroying projects in this region, and it\u2019s being enabled by Westpac. \n\nThis includes funding for:\n- Global Infrastructure Partners, in a loan that enabled Woodside to proceed with the climate-wrecking Scarborough\/Pluto 2 gas project. Conservative estimates put the emissions from this project at 637 million tonnes of CO2 equivalent, with independent analysis concluding the project \u201crepresents a bet against the world implementing the Paris Agreement\u201d \n- Santos, which plans to increase production 16% between 2022 and 2028, while the latest International Energy Agency Net-Zero by 2050 Scenario projects global oil and gas production must fall 19% by the end of this decade. \n- Woodside, which plans to increase oil and gas production by 24% by 2028 from 2022 levels with new projects coming online. Woodside has five planned new or expanded oil and gas projects in the pipeline. \n- GE Vernova, a company involved in a staggering 25GW of new LNG to power projects in Bangladesh and Vietnam. In the Chattogram region of Bangladesh alone, gas or LNG projects with GE involvement would add approximately 430 million tonnes of carbon dioxide equivalent (CO2-e) to the atmosphere throughout the plants\u2019 operational lives, over four times the country\u2019s total emissions in 2022.\n- APA Group, a company planning to construct several pipelines to support extensive fracking in the Beetaloo Basin, one of the biggest proposed gas projects in Australia\u2019s history, with estimated end-user emissions of 1.1 billion tonnes of carbon dioxide equivalent (CO2-e), almost 2.5 times Australia\u2019s annual emissions. Most of the gas is destined for export.\n- JERA, a major player in the Japan-led fossil gas expansion in Asia, pursuing five new LNG to power projects in Bangladesh and Vietnam with nameplate capacity of 11.6GW - effectively trying to lock these countries into dirty and expensive fossil fuels instead of renewable energy. \n\nThis kind of financing activity calls into question not only Westpac\u2019s commitments, but the kind of world and economies Westpac wants to be shaping. These companies are demonstrating their intention to ensure that the \u2018Asian growth market\u2019 is locked into dependence on outdated and harmful technologies instead of developing clean, renewable energy, and Westpac is bankrolling it. \n\nI know that you will be releasing your Climate Report later this year. I am calling on you to finally live up to your climate commitments and ensure all fossil fuel decisions Westpac makes are aligned with a 1.5\u00b0C-warming pathway, by:\n\n\u2013 Ruling out any direct finance for any fossil fuel expansion project (extraction and associated infrastructure), including expanded metallurgical coal mines. \n\u2013 Requiring transition plans from all fossil fuel companies, including companies involved in the midstream and downstream fossil fuel value chain;\n\u2013 Categorically rule out providing all types of new finance (e.g., project finance, corporate finance, and arranging or facilitating bonds) to all fossil fuel companies without 1.5\u00b0C-aligned transition plans, and \n\u2013 Between now and the date Westpac requires transition plans from - do not provide financial support (corporate finance, project finance or bonds) to any project or company that will expand the fossil fuel sector.\n\nOn behalf of all your shareholders, customers and all Australians who care about a safe future for our communities and our families, I sincerely urge you to adopt these requests.\n\nYour consideration and response on this matter is highly appreciated.\n\nSincerely,<\/textarea><\/div><\/div><fieldset id=\"field_658_17\" class=\"gfield gfield--type-checkbox gfield--type-choice gfield--input-type-checkbox gfield--width-full field_sublabel_below gfield--no-description field_description_below hidden_label field_validation_below gfield_visibility_visible\"  ><legend class='gfield_label gform-field-label gfield_label_before_complex' >Yes, of course I want updates about Market Forces campaigns!<\/legend><div class='ginput_container ginput_container_checkbox'><div class='gfield_checkbox ' id='input_658_17'><div class='gchoice gchoice_658_17_1'>\n\t\t\t\t\t\t\t\t<input class='gfield-choice-input' name='input_17.1' type='checkbox'  value='Yes, of course I want updates about Market Forces campaigns!' checked='checked' id='choice_658_17_1'   \/>\n\t\t\t\t\t\t\t\t<label for='choice_658_17_1' id='label_658_17_1' class='gform-field-label gform-field-label--type-inline'>Yes, of course I want updates about Market Forces campaigns!<\/label>\n\t\t\t\t\t\t\t<\/div><\/div><\/div><\/fieldset><fieldset id=\"field_658_18\" class=\"gfield gfield--type-checkbox gfield--type-choice gfield--input-type-checkbox gfield--width-full field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_hidden\"  ><div class=\"admin-hidden-markup\"><i class=\"gform-icon gform-icon--hidden\" aria-hidden=\"true\" title=\"This field is hidden when viewing the form\"><\/i><span>This field is hidden when viewing the form<\/span><\/div><legend class='gfield_label gform-field-label gfield_label_before_complex' >PASS DATA - MAIN LIST: Are you an Westpac customer or shareholder -&gt; Westpac customer<\/legend><div class='ginput_container ginput_container_checkbox'><div class='gfield_checkbox ' id='input_658_18'><div class='gchoice gchoice_658_18_1'>\n\t\t\t\t\t\t\t\t<input class='gfield-choice-input' name='input_18.1' type='checkbox'  value='Westpac customer' checked='checked' id='choice_658_18_1'   \/>\n\t\t\t\t\t\t\t\t<label for='choice_658_18_1' id='label_658_18_1' class='gform-field-label gform-field-label--type-inline'>Westpac customer<\/label>\n\t\t\t\t\t\t\t<\/div><\/div><\/div><\/fieldset><fieldset id=\"field_658_19\" class=\"gfield gfield--type-checkbox gfield--type-choice gfield--input-type-checkbox gfield--width-full field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_hidden\"  ><div class=\"admin-hidden-markup\"><i class=\"gform-icon gform-icon--hidden\" aria-hidden=\"true\" title=\"This field is hidden when viewing the form\"><\/i><span>This field is hidden when viewing the form<\/span><\/div><legend class='gfield_label gform-field-label gfield_label_before_complex' >PASS DATA - MAIN LIST: Are you an Westpac customer or shareholder -&gt; Westpac shareholder<\/legend><div class='ginput_container ginput_container_checkbox'><div class='gfield_checkbox ' id='input_658_19'><div class='gchoice gchoice_658_19_1'>\n\t\t\t\t\t\t\t\t<input class='gfield-choice-input' name='input_19.1' type='checkbox'  value='Westpac shareholder' checked='checked' id='choice_658_19_1'   \/>\n\t\t\t\t\t\t\t\t<label for='choice_658_19_1' id='label_658_19_1' class='gform-field-label gform-field-label--type-inline'>Westpac shareholder<\/label>\n\t\t\t\t\t\t\t<\/div><\/div><\/div><\/fieldset><fieldset id=\"field_658_20\" class=\"gfield gfield--type-checkbox gfield--type-choice gfield--input-type-checkbox gfield--width-full field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_hidden\"  ><div class=\"admin-hidden-markup\"><i class=\"gform-icon gform-icon--hidden\" aria-hidden=\"true\" title=\"This field is hidden when viewing the form\"><\/i><span>This field is 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If you would like to customise your message, please select an individual bank (ANZ, CommBank, NAB or Westpac) using the options on this page.<\/p> \n\n<p style=\"font-style: italic;\">You can view the body of the messages that will be sent to each of the banks using the drop-down selector below.<\/p> <\/div><fieldset id=\"field_659_1\" class=\"gfield gfield--type-name gfield--input-type-name field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><legend class='gfield_label gform-field-label gfield_label_before_complex' >Name<\/legend><div class='ginput_complex ginput_container ginput_container--name no_prefix has_first_name no_middle_name has_last_name no_suffix gf_name_has_2 ginput_container_name gform-grid-row' id='input_659_1'>\n                            \n                            <span id='input_659_1_3_container' class='name_first gform-grid-col gform-grid-col--size-auto' >\n                                     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gfield--width-full field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_659_3'>Email<\/label><div class='ginput_container ginput_container_email'>\n                            <input name='input_3' id='input_659_3' type='email' value='' class='large'     aria-invalid=\"false\"  \/>\n                        <\/div><\/div><div id=\"field_659_4\" class=\"gfield gfield--type-text gfield--input-type-text gfield--width-full field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_659_4'>Subject<\/label><div class='ginput_container ginput_container_text'><input name='input_4' id='input_659_4' type='text' value='Start acting in-line with your commitments and stop funding fossil fuel expansion!' class='large'      aria-invalid=\"false\"   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campaigns!<\/label>\n\t\t\t\t\t\t\t<\/div><\/div><\/div><\/fieldset><fieldset id=\"field_659_7\" class=\"gfield gfield--type-checkbox gfield--type-choice gfield--input-type-checkbox gfield--width-full field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_hidden\"  ><div class=\"admin-hidden-markup\"><i class=\"gform-icon gform-icon--hidden\" aria-hidden=\"true\" title=\"This field is hidden when viewing the form\"><\/i><span>This field is hidden when viewing the form<\/span><\/div><legend class='gfield_label gform-field-label gfield_label_before_complex' >TOOK ACTION: Banks - All banks Banking Climate Failure - July 2024<\/legend><div class='ginput_container ginput_container_checkbox'><div class='gfield_checkbox ' id='input_659_7'><div class='gchoice gchoice_659_7_1'>\n\t\t\t\t\t\t\t\t<input class='gfield-choice-input' name='input_7.1' type='checkbox'  value='TOOK ACTION: Banks - All banks Banking Climate Failure - July 2024' 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data-form-theme='gravity-theme' data-form-index='0' id='gform_wrapper_660' style='display:none'>\n                        <div class='gform_heading'>\n                            <p class='gform_description'><\/p>\n                        <\/div><form method='post' enctype='multipart\/form-data'  id='gform_660'  action='\/wp-json\/wp\/v2\/pages\/76924' data-formid='660' novalidate><div class='gf_invisible ginput_recaptchav3' data-sitekey='6LdpG74bAAAAAAfG76zCHaW_pwUx9zp9bP05qG2y' data-tabindex='0'><input id=\"input_42fb0c3e5ae6c42a0e4ec5ce27276e89\" class=\"gfield_recaptcha_response\" type=\"hidden\" name=\"input_42fb0c3e5ae6c42a0e4ec5ce27276e89\" value=\"\"\/><\/div>\n                        <div class='gform-body gform_body'><div id='gform_fields_660' class='gform_fields top_label form_sublabel_below description_below validation_below'><div id=\"field_660_4\" class=\"gfield gfield--type-select gfield--input-type-select gfield--width-full field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_660_4'>Select a bank to see the message that will be sent to it:<\/label><div class='ginput_container ginput_container_select'><select name='input_4' id='input_660_4' class='large gfield_select'     aria-invalid=\"false\" ><option value='Select a bank' >Select a bank<\/option><option value='ANZ' >ANZ<\/option><option value='Commonwealth Bank' >Commonwealth Bank<\/option><option value='NAB' >NAB<\/option><option value='Westpac' >Westpac<\/option><\/select><\/div><\/div><div id=\"field_660_30\" class=\"gfield gfield--type-html gfield--input-type-html gfield--width-full gfield_html gfield_html_formatted gfield_no_follows_desc field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><p><strong>Message to ANZ:<\/strong><\/p>\n\n<p>Dear ANZ,<\/p>\n\n<p>It is appalling that, despite your claimed commitment to the Paris Agreement and net zero emissions by 2050, you have continued to loan hundreds of millions to companies expanding coal, oil and gas.<\/p>\n\n<p>Despite the scientific imperative that new and expanded fossil fuel projects must not proceed if we are to meet global climate goals, your bank continues to enable coal, oil and gas companies to bulldoze ahead with their expansion plans. This makes a mockery of your own commitments.<\/p> \n\n<p>Between 2016-2023, ANZ poured the most amount of money into fossil fuels of all Australian banks, a whopping $19.8 billion. Factoring in its lending in early 2024 to companies with some of the biggest coal, oil and gas expansion plans in the world, ANZ has now blown past $20 billion to fossil fuels since the Paris Agreement was signed.<\/p> \n\n<p>But worst of all is the over $12 billion ANZ has loaned to new and expanded coal, oil and gas projects and the companies pursuing them since 2016. Just last year ANZ loaned over $900 million to companies with plans to expand fossil fuels, arranging an almost equivalent amount to these expansion companies through the bond market.<\/p>\n\n<p>ANZ has a long list of clients currently pursuing expansionary coal, oil and gas projects including JERA, APA Group, Santos, Glencore, BHP, Baker Hughes, Siemens Energy, San Miguel Corporation, GE Vernova, and Woodside.<\/p>\n\n<p>These examples are just some of many. It is beyond comprehension that your climate policy gives climate destroying coal, oil and gas expansion companies a free pass until at least October 2025 when the world\u2019s leading experts have already made clear that we have no room for new or expanded fossil fuel developments. Even then, your clients are not expected to reduce scope 3 emissions, by far the biggest source of emissions for most fossil fuel companies, making a mockery of transition plans.<\/p>\n\n<p>When it comes to action on climate change, you are the clear laggard among your peers.<\/p>\n\n<p>However, ANZ still has a chance to prevent even further damage from being inflicted on people and planet. ANZ can implement policies today that would put an end to this rampant financing of climate-destroying fossil fuel expansion.<\/p>\n\n<p>I, therefore, sincerely request that you implement a framework for ensuring all fossil fuel finance decisions ANZ makes are aligned with a 1.5\u00b0C-warming pathway, by:<\/p>\n\n<p>\u2013 Ruling out any direct finance for any fossil fuel expansion project (extraction and associated infrastructure), including new or expanded metallurgical coal mines, LNG import terminals, and pipelines; \n\u2013 Requiring transition plans from all fossil fuel companies, including companies involved in the midstream and downstream fossil fuel value chain;\n\u2013 Requiring these transition plans be aligned to a 1.5\u00b0C pathway;\n\u2013 Requiring these transition plans to have 1.5\u00b0C-aligned scope 3 emissions reduction targets;  \n\u2013 Rule out providing all types of new finance (e.g., project finance, corporate finance, and arranging or facilitating bonds) to all fossil fuel companies without 1.5\u00b0C-aligned transition plans, and \n\u2013 Between now and the date ANZ requires transition plans from - do not provide financial support (corporate finance, project finance or bonds) to any project or company that will expand the fossil fuel sector.<\/p>\n\n<p>On behalf of all your shareholders, customers and all Australians who care about a safe future for our communities and our families, I sincerely urge you to adopt these requests.<\/p>\n\n<p>Your consideration and response on this matter is highly appreciated.<\/p>\n\n<p>Sincerely,<\/p><\/div><div id=\"field_660_31\" class=\"gfield gfield--type-html gfield--input-type-html gfield--width-full gfield_html gfield_html_formatted gfield_no_follows_desc field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><p><strong>Message to CommBank<\/strong><\/p>\n\n<p>Dear Commonwealth Bank,<\/p>\n\n<p>It is appalling that, despite your claimed commitment to the Paris Agreement and net zero emissions by 2050, you continue to finance companies with dangerous coal, oil and gas expansion plans.<\/p>\n\n<p>Since 2016, Commonwealth Bank has loaned the second most to fossil fuels of Australia\u2019s big four banks, a whopping $16.1 billion. However, I was encouraged to see that, after a long and shameful history of pouring billions of dollars into fossil fuels and enabling billions of tonnes of emissions through your financing, you have consistently reduced overall fossil fuel lending in 2022 and 2023.<\/p> \n\n<p>Despite that, I was extremely disappointed to learn that in 2023 you loaned $50 million to APA Group in a loan that does not need to be repaid in full until 2033, during which time APA threatens to unleash massive climate pollution from the Beetaloo Basin. Estimated end-user emissions from the development of Beetaloo gas are 1.1 billion tonnes of CO2-e, almost 2.5 times Australia\u2019s entire annual emissions. Traditional Owners including the Nurrdalinji Aboriginal Corporation, as well as local farmers and landholders, have voiced vehement opposition to the Beetaloo fracking plans, including raising concerns about risks to groundwater in the Cambrian Limestone Aquifer, which sustains local livelihoods and ecosystems.<\/p>\n\n<p>Commonwealth Bank also retains $900 million in exposure to the thermal coal sector, including coal giant, Glencore. The company is pursuing an extension for the Hunter Valley Continued Operations project, which is the largest coal mining proposal ever put forward in New South Wales. The proposed continuation of the mine would see mining continue until 2050, with emissions estimates of up to 1.2 billion tonnes of CO2-e, more than 2.5 times Australia\u2019s current annual emissions. At a recent Australian Senate Inquiry into Greenwashing, a representative of Glencore openly admitted that \u201cwe do not make any claim to be aligned with the Paris Agreement\u201d. Given this admission, it\u2019s startling that Commonwealth Bank\u2019s current policy has no requirements for thermal coal mining companies to have Paris-aligned transition plans to keep receiving finance. This means the bank could continue to fund Glencore until 2030, and enable it to kick start its massive coal extension in the Hunter Valley.<\/p> \n\n<p>These examples show Commonwealth Bank\u2019s climate policy is still not consistent with your commitments to the climate goals of the Paris Agreement and net zero emissions by 2050.<\/p>\n\n<p>I know that you will be releasing your Climate Report in August this year. I am calling on you to finally live up to your climate commitments and ensure all fossil fuel decisions Commonwealth Banks makes are aligned with a 1.5\u00b0C-warming pathway, by:<\/p>\n\n<p>\u2013 Ruling out any direct finance for any fossil fuel expansion project (extraction and associated infrastructure), including new or expanded metallurgical coal mines and LNG projects. \n\u2013 Requiring transition plans from all fossil fuel companies, including companies involved in the midstream and downstream fossil fuel value chain;\n\u2013 Requiring these transition plans be aligned to a 1.5\u00b0C pathway;\n\u2013 Categorically rule out providing all types of new finance (e.g., project finance, corporate finance, and arranging or facilitating bonds) to all fossil fuel companies without 1.5\u00b0C-aligned transition plans, and \n\u2013 Between now and the date Commonwealth Bank requires transition plans from - do not provide financial support (corporate finance, project finance or bonds) to any project or company that will expand the fossil fuel sector.<\/p>\n\n<p>On behalf of all your shareholders, customers and all Australians who care about a safe future for our communities and our families, I sincerely urge you to adopt these requests.<\/p>\n\n<p>Your consideration and response on this matter is highly appreciated.<\/p>\n\n<p>Sincerely,<\/p><\/div><div id=\"field_660_32\" class=\"gfield gfield--type-html gfield--input-type-html gfield--width-full gfield_html gfield_html_formatted gfield_no_follows_desc field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><p><strong>Message to NAB:<\/strong><\/p>\n\n<p>Dear NAB,<\/p>\n\n<p>It is appalling that, despite your claimed commitment to the Paris Agreement and net zero emissions by 2050, you have continued to loan hundreds of millions to companies expanding coal, oil and gas.<\/p> \n\n<p>In 2023, NAB topped the charts as Australia\u2019s biggest lender to fossil fuels, including $859 million to companies with coal, oil and gas expansion plans. Since 2016, you have loaned a whopping $15.5 billion to the fossil fuel industry, with almost half of that lending going to new or expanded fossil fuel projects or the companies developing them.<\/p> \n\n<p>This includes funding for:\n- APA Group, in a loan that does not need to be repaid in full until 2033, during which time APA threatens to unleash massive climate pollution from the Beetaloo Basin. Estimated end-user emissions from the development of Beetaloo gas are 1.1 billion tonnes of CO2-e, almost 2.5 times Australia\u2019s entire annual emissions. Traditional Owners including the Nurrdalinji Aboriginal Corporation, as well as local farmers and landholders, have voiced vehement opposition to the Beetaloo fracking plans, including raising concerns about risks to groundwater in the Cambrian Limestone Aquifer, which sustains local livelihoods and ecosystems.<\/p> \n\n<p>I was pleased to learn that NAB has recently taken some small steps to address customer, shareholder, and wider community concern around its fossil fuel finance activity.<\/p>\n\n<p>While NAB has disclosed a framework for assessing some of its fossil fuel clients\u2019 transition plans for alignment with Paris, it still hasn\u2019t committed to not providing new finance to companies that aren\u2019t aligned with NAB\u2019s climate commitments, and its current policy doesn\u2019t capture all companies in the fossil fuel value chain, including pipeline operators like APA Group.<\/p> \n\n<p>NAB also is yet to rule out providing project finance for all new and expanded fossil fuel projects, and could still fund new pipelines, LNG projects, and metallurgical coal mines that could unlock new coal, oil and gas the planet cannot afford to burn. This is particularly concerning given NAB has funded new coal mines like Olive Downs in Queensland, new pipelines like Coastal Gaslink Pipeline, and new LNG projects like Woodside\u2019s Pluto 2 LNG Train in recent years. These projects alone will result in billions of tonnes of harmful emissions entering the atmosphere, making climate change worse than it already is.<\/p> \n\n<p>However, NAB has shown in recent months that it is capable of making changes, and still has a chance to prevent even further damage from being inflicted on people and planet.<\/p> \n\n<p>I know that you will be releasing your Climate Report later this year. I am calling on you to finally live up to your climate commitments and ensure all fossil fuel decisions NAB\nmakes are aligned with a 1.5\u00b0C-warming pathway, by:<\/p>\n\n<p>\u2013 Ruling out any direct finance for any fossil fuel expansion project (extraction and associated infrastructure), including new or expanded metallurgical coal mines, LNG projects, and transmission pipelines. \n\u2013 Requiring transition plans from all fossil fuel companies, including companies involved in the midstream and downstream fossil fuel value chain;\n\u2013 Categorically rule out providing all types of new finance (e.g., project finance, corporate finance, and arranging or facilitating bonds) to all fossil fuel companies without 1.5\u00b0C-aligned transition plans, and \n\u2013 Between now and the date NAB requires transition plans from - do not provide financial support (corporate finance, project finance or bonds) to any project or company that will expand the fossil fuel sector.<\/p>\n\n<p>On behalf of all your shareholders, customers and all Australians who care about a safe future for our communities and our families, I sincerely urge you to adopt these requests.<\/p> \n\n<p>Your consideration and response on this matter is highly appreciated.<\/p>\n\n<p>Sincerely,<\/p><\/div><div id=\"field_660_33\" class=\"gfield gfield--type-html gfield--input-type-html gfield--width-full gfield_html gfield_html_formatted gfield_no_follows_desc field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><p><strong>Message to Westpac:<\/strong><\/p>\n\n<p>Dear Westpac,<\/p>\n\n<p>It is appalling that, despite your claimed commitment to the Paris Agreement and net zero emissions by 2050, you have continued to loan hundreds of millions to companies expanding coal, oil and gas.<\/p>\n\n<p>In the last three years, Westpac has lost its title of lowest lender to fossil fuels among Australia\u2019s big four banks. What is most concerning is the companies and projects this lending is going to.<\/p>\n\n<p>In just the last few years, Westpac has demonstrated a clear propensity for funding companies with some of the biggest coal, oil and gas expansion plans in the world. Between 2021-2023 Westpac loaned $1.8 billion to new and expanded coal, oil and gas projects and the companies developing them, with $533 million in 2023 alone.<\/p>\n\n<p>I was particularly shocked to learn that Westpac is funding companies and projects responsible for part of a massive planned gas buildout across Asia. 63% of the world\u2019s proposed new gas power is in Asia. Despite opposition from local communities, the fossil fuel industry is pushing costly and climate destroying projects in this region, and it\u2019s being enabled by Westpac.<\/p>\n\n<p>This includes funding for:\n- Global Infrastructure Partners, in a loan that enabled Woodside to proceed with the climate-wrecking Scarborough\/Pluto 2 gas project. Conservative estimates put the emissions from this project at 637 million tonnes of CO2 equivalent, with independent analysis concluding the project \u201crepresents a bet against the world implementing the Paris Agreement\u201d \n- Santos, which plans to increase production 16% between 2022 and 2028, while the latest International Energy Agency Net-Zero by 2050 Scenario projects global oil and gas production must fall 19% by the end of this decade. \n- Woodside, which plans to increase oil and gas production by 24% by 2028 from 2022 levels with new projects coming online. Woodside has five planned new or expanded oil and gas projects in the pipeline. \n- GE Vernova, a company involved in a staggering 25GW of new LNG to power projects in Bangladesh and Vietnam. In the Chattogram region of Bangladesh alone, gas or LNG projects with GE involvement would add approximately 430 million tonnes of carbon dioxide equivalent (CO2-e) to the atmosphere throughout the plants\u2019 operational lives, over four times the country\u2019s total emissions in 2022.\n- APA Group, a company planning to construct several pipelines to support extensive fracking in the Beetaloo Basin, one of the biggest proposed gas projects in Australia\u2019s history, with estimated end-user emissions of 1.1 billion tonnes of carbon dioxide equivalent (CO2-e), almost 2.5 times Australia\u2019s annual emissions. Most of the gas is destined for export.\n- JERA, a major player in the Japan-led fossil gas expansion in Asia, pursuing five new LNG to power projects in Bangladesh and Vietnam with nameplate capacity of 11.6GW - effectively trying to lock these countries into dirty and expensive fossil fuels instead of renewable energy.<\/p>\n\n<p>This kind of financing activity calls into question not only Westpac\u2019s commitments, but the kind of world and economies Westpac wants to be shaping. These companies are demonstrating their intention to ensure that the \u2018Asian growth market\u2019 is locked into dependence on outdated and harmful technologies instead of developing clean, renewable energy, and Westpac is bankrolling it.<\/p>\n\n<p>I know that you will be releasing your Climate Report later this year. I am calling on you to finally live up to your climate commitments and ensure all fossil fuel decisions Westpac makes are aligned with a 1.5\u00b0C-warming pathway, by:<\/p>\n\n<p>\u2013 Ruling out any direct finance for any fossil fuel expansion project (extraction and associated infrastructure), including expanded metallurgical coal mines. \n\u2013 Requiring transition plans from all fossil fuel companies, including companies involved in the midstream and downstream fossil fuel value chain;\n\u2013 Categorically rule out providing all types of new finance (e.g., project finance, corporate finance, and arranging or facilitating bonds) to all fossil fuel companies without 1.5\u00b0C-aligned transition plans, and \n\u2013 Between now and the date Westpac requires transition plans from - do not provide financial support (corporate finance, project finance or bonds) to any project or company that will expand the fossil fuel sector.<\/p>\n\n<p>On behalf of all your shareholders, customers and all Australians who care about a safe future for our communities and our families, I sincerely urge you to adopt these requests.<\/p>\n\n<p>Your consideration and response on this matter is highly appreciated.<\/p>\n\n<p>Sincerely,<\/p><\/div><div id=\"field_660_29\" class=\"gfield gfield--type-select gfield--input-type-select gfield--width-full field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_hidden\"  ><div class=\"admin-hidden-markup\"><i class=\"gform-icon gform-icon--hidden\" aria-hidden=\"true\" title=\"This field is hidden when viewing the form\"><\/i><span>This field is hidden when viewing the form<\/span><\/div><label class='gfield_label gform-field-label' for='input_660_29'>Show submit button<\/label><div class='ginput_container ginput_container_select'><select name='input_29' id='input_660_29' class='large gfield_select'     aria-invalid=\"false\" ><option value='Yes' >Yes<\/option><option value='No' 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theme_builder_area=&#8221;post_content&#8221; sticky_enabled=&#8221;0&#8243;]<\/p>\n<h2>Key findings<\/h2>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=&#8221;1_4,3_4&#8243; make_equal=&#8221;on&#8221; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;#fafafa&#8221; max_width=&#8221;800px&#8221; custom_padding=&#8221;10px|40px|10px|40px|false|true&#8221; border_color_top=&#8221;RGBA(255,255,255,0)&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_column type=&#8221;1_4&#8243; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; custom_css_main_element_last_edited=&#8221;on|phone&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_image src=&#8221;https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2024\/07\/ANZ-icon-BCF-2024.png&#8221; title_text=&#8221;ANZ icon &#8211; BCF 2024&#8243; align=&#8221;center&#8221; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; module_alignment=&#8221;center&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][\/et_pb_image][\/et_pb_column][et_pb_column type=&#8221;3_4&#8243; _builder_version=&#8221;4.20.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; custom_css_main_element_last_edited=&#8221;on|phone&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_text _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;]<\/p>\n<ul>\n<li><strong>ANZ is still Australia&#8217;s biggest funder of fossil fuels since Paris.<\/strong> ANZ poured a total of $19.8 billion into the industry in the eight years following the Paris Agreement, and factoring in its lending in early 2024, has blown past <strong>$20 billion.<\/strong> In 2023, ANZ loaned $903 million to companies pursuing new and expanded coal, oil and gas, more than any of the other big four banks. ANZ also arranged $1.5 billion in bonds for fossil fuels, demonstrating the largest appetite of the major banks for this type of backdoor finance. Over half of ANZ\u2019s bond financing went to companies with coal, oil or gas expansion plans.<\/li>\n<\/ul>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=&#8221;1_4,3_4&#8243; make_equal=&#8221;on&#8221; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;#fafafa&#8221; max_width=&#8221;800px&#8221; custom_padding=&#8221;0px|40px|10px|40px|false|true&#8221; border_color_top=&#8221;RGBA(255,255,255,0)&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_column type=&#8221;1_4&#8243; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; custom_css_main_element_last_edited=&#8221;on|phone&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_image src=&#8221;https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2024\/07\/NAB-icon-BCF-2024.png&#8221; title_text=&#8221;NAB icon &#8211; BCF 2024&#8243; align=&#8221;center&#8221; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][\/et_pb_image][\/et_pb_column][et_pb_column type=&#8221;3_4&#8243; _builder_version=&#8221;4.20.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; custom_css_main_element_last_edited=&#8221;on|phone&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_text _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;]<\/p>\n<ul>\n<li><strong>NAB topped the charts as the biggest Australian fossil fuel lender in 2023, making ground on ANZ as the worst for funding climate failure.<\/strong> NAB loaned $1.4 billion to fossil fuels in 2023, including $859 million in funding to companies with expansion plans, narrowly behind ANZ. After receiving significant shareholder <a href=\"https:\/\/www.marketforces.org.au\/campaigns\/banks\/nab-agm-season-dec-2023\/\" target=\"_blank\" rel=\"noopener\">backlash<\/a> on fossil fuel finance at its December 2023 AGM, NAB has taken some small <a href=\"https:\/\/www.marketforces.org.au\/nab-responds-to-shareholder-warning-on-fossil-fuel-funding\/\" target=\"_blank\" rel=\"noopener\">steps<\/a> to address concerns over greenwashing and failure to meet its climate commitments. But the 2023 lending data shows giant leaps are needed to fix the significant gaps in the bank\u2019s policy.<\/li>\n<\/ul>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=&#8221;1_4,3_4&#8243; make_equal=&#8221;on&#8221; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;#fafafa&#8221; max_width=&#8221;800px&#8221; custom_padding=&#8221;0px|40px|10px|40px|false|true&#8221; border_color_top=&#8221;RGBA(255,255,255,0)&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_column type=&#8221;1_4&#8243; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; custom_css_main_element_last_edited=&#8221;on|phone&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_image src=&#8221;https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2024\/07\/CommBank-icon-BCF-2024.png&#8221; alt=&#8221;CommBank icon&#8221; title_text=&#8221;CommBank icon &#8211; BCF 2024&#8243; align=&#8221;center&#8221; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][\/et_pb_image][\/et_pb_column][et_pb_column type=&#8221;3_4&#8243; _builder_version=&#8221;4.20.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; custom_css_main_element_last_edited=&#8221;on|phone&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_text _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;]<\/p>\n<ul>\n<li><strong>Commonwealth Bank continues to restrict fossil fuel lending.<\/strong> Commonwealth Bank\u2019s lending was up slightly from 2022, but was still the least to fossil fuels in 2023 at $271 million, comfortably less than third-placed Westpac. While encouraging, Commonwealth Bank still loaned to APA Group which is planning to construct pipelines that would light the fuse on the Beetaloo carbon bomb. It also continues to hold <a href=\"https:\/\/www.commbank.com.au\/content\/dam\/commbank-assets\/investors\/2023-08\/climate\/2023-climate-report-spreads.pdf\" target=\"_blank\" rel=\"noopener\">significant<\/a> exposure to thermal coal miners, including climate wreckers like Glencore, which CommBank can continue to finance until 2030 under current policy settings.<\/li>\n<\/ul>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=&#8221;1_4,3_4&#8243; make_equal=&#8221;on&#8221; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;#fafafa&#8221; max_width=&#8221;800px&#8221; custom_padding=&#8221;0px|40px|20px|40px|false|true&#8221; border_color_top=&#8221;RGBA(255,255,255,0)&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_column type=&#8221;1_4&#8243; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; custom_css_main_element_last_edited=&#8221;on|phone&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_image src=&#8221;https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2024\/07\/Westpac-icon-BCF-2024.png&#8221; alt=&#8221;Westpac icon&#8221; title_text=&#8221;Westpac icon &#8211; BCF 2024&#8243; align=&#8221;center&#8221; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][\/et_pb_image][\/et_pb_column][et_pb_column type=&#8221;3_4&#8243; _builder_version=&#8221;4.20.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; custom_css_main_element_last_edited=&#8221;on|phone&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_text _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;]<\/p>\n<ul>\n<li><strong>Westpac\u2019s worrying trend of funding some of the world\u2019s biggest climate wreckers continues.<\/strong> Westpac loaned $533 million to companies expanding fossil fuels in 2023, including oil and gas giants JERA and APA Group.<\/li>\n<\/ul>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=&#8221;1_4,3_4&#8243; make_equal=&#8221;on&#8221; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;#fafafa&#8221; max_width=&#8221;800px&#8221; custom_padding=&#8221;0px|40px|10px|40px|false|true&#8221; border_color_top=&#8221;RGBA(255,255,255,0)&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_column type=&#8221;1_4&#8243; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; custom_css_main_element_last_edited=&#8221;on|phone&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_image src=&#8221;https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2024\/07\/Fossil-gas-icon-BCF-2024.png&#8221; alt=&#8221;Fossil gas icon&#8221; title_text=&#8221;Fossil gas icon &#8211; BCF 2024&#8243; align=&#8221;center&#8221; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][\/et_pb_image][\/et_pb_column][et_pb_column type=&#8221;3_4&#8243; _builder_version=&#8221;4.20.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; custom_css_main_element_last_edited=&#8221;on|phone&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_text _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;]<\/p>\n<ul>\n<li><strong>ANZ and Westpac are funding a fossil gas lock-in across Asia that threatens to derail the rapid clean energy transition required to meet global climate goals.<\/strong> Nearly two thirds (<a href=\"https:\/\/www.marketforces.org.au\/campaigns\/asia\/\" target=\"_blank\" rel=\"noopener\">63%<\/a>) of the world\u2019s fossil gas expansion is planned in Asia. In recent years, ANZ and Westpac have funded companies responsible for part of these massive gas buildout plans, including Santos, Woodside, JERA, APA Group, and GE Vernova.<\/li>\n<\/ul>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=&#8221;1_4,3_4&#8243; make_equal=&#8221;on&#8221; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;#fafafa&#8221; max_width=&#8221;800px&#8221; custom_padding=&#8221;0px|40px|10px|40px|false|true&#8221; border_color_top=&#8221;RGBA(255,255,255,0)&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_column type=&#8221;1_4&#8243; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; custom_css_main_element_last_edited=&#8221;on|phone&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_image src=&#8221;https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2024\/07\/Global-heating-icon-BCF-2024.png&#8221; alt=&#8221;Global heating icon&#8221; title_text=&#8221;Global heating icon &#8211; BCF 2024&#8243; align=&#8221;center&#8221; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][\/et_pb_image][\/et_pb_column][et_pb_column type=&#8221;3_4&#8243; _builder_version=&#8221;4.20.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; custom_css_main_element_last_edited=&#8221;on|phone&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_text _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;]<\/p>\n<ul>\n<li><strong>The big four banks reduced overall fossil fuel lending in 2023 but the vast majority still went to companies with expansion plans.<\/strong> In 2023, the big four Australian banks loaned $3.6 billion to fossil fuels, the least of any year since 2016 and a little less than half of the 2022 total ($6.3 billion). But nearly 70% of this lending went to companies with expansion plans, clearly showing the big banks are still nowhere near aligning with their climate commitments. While the lending drop is a positive sign, the first three months of 2024 saw climate laggard ANZ continue with business-as-usual, taking part in three multi-billion dollar syndicated loans to major companies with coal, oil or gas expansion plans, including <a href=\"https:\/\/www.marketforces.org.au\/campaigns\/super\/climatewreckersindex\/\" target=\"_blank\" rel=\"noopener\">climate wreckers<\/a> GE Vernova, Siemens Energy, and San Miguel Corporation.<\/li>\n<\/ul>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=&#8221;1_4,3_4&#8243; make_equal=&#8221;on&#8221; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;#fafafa&#8221; max_width=&#8221;800px&#8221; custom_padding=&#8221;0px|40px|10px|40px|false|true&#8221; border_color_top=&#8221;RGBA(255,255,255,0)&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_column type=&#8221;1_4&#8243; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; custom_css_main_element_last_edited=&#8221;on|phone&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_image src=&#8221;https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2024\/07\/Coal-decline-icon-BCF-2024.png&#8221; alt=&#8221;Coal decline icon&#8221; title_text=&#8221;Coal decline icon &#8211; BCF 2024&#8243; align=&#8221;center&#8221; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][\/et_pb_image][\/et_pb_column][et_pb_column type=&#8221;3_4&#8243; _builder_version=&#8221;4.20.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; custom_css_main_element_last_edited=&#8221;on|phone&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_text _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;]<\/p>\n<ul>\n<li><strong>Lending to coal is down in the last two years.<\/strong> In recent years, the big four Australian banks have reduced their coal lending, down to $305 million in 2023 from a peak high of $3.5 billion in 2018. The big four have now all walked away from Australia\u2019s largest pure play coal miner, Whitehaven Coal. Yet the banks continue to support diversified miners like BHP and Glencore, which both plan to expand coal mines that are out of step with global climate goals.<\/li>\n<\/ul>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=&#8221;1_4,3_4&#8243; make_equal=&#8221;on&#8221; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;#fafafa&#8221; max_width=&#8221;800px&#8221; custom_padding=&#8221;0px|40px|10px|40px|false|true&#8221; border_color_top=&#8221;RGBA(255,255,255,0)&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_column type=&#8221;1_4&#8243; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; custom_css_main_element_last_edited=&#8221;on|phone&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_image src=&#8221;https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2024\/07\/Bonds-icon-BCF-2024.png&#8221; alt=&#8221;Bonds icon&#8221; title_text=&#8221;Bonds icon &#8211; BCF 2024&#8243; align=&#8221;center&#8221; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][\/et_pb_image][\/et_pb_column][et_pb_column type=&#8221;3_4&#8243; _builder_version=&#8221;4.20.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; custom_css_main_element_last_edited=&#8221;on|phone&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_text _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;]<\/p>\n<ul>\n<li><strong>Bonds are becoming a more common source of finance to fossil fuels.<\/strong> In 2023 Australia\u2019s big four banks arranged $2.2 billion in bonds for fossil fuel companies, 38% of total fossil fuel finance in 2023.<\/li>\n<\/ul>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=&#8221;1&#8243; admin_label=&#8221;Section &#8211; Actions&#8221; module_id=&#8221;section-take-action&#8221; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;0px||30px||false|false&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_row module_class=&#8221;toc-item&#8221; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; max_width=&#8221;800px&#8221; custom_margin=&#8221;40px||10px||false|false&#8221; custom_padding=&#8221;0px||0px||false|false&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.20.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_text _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; header_2_font=&#8221;|800|||||||&#8221; header_2_font_size=&#8221;36px&#8221; header_2_line_height=&#8221;1.17em&#8221; hover_enabled=&#8221;0&#8243; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; sticky_enabled=&#8221;0&#8243;]<\/p>\n<h2>Lending<\/h2>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row module_class=&#8221;toc-item&#8221; _builder_version=&#8221;4.24.3&#8243; _module_preset=&#8221;default&#8221; max_width=&#8221;800px&#8221; custom_padding=&#8221;0px||0px|||&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.20.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_text _builder_version=&#8221;4.26.0&#8243; custom_margin=&#8221;||1em||false|false&#8221; custom_padding=&#8221;||0px||false|false&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;]<\/p>\n<h3>End of the project finance era?<\/h3>\n<p>[\/et_pb_text][et_pb_code _builder_version=&#8221;4.20.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][\/et_pb_code][et_pb_text _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;]<\/p>\n<p>2023 was the <a href=\"https:\/\/docs.google.com\/spreadsheets\/d\/1rd-VyvL7XF8sBLLKSiqCRca0vZ1bMv8deYDCxBw7YPU\/edit#gid=122637452\" target=\"_blank\" rel=\"noopener\">first year<\/a> since the Paris Agreement that none of the big four Australian banks participated in a deal explicitly for a new or expanded fossil fuel project. Between 2016 and 2022, the big four loaned $9.5 billion directly to new and expanded fossil fuel projects. But 2023 may have marked the beginning of the end of banks providing project finance to new and expanded coal, oil and gas developments causing unacceptable harm to our climate.<\/p>\n<p>[\/et_pb_text][et_pb_text _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; header_text_color=&#8221;#131313&#8243; header_2_font=&#8221;Inter|800|||||||&#8221; header_2_text_color=&#8221;#131313&#8243; header_2_font_size=&#8221;36px&#8221; header_2_line_height=&#8221;1.17em&#8221; header_3_font=&#8221;Inter|800|||||||&#8221; header_3_text_color=&#8221;#131313&#8243; header_3_font_size=&#8221;28px&#8221; header_3_line_height=&#8221;1.21em&#8221; header_4_font=&#8221;Inter|800|||||||&#8221; header_4_text_color=&#8221;#131313&#8243; header_4_font_size=&#8221;24px&#8221; header_4_line_height=&#8221;1.17em&#8221; header_5_font=&#8221;Inter|800|||||||&#8221; header_5_text_color=&#8221;#131313&#8243; header_5_font_size=&#8221;20px&#8221; header_5_line_height=&#8221;1.4em&#8221; 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Failure 2024\",\n            container: \"wpDataChart_120\",\n            follow_filtering: 0,\n            wpdatatable_id: 347,\n            group_chart: 0        }\n    <\/script>\n\n    <div id=\"wpDataChart_120\" class=\"highcharts_stacked_column_chart\" style=\"width: 100%\"><\/div>\n[\/et_pb_code][et_pb_text _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;]<\/p>\n<p>In 2023 <a href=\"https:\/\/www.marketforces.org.au\/commbanks-climate-policy-update-leaves-anz-nab-and-westpac-in-the-dust\/\" target=\"_blank\" rel=\"noopener\">Commonwealth Bank<\/a> and <a href=\"https:\/\/www.marketforces.org.au\/westpac-takes-two-steps-forward-one-big-step-back\/\" target=\"_blank\" rel=\"noopener\">Westpac<\/a> both announced a number of exclusions on directly financing these projects, and even climate laggard ANZ made additional <a href=\"https:\/\/www.marketforces.org.au\/anz-rules-out-papua-lng\/\" target=\"_blank\" rel=\"noopener\">commitments<\/a> early in 2024. This trend is only heading in one direction as the big banks become increasingly aware of how flagrant a violation of their Paris commitments it would be to directly finance a new fossil fuel project almost ten years after the agreement was signed. Reflective of this trend, <strong>98% of the banks\u2019 fossil fuel lending in 2023 was corporate finance.<\/strong> The remainder went to existing fossil fuel projects, rather than new ones.<\/p>\n<p>[\/et_pb_text][et_pb_text _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; header_text_color=&#8221;#131313&#8243; header_2_font=&#8221;Inter|800|||||||&#8221; header_2_text_color=&#8221;#131313&#8243; header_2_font_size=&#8221;36px&#8221; header_2_line_height=&#8221;1.17em&#8221; header_3_font=&#8221;Inter|800|||||||&#8221; header_3_text_color=&#8221;#131313&#8243; header_3_font_size=&#8221;28px&#8221; header_3_line_height=&#8221;1.21em&#8221; header_4_font=&#8221;Inter|800|||||||&#8221; header_4_text_color=&#8221;#131313&#8243; header_4_font_size=&#8221;24px&#8221; header_4_line_height=&#8221;1.17em&#8221; header_5_font=&#8221;|800|||||||&#8221; header_5_text_color=&#8221;#131313&#8243; header_5_font_size=&#8221;20px&#8221; 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theme_builder_area=&#8221;post_content&#8221;]<\/p>\n<p>This is testament to the people-powered movement, including thousands of customers, shareholders and staff, who stood up and demanded the big banks stop financing environmentally damaging activities. The big banks have been forced to respond to the massive community pressure calling for them to keep finance out of new coal, oil and gas projects.<\/p>\n<p>[\/et_pb_text][et_pb_image src=&#8221;https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2024\/07\/DSC08365-Rally-at-CommBank-office-in-Melbourne-800px.jpg&#8221; alt=&#8221;Rally at CommBank office in Melbourne&#8221; title_text=&#8221;Rally at CommBank office in Melbourne&#8221; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][\/et_pb_image][et_pb_text _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; text_font_size=&#8221;0.8em&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;]<\/p>\n<p style=\"text-align: center;\"><em>Protesters at CommBank&#8217;s office in Melbourne.<\/em><\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row module_class=&#8221;toc-item&#8221; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; max_width=&#8221;800px&#8221; custom_margin=&#8221;20px||||false|false&#8221; custom_padding=&#8221;10px||1px||false|false&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.20.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_text _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; header_2_font=&#8221;Inter|800|||||||&#8221; header_2_text_color=&#8221;#131313&#8243; header_2_font_size=&#8221;36px&#8221; header_2_line_height=&#8221;1.17em&#8221; header_3_font=&#8221;|800|||||||&#8221; header_3_font_size=&#8221;28px&#8221; header_3_line_height=&#8221;1.21em&#8221; hover_enabled=&#8221;0&#8243; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; sticky_enabled=&#8221;0&#8243;]<\/p>\n<h3>Corporate finance: Door still wide open for climate wrecking companies<\/h3>\n<p>[\/et_pb_text][et_pb_text _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;]Despite the big banks claiming they are walking away from directly funding coal, oil and gas expansion projects, they continue to pump billions through \u2018general corporate finance\u2019 deals to the companies developing them. This ongoing financing means Australia\u2019s major banks continue to enable the expansion plans of their climate wrecking clients.<\/p>\n<p>Former Westpac Chairman, John McFarlane <a href=\"https:\/\/www.marketforces.org.au\/campaigns\/banks\/westpac-agm-season-dec-2023\/#tab-section\" target=\"_blank\" rel=\"noopener\">highlighted<\/a> the problem with providing \u2018general corporate finance\u2019 to companies expanding fossil fuels at the bank\u2019s AGM in December 2023, citing that banks have no control over what the money is used for:[\/et_pb_text][et_pb_text _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;]<\/p>\n<blockquote style=\"border-color: #903e4c; font-size: 1em; font-style: italic;\">\n<p>\u201cWhere it is a general amount of money we lend to a customer, that is not related to project finance, we have no control over where that money goes afterwards.\u201d<\/p>\n<\/blockquote>\n<p>[\/et_pb_text][et_pb_text _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;]<\/p>\n<p>As a result of sustained pressure from <a href=\"https:\/\/www.marketforces.org.au\/campaigns\/banks\/nab-agm-season-dec-2023\/\" target=\"_blank\" rel=\"noopener\">shareholders<\/a>, customers and the broader community, the banks have taken some steps to address this. From October 2025 all of the big four banks are requiring <a href=\"https:\/\/www.marketforces.org.au\/big-four-banks-make-strides-but-action-still-dangerously-slow-in-a-climate-emergency\/\" target=\"_blank\" rel=\"noopener\">transition plans<\/a> from their coal, oil and gas mining clients. However, the banks still have significant grey areas and loopholes that would allow them to continue funding some of the world\u2019s worst climate wreckers and infrastructure companies propping up their expansion plans, such as APA Group, GE Vernova, and JERA.<\/p>\n<p>[\/et_pb_text][et_pb_text _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; header_text_color=&#8221;#131313&#8243; header_2_font=&#8221;Inter|800|||||||&#8221; header_2_text_color=&#8221;#131313&#8243; header_2_font_size=&#8221;36px&#8221; header_2_line_height=&#8221;1.17em&#8221; header_3_font=&#8221;Inter|800|||||||&#8221; header_3_text_color=&#8221;#131313&#8243; header_3_font_size=&#8221;28px&#8221; header_3_line_height=&#8221;1.21em&#8221; header_4_font=&#8221;Inter|800|||||||&#8221; header_4_text_color=&#8221;#131313&#8243; header_4_font_size=&#8221;24px&#8221; header_4_line_height=&#8221;1.17em&#8221; header_5_font=&#8221;|800|||||||&#8221; header_5_font_size=&#8221;20px&#8221; 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      follow_filtering: 0,\n            wpdatatable_id: 351,\n            group_chart: 0        }\n    <\/script>\n\n    <div id=\"wpDataChart_122\" class=\"highcharts_stacked_column_chart\" style=\"width: 100%\"><\/div>\n[\/et_pb_code][et_pb_text _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;]<\/p>\n<p>To meet their climate commitments and the expectations of their stakeholders, Australia\u2019s major banks must demand credible climate transition plans from all their fossil fuel clients before providing any more finance. The alternative business-as-usual approach will see Australia\u2019s biggest banks continue to enable fossil fuel expansion, worsening catastrophic levels of warming, and fuelling more climate disasters.<\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=&#8221;1&#8243; disabled_on=&#8221;off|off|off&#8221; admin_label=&#8221;CTA&#8221; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; custom_margin=&#8221;20px||20px||false|false&#8221; custom_padding=&#8221;0px||0px||false|false&#8221; custom_css_main_element=&#8221;margin: auto&#8221; locked=&#8221;off&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_row column_structure=&#8221;3_5,2_5&#8243; use_custom_gutter=&#8221;on&#8221; gutter_width=&#8221;2&#8243; make_equal=&#8221;on&#8221; custom_padding_last_edited=&#8221;on|phone&#8221; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;#fafafa&#8221; width=&#8221;auto&#8221; width_tablet=&#8221;auto&#8221; width_phone=&#8221;100%&#8221; width_last_edited=&#8221;on|phone&#8221; max_width=&#8221;614px&#8221; module_alignment=&#8221;center&#8221; custom_margin=&#8221;|15%||15%|false|true&#8221; custom_margin_tablet=&#8221;|5%||5%|false|true&#8221; custom_margin_phone=&#8221;|0%||0%|false|true&#8221; custom_margin_last_edited=&#8221;on|tablet&#8221; custom_padding=&#8221;30px|30px|30px|30px|true|true&#8221; custom_padding_tablet=&#8221;|30px||30px|false|true&#8221; custom_padding_phone=&#8221;|20px||20px|false|true&#8221; custom_css_main_element=&#8221;display: flex;||align-items: center;||width: fit-content !important;&#8221; global_colors_info=&#8221;{}&#8221; custom_css_main_element_last_edited=&#8221;on|tablet&#8221; custom_css_main_element_phone=&#8221;display: block;||width: 100% !important;||max-width: 100% !important;&#8221; custom_css_main_element_tablet=&#8221;display: flex;||align-items: center;||width: fit-content !important;&#8221; 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global_colors_info=&#8221;{}&#8221; button_text_color__hover=&#8221;#FFFFFF&#8221; button_bg_color__hover_enabled=&#8221;on|hover&#8221; button_bg_color__hover=&#8221;#ffa06a&#8221; custom_css_after_last_edited=&#8221;off|desktop&#8221; custom_css_after__hover_enabled=&#8221;on|hover&#8221; custom_css_after__hover=&#8221;background-color: #F06400;||color: #fff&#8221; button_bg_enable_color__hover=&#8221;on&#8221; theme_builder_area=&#8221;post_content&#8221;]<\/p>\n<p>[\/et_pb_button][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=&#8221;1&#8243; admin_label=&#8221;Section &#8211; Actions&#8221; module_id=&#8221;section-take-action&#8221; _builder_version=&#8221;4.23&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;20px||30px||false|false&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_row module_class=&#8221;toc-item&#8221; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; max_width=&#8221;800px&#8221; custom_margin=&#8221;40px||10px||false|false&#8221; custom_padding=&#8221;0px||0px||false|false&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.20.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_text _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; header_2_font=&#8221;|800|||||||&#8221; header_2_font_size=&#8221;36px&#8221; header_2_line_height=&#8221;1.17em&#8221; hover_enabled=&#8221;0&#8243; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; sticky_enabled=&#8221;0&#8243;]<\/p>\n<h2>Bonds<\/h2>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; max_width=&#8221;800px&#8221; custom_padding=&#8221;10px||1px|||&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.20.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_text _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;]<\/p>\n<p>The bond market is a cornerstone of global finance, and an increasingly popular form of raising funds for fossil fuel companies. When banks arrange bonds, they use their large networks of financiers to help the fossil fuel client find investors willing to provide the funding.<\/p>\n<p>Alarmingly, bonds have <a href=\"https:\/\/reclaimfinance.org\/site\/wp-content\/uploads\/2023\/11\/16112023-The-worst-fossil-fuel-bonds-in-2023.pdf\" target=\"_blank\" rel=\"noopener\">doubled<\/a> as a source of funding for energy companies in the past decade. The recent \u2018<a href=\"https:\/\/www.bankingonclimatechaos.org\/\" target=\"_blank\" rel=\"noopener\">Banking on Climate Chaos<\/a>\u2019 report found that corporate bonds now account for 39% of fossil fuel finance arranged by the world\u2019s 60 largest banks. When it comes to the big four Australian banks, our data shows 38% of finance they arranged for fossil fuels in 2023 was in the form of bonds.<\/p>\n<p>The significance of bonds is particularly pronounced in the thermal coal sector. As traditional bank lending for thermal coal has become increasingly restricted, bonds have become a key source of funding for coal companies seeking to finance their expansion projects. Coal expansionist companies now raise <a href=\"https:\/\/toxicbonds.org\/\" target=\"_blank\" rel=\"noopener\">2.5 times<\/a> more capital through bond finance than through bank loans. Between 2021-2023, bond underwriting accounted for <a href=\"https:\/\/toxicbonds.org\/bond-underwriting-makes-up-78-of-banks-coal-finance\/\" target=\"_blank\" rel=\"noopener\">78%<\/a> of total coal financing, according to German clean finance advocacy organisation Urgewald.<\/p>\n<p>ANZ and NAB have no current restrictions on arranging or underwriting bonds for companies with fossil fuel expansion plans, while CommBank and Westpac have only limited restrictions in place.<\/p>\n<p>[\/et_pb_text][et_pb_text _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; header_text_color=&#8221;#131313&#8243; header_2_font=&#8221;Inter|800|||||||&#8221; header_2_text_color=&#8221;#131313&#8243; header_2_font_size=&#8221;36px&#8221; header_2_line_height=&#8221;1.17em&#8221; header_3_font=&#8221;Inter|800|||||||&#8221; header_3_text_color=&#8221;#131313&#8243; header_3_font_size=&#8221;28px&#8221; header_3_line_height=&#8221;1.21em&#8221; 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container: \"wpDataChart_123\",\n            follow_filtering: 0,\n            wpdatatable_id: 352,\n            group_chart: 0        }\n    <\/script>\n\n    <div id=\"wpDataChart_123\" class=\"highcharts_stacked_column_chart\" style=\"width: 100%\"><\/div>\n[\/et_pb_code][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; custom_margin=&#8221;0px||20px||false|false&#8221; custom_padding=&#8221;0px||0px||false|false&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_row module_class=&#8221;toc-item&#8221; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; max_width=&#8221;800px&#8221; custom_margin=&#8221;40px||10px||false|false&#8221; custom_padding=&#8221;0px||0px||false|false&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.20.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_text _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; header_2_font=&#8221;|800|||||||&#8221; header_2_font_size=&#8221;36px&#8221; header_2_line_height=&#8221;1.17em&#8221; hover_enabled=&#8221;0&#8243; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; sticky_enabled=&#8221;0&#8243;]<\/p>\n<h2>Climate transition plans &#8211; a possible endpoint to Australia\u2019s big banks funding climate destruction<\/h2>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; max_width=&#8221;800px&#8221; custom_padding=&#8221;10px||1px|||&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.20.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_text _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;]<\/p>\n<p>The Paris Agreement was signed nearly nine years ago, and the urgency of the climate crisis has only increased since then as disasters including bushfires, floods, heatwaves and droughts have become more severe and frequent.<\/p>\n<p>Despite the urgent need to transition away from fossil fuels, Australia\u2019s major banks have taken a meandering approach to their fossil fuel finance. The big banks have failed to hold their coal, oil and gas clients to account, while financially enabling their destructive expansion plans.<\/p>\n<p>However, there may be light at the end of the tunnel for the thousands of community members that have been demanding real climate action from our major banks. In 2023, all big four banks announced that from next year they will require fossil fuel companies to produce credible <em>transition plans<\/em>. A transition plan is how companies demonstrate their business plans are consistent with a safe climate and aligned with the goals of the Paris Agreement.<\/p>\n<p>What does that mean for climate wreckers? Companies pursuing massive new and expanded coal, oil and gas projects incompatible with limiting global warming to 1.5\u00b0C, like Santos, Woodside, and Glencore must surely fail the banks\u2019 test and so won\u2019t be eligible for more finance from 2025.<\/p>\n<p>But some grey area remains, and we need to ramp up the pressure now to get the banks to publicly disclose exactly how they\u2019re going to assess all of their fossil fuel clients for alignment with 1.5\u00b0C, and commit to not funding companies that are incompatible with a safe climate. This can\u2019t just apply to companies extracting the coal, oil and gas themselves, but all companies enabling fossil fuel expansion throughout the value chain, including gas infrastructure and pipeline companies such as APA Group, GE Vernova, and JERA.<\/p>\n<p>[\/et_pb_text][et_pb_image src=&#8221;https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2024\/07\/Fossil-Fuel-Value-chain-BCF-2024.png&#8221; title_text=&#8221;Fossil Fuel Value chain &#8211; BCF 2024&#8243; align=&#8221;center&#8221; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][\/et_pb_image][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=&#8221;1&#8243; disabled_on=&#8221;off|off|off&#8221; admin_label=&#8221;CTA&#8221; module_id=&#8221;section-key-findings&#8221; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; custom_margin=&#8221;60px||40px||false|false&#8221; 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text_line_height=&#8221;1.8em&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;]<\/p>\n<p>Tell your bank to stop financing companies expanding coal, oil and gas!<\/p>\n<p>[\/et_pb_text][\/et_pb_column][et_pb_column type=&#8221;2_5&#8243; _builder_version=&#8221;4.20.0&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;||||false|false&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_button button_url=&#8221;#take-action&#8221; button_text=&#8221;Take action&#8221; button_alignment=&#8221;center&#8221; _builder_version=&#8221;4.27.0&#8243; _module_preset=&#8221;983ed5b3-b5b6-49ee-b56b-7b0ea7d10779&#8243; custom_button=&#8221;on&#8221; button_text_size=&#8221;16px&#8221; button_text_color=&#8221;#FFFFFF&#8221; button_bg_color=&#8221;#f06400&#8243; button_border_width=&#8221;0px&#8221; button_border_color=&#8221;RGBA(255,255,255,0)&#8221; button_border_radius=&#8221;0px&#8221; button_font=&#8221;Poppins|500|||||||&#8221; 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_builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; custom_margin=&#8221;0px||0px||false|false&#8221; custom_padding=&#8221;0px||0px||false|false&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_row module_class=&#8221;toc-item&#8221; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; max_width=&#8221;800px&#8221; custom_margin=&#8221;40px||10px||false|false&#8221; custom_padding=&#8221;0px||0px||false|false&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.20.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_text _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; header_2_font=&#8221;|800|||||||&#8221; header_2_font_size=&#8221;36px&#8221; header_2_line_height=&#8221;1.17em&#8221; hover_enabled=&#8221;0&#8243; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; sticky_enabled=&#8221;0&#8243;]<\/p>\n<h2>ANZ and Westpac funding gas expansion in Asia Pacific<\/h2>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; max_width=&#8221;800px&#8221; custom_padding=&#8221;10px||1px|||&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.20.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_text _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;]<\/p>\n<p>The last few years have shown that ANZ and Westpac are willing to fund companies responsible for a massive buildout of new gas projects in Asia. The banks are financing projects and companies ranging from the new gas fields and pipeline developers in Australia, to gas-fired power plants in Asia.<\/p>\n<p>[\/et_pb_text][et_pb_image src=&#8221;https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2024\/07\/Map-gas-expansion-in-Asia-Pacific-800px-BCF-2024.png&#8221; alt=&#8221;Map: gas expansion in Asia Pacific&#8221; title_text=&#8221;Map &#8211; gas expansion in Asia Pacific 800px &#8211; BCF 2024&#8243; align=&#8221;center&#8221; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][\/et_pb_image][et_pb_text _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; text_font_size=&#8221;0.8em&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;]<\/p>\n<p style=\"text-align: center;\"><em>Disclaimer: This map is an approximate guide only and does not necessarily reflect the exact locations of planned fossil fuel developments and associated infrastructure.<\/em><\/p>\n<p>[\/et_pb_text][et_pb_text _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;]<\/p>\n<p>Asia is being aggressively pursued as a growth market for gas power projects and infrastructure. According to Global Energy Monitor, a staggering <a href=\"https:\/\/www.marketforces.org.au\/campaigns\/asia\/\" target=\"_blank\" rel=\"noopener\">63%<\/a> of the world\u2019s proposed new gas power is in Asia. Despite opposition from local communities, the fossil fuel industry is pushing costly and climate destroying projects in this region, and it\u2019s being enabled by ANZ and Westpac.<\/p>\n<p>In just the last two years, ANZ and Westpac loaned over $700 million as part of two loans related to two of Australia\u2019s biggest new fossil gas export projects &#8211; <strong>Woodside\u2019s Scarborough<\/strong> and <strong>Santos\u2019 Barossa gas project<\/strong>. They\u2019ve also loaned over $300 million for \u2018general corporate purposes\u2019 to both companies, and even helped arrange a $1.3 billion, ten-year bond for Santos in September 2023. ANZ and Westpac are enabling Australian gas companies to extract new gas and export most of it overseas, but it doesn\u2019t stop there.<\/p>\n<p>Then there\u2019s <a href=\"https:\/\/www.marketforces.org.au\/campaigns\/companies\/apa-group\/\" target=\"_blank\" rel=\"noopener\">APA Group<\/a>, Australia\u2019s largest gas pipeline operator. ANZ and Westpac both took part in a $1.25 billion loan to APA in November 2023, and also helped arrange a $835 bond for the company that same month. APA is planning to construct several pipelines to support extensive fracking in the Beetaloo Basin, one of the biggest proposed gas projects in Australia\u2019s history, with most of the gas destined for export.<\/p>\n<p>In October 2023, both ANZ and Westpac contributed a combined $226 million to Japanese energy giant, <strong>JERA<\/strong> as part of a $2.3 billion loan. JERA has stakes in both Barossa and Scarborough, and is involved in a staggering amount of new gas power projects in Bangladesh and Vietnam. JERA\u2019s gas expansion tentacles include a carbon bomb in the precious environment of <a href=\"https:\/\/www.marketforces.org.au\/campaigns\/asia\/jera\/\" target=\"_blank\" rel=\"noopener\">Chattogram<\/a>, south east Bangladesh. And it gets even worse for the climate.<\/p>\n<p>In March of this year, ANZ and Westpac were both involved in a $9.2 billion loan to <a href=\"https:\/\/www.marketforces.org.au\/campaigns\/asia\/general-electric\/\" target=\"_blank\" rel=\"noopener\">GE Vernova<\/a>. The global power giant is one of the world\u2019s biggest contributors to coal and gas power plants and its business strategy includes building an enormous amount of new gas power plants in Bangladesh and Vietnam. In the Chattogram region of Bangladesh alone, gas or LNG projects with GE involvement would add approximately 430 million tonnes of carbon dioxide equivalent (CO2-e) to the atmosphere throughout the plants\u2019 operational lives, over <a href=\"https:\/\/ourworldindata.org\/co2\/country\/bangladesh\" target=\"_blank\" rel=\"noopener\">four times<\/a> the country\u2019s total CO2 emissions in 2022.<\/p>\n<p>This kind of financing activity calls into question not only ANZ and Westpac\u2019s commitments, but the kind of world and economies they want to be shaping. These companies are demonstrating their intention to ensure that the \u2018Asian growth market\u2019 is locked into dependence on outdated and harmful technologies instead of developing clean, renewable energy. ANZ and Westpac are bankrolling climate havoc across Asia.<\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; custom_margin=&#8221;0px||0px||false|false&#8221; custom_padding=&#8221;0px||0px||false|false&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_row module_class=&#8221;toc-item&#8221; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; max_width=&#8221;800px&#8221; custom_margin=&#8221;40px||10px||false|false&#8221; custom_padding=&#8221;0px||0px||false|false&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.20.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_text _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; header_2_font=&#8221;|800|||||||&#8221; header_2_font_size=&#8221;36px&#8221; header_2_line_height=&#8221;1.17em&#8221; hover_enabled=&#8221;0&#8243; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; sticky_enabled=&#8221;0&#8243;]<\/p>\n<h2>Big four scorecard since the Paris Agreement<\/h2>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; max_width=&#8221;800px&#8221; custom_padding=&#8221;10px||1px|||&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.20.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_text _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;]<\/p>\n<p>In the eight years since the global Paris Agreement to limit climate change was signed, the big four Australian banks have loaned a whopping total of <strong>$61.1 billion<\/strong> to fossil fuels, including:<\/p>\n<ul>\n<li><strong>$24.2 billion<\/strong> to companies expanding fossil fuels<\/li>\n<li><strong>$9.5 billion<\/strong> to fossil fuel expansion projects<\/li>\n<\/ul>\n<p>[\/et_pb_text][et_pb_text _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; header_text_color=&#8221;#131313&#8243; header_2_font=&#8221;Inter|800|||||||&#8221; header_2_text_color=&#8221;#131313&#8243; header_2_font_size=&#8221;36px&#8221; header_2_line_height=&#8221;1.17em&#8221; header_3_font=&#8221;Inter|800|||||||&#8221; header_3_text_color=&#8221;#131313&#8243; header_3_font_size=&#8221;28px&#8221; header_3_line_height=&#8221;1.21em&#8221; header_4_font=&#8221;Inter|800|||||||&#8221; 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But in that list, there are a few that stand out as the worst deals due to the sheer size of these companies\u2019 fossil fuel expansion plans and associated human rights controversies for many of these projects.<\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;#f0f0f0&#8243; max_width=&#8221;800px&#8221; custom_margin=&#8221;20px||20px||false|false&#8221; custom_padding=&#8221;20px|20px|20px|20px|false|false&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.20.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_text _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; header_2_font=&#8221;Inter|800|||||||&#8221; header_2_text_color=&#8221;#131313&#8243; header_2_font_size=&#8221;36px&#8221; header_2_line_height=&#8221;1.17em&#8221; header_3_font=&#8221;|800|||||||&#8221; header_3_font_size=&#8221;28px&#8221; header_3_line_height=&#8221;1.21em&#8221; hover_enabled=&#8221;0&#8243; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; sticky_enabled=&#8221;0&#8243;]<\/p>\n<h3>1. JERA Global Markets<\/h3>\n<p>[\/et_pb_text][et_pb_image src=&#8221;https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2024\/07\/ANZ-Westpac-icon-BCF-2024.png&#8221; alt=&#8221;ANZ Westpac&#8221; title_text=&#8221;ANZ Westpac&#8221; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][\/et_pb_image][et_pb_text _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;]<\/p>\n<p>In October 2023, ANZ and Westpac loaned $125 million and $101 million, respectively, to JERA Global Markets as part of a $2.3 billion loan related to the company\u2019s LNG business. <a href=\"https:\/\/www.marketforces.org.au\/campaigns\/asia\/jera\/\" target=\"_blank\" rel=\"noopener\">JERA<\/a> has some of the biggest gas expansion plans in the world. Some of its dirtiest new proposed LNG projects include:<\/p>\n<ul>\n<li><strong>Barossa:<\/strong> JERA owns a <a href=\"https:\/\/www.jera.co.jp\/en\/corporate\/business\/projects\/Barossa\" target=\"_blank\" rel=\"noopener\">12.5%<\/a> stake in Santos\u2019 destructive Barossa gas project, as well as a <a href=\"https:\/\/www.jera.co.jp\/en\/corporate\/business\/projects\/darwin\" target=\"_blank\" rel=\"noopener\">6.1%<\/a> stake in its associated gas processing plant, Darwin LNG. The issues with Barossa have been well-documented &#8211; in 2023 ANZ and Westpac faced formal <a href=\"https:\/\/www.marketforces.org.au\/australias-big-four-banks-receive-human-riights-complaint-over-financing-of-barossa\/\" target=\"_blank\" rel=\"noopener\">human rights complaints<\/a> from Tiwi and Larrakia Traditional Owners over their involvement in a loan related to the project.<\/li>\n<li><strong>Scarborough:<\/strong> In February 2024, JERA <a href=\"https:\/\/www.jera.co.jp\/en\/news\/information\/20240223_1820\" target=\"_blank\" rel=\"noopener\">bought<\/a> a 15.1% stake in Woodside\u2019s climate-wrecking Scarbrough gas field off the coast of North-Western Australia. The gas produced from Scarborough would, when burned, see nearly 700 million tonnes of CO2 enter the atmosphere, almost <a href=\"https:\/\/www.marketforces.org.au\/campaigns\/banks\/banking-climate-failure-2023\/\" target=\"_blank\" rel=\"noopener\">1.5<\/a> times Australia\u2019s annual emissions.<\/li>\n<li><strong>Freeport LNG Expansion:<\/strong> JERA owns a <a href=\"https:\/\/www.jera.co.jp\/en\/corporate\/business\/projects\/freeport\" target=\"_blank\" rel=\"noopener\">25.7%<\/a> stake in the Freeport LNG project in Texas, USA. Freeport LNG is <a href=\"https:\/\/freeportlng.com\/our-business\/train-4-expansion#:~:text=Train%204%20Project%20Overview&amp;text=This%20expansion%20will%20allow%20for,economic%20benefits%20for%20the%20U.S.\" target=\"_blank\" rel=\"noopener\">expanding<\/a> its capacity, which would make the facility at least the <a href=\"https:\/\/www.statista.com\/statistics\/1263935\/largest-operational-lng-terminals-by-capacity-worldwide\/#:~:text=Sabine%20Pass%20is%20the%20largest,of%2022.2%20million%20metric%20tons.\" target=\"_blank\" rel=\"noopener\">fourth<\/a> biggest LNG project in the world.<\/li>\n<\/ul>\n<p>JERA is a major player in the <a href=\"https:\/\/www.marketforces.org.au\/campaigns\/asia\/japans-fossil-gas-expansion\/\" target=\"_blank\" rel=\"noopener\">Japan-led fossil gas expansion<\/a> in Asia, pursuing five LNG import terminals and LNG to power projects with nameplate capacity of <strong>11.6GW<\/strong> in Bangladesh and Vietnam, effectively trying to lock these countries into dirty and expensive fossil fuels instead of renewable energy. Perhaps most egregious of these examples is the pursuit of carbon bomb LNG projects in the <a href=\"https:\/\/fossilfreechattogram.com\/\" target=\"_blank\" rel=\"noopener\">Chattogram<\/a> region of Bangladesh.<\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;#f0f0f0&#8243; max_width=&#8221;800px&#8221; custom_margin=&#8221;20px||20px||false|false&#8221; custom_padding=&#8221;20px|20px|20px|20px|false|false&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.20.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_text _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; header_2_font=&#8221;Inter|800|||||||&#8221; header_2_text_color=&#8221;#131313&#8243; header_2_font_size=&#8221;36px&#8221; header_2_line_height=&#8221;1.17em&#8221; header_3_font=&#8221;|800|||||||&#8221; header_3_font_size=&#8221;28px&#8221; header_3_line_height=&#8221;1.21em&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;]<\/p>\n<h3>2. APA Group<\/h3>\n<p>[\/et_pb_text][et_pb_image src=&#8221;https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2024\/07\/ANZ-CommBank-NAB-Westpac-icon-BCF-2024.png&#8221; alt=&#8221;ANZ CommBank NAB Westpac&#8221; title_text=&#8221;ANZ CommBank NAB Westpac&#8221; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][\/et_pb_image][et_pb_text _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;]<\/p>\n<p>In November 2023, ANZ, CommBank, NAB and Westpac all took part in a $1.25 billion loan to APA Group. ANZ, CommBank and NAB loaned $50 million each, while Westpac loaned $80 million. While part of this loan was to fund APA\u2019s <a href=\"https:\/\/www.apa.com.au\/globalassets\/asx-releases\/2023\/apa-completes-alinta-energy-pilbara-acquisition-pdf.pdf\" target=\"_blank\" rel=\"noopener\">acquisition<\/a> of Alinta Energy\u2019s existing Pilbara gas assets, it will also be used for \u2018general corporate purposes\u2019.<\/p>\n<p>The loan does not need to be repaid in full until 2033, during which time APA threatens to unleash massive climate pollution from the Beetaloo gas basin.<\/p>\n<p>In 2023, APA Group signed preliminary agreements with the leading developers of the Beetaloo basin, <a href=\"https:\/\/www.apa.com.au\/news\/asx-releases\/2023\/apa-signs-initial-agreement-to-commence-work-to-connect-empire-energys-beetaloo-basin-assets\/\" target=\"_blank\" rel=\"noopener\">Empire Energy<\/a> and <a href=\"https:\/\/www.apa.com.au\/news\/asx-releases\/2023\/apa-signs-initial-agreement-with-tamboran-resources\/\" target=\"_blank\" rel=\"noopener\">Tamboran Resources<\/a>, to construct pipelines that would light the fuse on the Beetaloo carbon bomb. Market Forces analysis estimates Beetaloo gas would create end-user emissions of 1.1 billion tonnes of CO\u2082-e, more than the emissions from Woodside\u2019s Scarborough, Trion and Sangomar projects combined.<\/p>\n<p>Traditional Owners including the Nurrdalinji Aboriginal Corporation, as well as local farmers and landholders, have <a href=\"https:\/\/www.abc.net.au\/news\/2023-05-06\/indigenous-pastoralists-rights-to-veto-beetaloo-fracking\/102306884\" target=\"_blank\" rel=\"noopener\">voiced vehement opposition<\/a> to the Beetaloo fracking plans, including raising concerns about <a href=\"https:\/\/www.tandfonline.com\/doi\/full\/10.1080\/13241583.2023.2297949\" target=\"_blank\" rel=\"noopener\">risks to groundwater in the Cambrian Limestone Aquifer<\/a>, which sustains local livelihoods and ecosystems.<\/p>\n<p>In September 2023, independent expert and UN Special Rapporteur Marcus Orellana, <a href=\"https:\/\/www.abc.net.au\/news\/2023-09-14\/united-nations-criticism-nt-projects-middle-arm-beetaloo-basin\/102856346\" target=\"_blank\" rel=\"noopener\">criticised<\/a> the Beetaloo Basin gas plans over climate, human rights and environmental concerns. A full report will be published in September 2024.<\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; max_width=&#8221;800px&#8221; custom_margin=&#8221;20px||20px||false|false&#8221; custom_padding=&#8221;10px||1px|||&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.20.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_image src=&#8221;https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2024\/05\/APA-Group-Tamboran-Empire-Energy-rally.jpg&#8221; alt=&#8221;Protesters call on APA to not enable fracking in the Northern Territory. Photo credit: GetUp&#8221; title_text=&#8221;APA Group Tamboran Empire Energy rally&#8221; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][\/et_pb_image][et_pb_text _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; text_font_size=&#8221;0.8em&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;]<\/p>\n<p style=\"text-align: center;\"><em>Protesters call on APA to not enable fracking in the Northern Territory. Photo credit: GetUp<\/em><\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;#f0f0f0&#8243; max_width=&#8221;800px&#8221; custom_margin=&#8221;20px||20px||false|false&#8221; custom_padding=&#8221;20px|20px|20px|20px|false|false&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.20.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_text _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; header_2_font=&#8221;Inter|800|||||||&#8221; header_2_text_color=&#8221;#131313&#8243; header_2_font_size=&#8221;36px&#8221; header_2_line_height=&#8221;1.17em&#8221; header_3_font=&#8221;|800|||||||&#8221; header_3_font_size=&#8221;28px&#8221; header_3_line_height=&#8221;1.21em&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;]<\/p>\n<h3>3. Santos<\/h3>\n<p>[\/et_pb_text][et_pb_image src=&#8221;https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2024\/07\/ANZ-Westpac-icon-BCF-2024.png&#8221; alt=&#8221;ANZ Westpac&#8221; title_text=&#8221;ANZ Westpac&#8221; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][\/et_pb_image][et_pb_text _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;]<\/p>\n<p>In September 2023, ANZ and WBC were again involved in arranging finance for Santos, this time taking part as co-placement agents for a $1.3 billion bond. Santos <a href=\"https:\/\/www.santos.com\/news\/santos-announces-pikka-fid\/\" target=\"_blank\" rel=\"noopener\">sanctioned<\/a> the new Pikka oil field in August 2022, is <a href=\"https:\/\/totalenergies.com\/news\/press-releases\/joint-statement-independent-state-papua-new-guinea-and-totalenergies\" target=\"_blank\" rel=\"noopener\">targeting<\/a> a final investment decision on Papua LNG in 2025, and is targeting final approvals on three other new oil and gas projects. Santos plans to increase production <a href=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2024\/03\/03-2024-Santos-Investor-briefing-FINAL-2.pdf\" target=\"_blank\" rel=\"noopener\">16%<\/a> between 2022 and 2028, while the latest International Energy Agency Net-Zero by 2050 Scenario <a href=\"https:\/\/iea.blob.core.windows.net\/assets\/9a698da4-4002-4e53-8ef3-631d8971bf84\/NetZeroRoadmap_AGlobalPathwaytoKeepthe1.5CGoalinReach-2023Update.pdf#page=16\" target=\"_blank\" rel=\"noopener\">projects<\/a> global oil and gas production must fall 19% by the end of this decade.<\/p>\n<p>This deal was particularly egregious from ANZ and Westpac as just five months prior they had received human rights grievances from Larrakia and Tiwi Traditional Owners for their involvement in a <a href=\"https:\/\/www.marketforces.org.au\/australias-big-four-banks-receive-human-riights-complaint-over-financing-of-barossa\/\" target=\"_blank\" rel=\"noopener\">$1.8 billion loan<\/a> related to the Barossa gas field Santos is currently developing. ANZ was still <a href=\"https:\/\/equitygenerationlawyers.com\/wp\/wp-content\/uploads\/2023\/07\/230713-Bank-Responses-Report.pdf\" target=\"_blank\" rel=\"noopener\">considering<\/a> the complaint at the time, while Westpac had effectively dismissed the concerns without engaging with the Traditional Owners. Despite all of this, ANZ and Westpac went ahead and arranged more money for Santos and its destructive gas expansion plans.<\/p>\n<p>After much public pressure, and appearances at <a href=\"https:\/\/www.marketforces.org.au\/campaigns\/banks\/westpac-agm-season-dec-2023\/#tab-section\" target=\"_blank\" rel=\"noopener\">Westpac\u2019s AGM<\/a> in December 2023, Tiwi Traditional Owners Pirrawayingi Puruntatameri and Simon Munkara drew a commitment from Westpac CEO, Peter King to visit the Tiwi Islands to discuss the human rights complaint and what is at stake if Barossa goes ahead. One week later at its AGM, ANZ CEO, Shayne Elliot made the same <a href=\"https:\/\/www.marketforces.org.au\/campaigns\/banks\/anz-agm-season-dec-2023\/\" target=\"_blank\" rel=\"noopener\">commitment<\/a>. Shamefully, ANZ recently rejected the human rights complaint <a href=\"https:\/\/www.theleader.com.au\/story\/8654740\/tiwi-islanders-take-aim-at-banks-complaint-rejection\/\" target=\"_blank\" rel=\"noopener\">on the basis that<\/a> Santos \u2018had not consented to participate in the process\u2019.<\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; max_width=&#8221;800px&#8221; custom_margin=&#8221;20px||20px||false|false&#8221; custom_padding=&#8221;10px||1px|||&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.20.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_image src=&#8221;https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2024\/07\/IMG_0296-Tiwi-Traditional-Owners-protest-Santos-Barossa-in-Japan.jpg&#8221; alt=&#8221;Tiwi Traditional Owners protest Santos&#8217; Barossa project in Japan&#8221; title_text=&#8221;Tiwi Traditional Owners protest Santos&#8217; Barossa project in Japan&#8221; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][\/et_pb_image][et_pb_text _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; text_font_size=&#8221;0.8em&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;]<\/p>\n<p style=\"text-align: center;\"><em>Tiwi Traditional Owners protest Santos&#8217; Barossa gas project in Japan.<\/em><\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;#f0f0f0&#8243; max_width=&#8221;800px&#8221; custom_margin=&#8221;20px||20px||false|false&#8221; custom_padding=&#8221;20px|20px|20px|20px|false|false&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.20.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_text _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; header_2_font=&#8221;Inter|800|||||||&#8221; header_2_text_color=&#8221;#131313&#8243; header_2_font_size=&#8221;36px&#8221; header_2_line_height=&#8221;1.17em&#8221; header_3_font=&#8221;|800|||||||&#8221; header_3_font_size=&#8221;28px&#8221; header_3_line_height=&#8221;1.21em&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;]<\/p>\n<h3>4. Glencore<\/h3>\n<p>[\/et_pb_text][et_pb_image src=&#8221;https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2024\/07\/ANZ-flat-icon-BCF-2024.png&#8221; alt=&#8221;ANZ&#8221; title_text=&#8221;ANZ&#8221; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][\/et_pb_image][et_pb_text _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;]<\/p>\n<p>ANZ arranged a whopping $784 million for coal giant, Glencore, as part of a $3.9 billion bond in September 2023. <a href=\"https:\/\/www.glencore.com\/what-we-do\/energy\/coal\" target=\"_blank\" rel=\"noopener\">Glencore<\/a> is \u201cone of the world\u2019s largest producers and exporters of seaborne traded thermal and coking coal.\u201d The company is also pursuing an extension for the Hunter Valley Continued Operations project, which is the <a href=\"https:\/\/majorprojects.planningportal.nsw.gov.au\/prweb\/PRRestService\/mp\/01\/getContent?AttachRef=SSD-11826681%2120240523T223654.578%20GMT\" target=\"_blank\" rel=\"noopener\">largest coal mining proposal<\/a> ever put forward in New South Wales. The proposed continuation of the mine would see mining continue until 2050, with <a href=\"https:\/\/www.theguardian.com\/environment\/article\/2024\/may\/31\/nsw-glencore-coalmine-open-plan-net-zero-emissions-targets\" target=\"_blank\" rel=\"noopener\">emissions<\/a> estimates of up to 1.2 billion tonnes of CO2-e, more than 2.5 times Australia\u2019s current annual emissions.<\/p>\n<p>At a recent Australian Senate Inquiry into Greenwashing, a representative of Glencore openly <a href=\"https:\/\/parlinfo.aph.gov.au\/parlInfo\/download\/committees\/commsen\/27925\/toc_pdf\/Environment%20and%20Communications%20References%20Committee_2024_04_22.pdf;fileType=application%2Fpdf\" target=\"_blank\" rel=\"noopener\">admitted<\/a> that \u201cwe do not make any claim to be aligned with the Paris Agreement\u201d. Based on Glencore\u2019s plans to keep mining coal for decades, anyone could see that was the case. But it\u2019s an indictment on ANZ that it will still fund a coal-mining company that openly admits it\u2019s not aligned with global climate goals that ANZ claims commitment to.<\/p>\n<p>ANZ has no restrictions on financing metallurgical coal mining, and only weak requirements for thermal coal mining companies. <\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; max_width=&#8221;800px&#8221; custom_margin=&#8221;20px||20px||false|false&#8221; custom_padding=&#8221;10px||1px|||&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.20.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_image src=&#8221;https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2024\/07\/Largest-ever-NSW-coalmine-plan-Guardian-headline-BCF-2024.png&#8221; alt=&#8221;&#8216;Largest ever&#8217; NSW coalmine plan will put pressure on state&#8217;s net zero target, watchdog says. &#8211; The Guardian (May 2024)&#8221; title_text=&#8221;&#8216;Largest ever&#8217; NSW coalmine plan will put pressure on state&#8217;s net zero target, watchdog says. &#8211; The Guardian (May 2024)&#8221; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][\/et_pb_image][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;#f0f0f0&#8243; max_width=&#8221;800px&#8221; custom_margin=&#8221;20px||20px||false|false&#8221; custom_padding=&#8221;20px|20px|20px|20px|false|false&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.20.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_text _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; header_2_font=&#8221;Inter|800|||||||&#8221; header_2_text_color=&#8221;#131313&#8243; header_2_font_size=&#8221;36px&#8221; header_2_line_height=&#8221;1.17em&#8221; header_3_font=&#8221;|800|||||||&#8221; header_3_font_size=&#8221;28px&#8221; header_3_line_height=&#8221;1.21em&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;]<\/p>\n<h3>5. BHP<\/h3>\n<p>[\/et_pb_text][et_pb_image src=&#8221;https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2024\/07\/ANZ-NAB-Westpac-icon-BCF-2024.png&#8221; alt=&#8221;ANZ NAB Westpac&#8221; title_text=&#8221;ANZ NAB Westpac&#8221; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][\/et_pb_image][et_pb_text _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;]<\/p>\n<p>In February 2023, ANZ, NAB and Westpac participated in a $4 billion bond for BHP, each contributing over $40 million. As one of the world\u2019s largest and most diversified mining companies, BHP has the opportunity, and the responsibility, to set a global example by managing down its fossil fuel business. It is more than capable of this, as demonstrated with its plans for the <a href=\"https:\/\/www.marketforces.org.au\/bhp-to-close-mt-arthur-thermal-coal-mine-by-2030\/\" target=\"_blank\" rel=\"noopener\">Mount Arthur mine<\/a>.<\/p>\n<p>Instead, the company has continued to sell off its dirty assets to pureplay fossil fuel companies with no plans to align their own business with the climate efforts of the rest of the world. While this may reduce BHP\u2019s emissions in its own reporting, the impact in the real world will almost certainly be worse. With these mines in the hands of companies whose sole focus is fossil fuel extraction, their chance to be managed down is gone.<\/p>\n<p><a href=\"https:\/\/www.marketforces.org.au\/2023-coal-season-wrap-up\/\" target=\"_blank\" rel=\"noopener\">BHP<\/a> has been selling some of its coal mine assets in recent times, including two of its coal mines to Australia\u2019s largest pure play coal miner and climate-wrecker <a href=\"https:\/\/www.marketforces.org.au\/campaigns\/companies\/whitehaven-coal\/\" target=\"_blank\" rel=\"noopener\">Whitehaven Coal<\/a> in late 2023. But even after that sell down, BHP will still produce 36 million tonnes of coal per year, remaining one of the largest producers in Australia.<\/p>\n<p>BHP has plans to mine coal for many years to come, and is seeking approval for two greenfield coal expansion projects at <a href=\"https:\/\/www.statedevelopment.qld.gov.au\/__data\/assets\/pdf_file\/0024\/17466\/rhml-eis.pdf\" target=\"_blank\" rel=\"noopener\">Red Hill<\/a> and <a href=\"https:\/\/www.bhp.com\/-\/media\/project\/bhp1ip\/bhp-com-en\/documents\/sustainability\/environment\/regulatory-information\/bma-saraji-east\/aa-executive-summary1.pdf\" target=\"_blank\" rel=\"noopener\">Saraji East<\/a>, and has applied to extend its <a href=\"https:\/\/www.bhp.com\/-\/media\/bhp\/regulatory-information-media\/coal\/bma\/peak-downs\/peak-downs-mine-continuation-project\/peak-downs-mine-continuation-project---initial-advice-statement.pdf\" target=\"_blank\" rel=\"noopener\">Peak Downs<\/a> metallurgical coal mine by an additional 93 years.<\/p>\n<p>BHP can be a leader in the transition away from fossil fuels, but its coal expansion plans and the massive emissions they would generate are incompatible with global climate goals. ANZ, NAB and Westpac must ensure BHP abandons its coal expansion strategy before providing or arranging further funding.<\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=&#8221;1&#8243; disabled_on=&#8221;off|off|off&#8221; admin_label=&#8221;CTA&#8221; module_id=&#8221;section-key-findings&#8221; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; custom_margin=&#8221;20px||20px||false|false&#8221; custom_padding=&#8221;0px||0px||false|false&#8221; custom_css_main_element=&#8221;margin: auto&#8221; locked=&#8221;off&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_row column_structure=&#8221;3_5,2_5&#8243; use_custom_gutter=&#8221;on&#8221; gutter_width=&#8221;2&#8243; make_equal=&#8221;on&#8221; custom_padding_last_edited=&#8221;on|phone&#8221; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;#fafafa&#8221; width=&#8221;auto&#8221; width_tablet=&#8221;auto&#8221; width_phone=&#8221;100%&#8221; width_last_edited=&#8221;on|phone&#8221; max_width=&#8221;614px&#8221; module_alignment=&#8221;center&#8221; custom_margin=&#8221;|15%||15%|false|true&#8221; custom_margin_tablet=&#8221;|5%||5%|false|true&#8221; custom_margin_phone=&#8221;|0%||0%|false|true&#8221; custom_margin_last_edited=&#8221;on|tablet&#8221; custom_padding=&#8221;30px|30px|30px|30px|true|true&#8221; custom_padding_tablet=&#8221;|30px||30px|false|true&#8221; custom_padding_phone=&#8221;|20px||20px|false|true&#8221; custom_css_main_element=&#8221;display: flex;||align-items: center;||width: fit-content !important;&#8221; global_colors_info=&#8221;{}&#8221; custom_css_main_element_last_edited=&#8221;on|tablet&#8221; custom_css_main_element_phone=&#8221;display: block;||width: 100% !important;||max-width: 100% !important;&#8221; custom_css_main_element_tablet=&#8221;display: flex;||align-items: center;||width: fit-content !important;&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_column type=&#8221;3_5&#8243; _builder_version=&#8221;4.20.0&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;RGBA(255,255,255,0)&#8221; custom_padding=&#8221;||||false|false&#8221; custom_css_main_element=&#8221;display: flex;||align-items: center;&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_text _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; text_font=&#8221;Poppins|600|||||||&#8221; text_line_height=&#8221;1.8em&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;]<\/p>\n<p>Tell your bank to stop financing companies expanding coal, oil and gas!<\/p>\n<p>[\/et_pb_text][\/et_pb_column][et_pb_column type=&#8221;2_5&#8243; _builder_version=&#8221;4.20.0&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;||||false|false&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_button button_url=&#8221;#take-action&#8221; button_text=&#8221;Take action&#8221; button_alignment=&#8221;center&#8221; _builder_version=&#8221;4.27.0&#8243; _module_preset=&#8221;983ed5b3-b5b6-49ee-b56b-7b0ea7d10779&#8243; custom_button=&#8221;on&#8221; button_text_size=&#8221;16px&#8221; button_text_color=&#8221;#FFFFFF&#8221; button_bg_color=&#8221;#f06400&#8243; button_border_width=&#8221;0px&#8221; button_border_color=&#8221;RGBA(255,255,255,0)&#8221; button_border_radius=&#8221;0px&#8221; button_font=&#8221;Poppins|500|||||||&#8221; button_icon=&#8221;&#xf062;||fa||900&#8243; button_on_hover=&#8221;off&#8221; custom_padding=&#8221;20px|70px|20px|20px|true|false&#8221; custom_css_main_element=&#8221;width: fit-content !important;||display: flex;||align-items: center;&#8221; custom_css_after=&#8221;margin-left: unset !important;||    left: unset !important;||    margin-right: 0;||    right: 0;||background-color: #FFA06A;||    width: 50px;||    height: 100%;||    display: flex !important;||    justify-content: center;||    align-items: center;||    top: 0;&#8221; global_colors_info=&#8221;{}&#8221; button_text_color__hover=&#8221;#FFFFFF&#8221; button_bg_color__hover_enabled=&#8221;on|hover&#8221; button_bg_color__hover=&#8221;#ffa06a&#8221; custom_css_after_last_edited=&#8221;off|desktop&#8221; custom_css_after__hover_enabled=&#8221;on|hover&#8221; custom_css_after__hover=&#8221;background-color: #F06400;||color: #fff&#8221; button_bg_enable_color__hover=&#8221;on&#8221; theme_builder_area=&#8221;post_content&#8221;]<\/p>\n<p>[\/et_pb_button][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; custom_margin=&#8221;0px||0px||false|false&#8221; custom_padding=&#8221;0px||0px||false|false&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_row module_class=&#8221;toc-item&#8221; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; max_width=&#8221;800px&#8221; custom_margin=&#8221;40px||10px||false|false&#8221; custom_padding=&#8221;0px||0px||false|false&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.20.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_text _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; header_2_font=&#8221;|800|||||||&#8221; header_2_font_size=&#8221;36px&#8221; header_2_line_height=&#8221;1.17em&#8221; hover_enabled=&#8221;0&#8243; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; sticky_enabled=&#8221;0&#8243;]<\/p>\n<h2>Dishonourable mentions: ANZ&#8217;s dirty deals<\/h2>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; max_width=&#8221;800px&#8221; custom_padding=&#8221;10px||1px|||&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.20.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_text _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;]<\/p>\n<p>While overall fossil fuel lending was down in 2023, ANZ\u2019s fossil fuel finance, and weak policies, are a major concern. ANZ\u2019s policies for assessing climate risk are quite clearly inadequate as an overwhelming majority of high-risk deals continue to be approved even when escalated internally.<\/p>\n<p>In its 2023 financial year, ANZ <a href=\"https:\/\/www.anz.com.au\/content\/dam\/anzcomau\/about-us\/anz-2023-climate-related-financial-disclosures.pdf\" target=\"_blank\" rel=\"noopener\">escalated<\/a> 22 high-risk ESG transactions to a senior executive committee, which approved <strong>19<\/strong> of those high-risk deals. Then in early 2024, ANZ loaned hundreds of millions across three deals to <a href=\"https:\/\/www.marketforces.org.au\/campaigns\/super\/climatewreckersindex\/\" target=\"_blank\" rel=\"noopener\">climate wreckers<\/a> &#8211; GE Vernova, Siemens Energy and San Miguel corporation in quick succession, indicating this climate laggard has no intention of ceasing its support for fossil fuel expansion.<\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;#f0f0f0&#8243; max_width=&#8221;800px&#8221; custom_margin=&#8221;20px||20px||false|false&#8221; custom_padding=&#8221;20px|20px|20px|20px|false|false&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.20.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_text _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; header_2_font=&#8221;Inter|800|||||||&#8221; header_2_text_color=&#8221;#131313&#8243; header_2_font_size=&#8221;36px&#8221; header_2_line_height=&#8221;1.17em&#8221; header_3_font=&#8221;|800|||||||&#8221; header_3_font_size=&#8221;28px&#8221; header_3_line_height=&#8221;1.21em&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;]<\/p>\n<h3>GE Vernova<\/h3>\n<p>[\/et_pb_text][et_pb_image src=&#8221;https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2024\/07\/ANZ-Westpac-icon-BCF-2024.png&#8221; alt=&#8221;ANZ Westpac&#8221; title_text=&#8221;ANZ Westpac&#8221; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][\/et_pb_image][et_pb_text _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;]<\/p>\n<p>In March 2024 ANZ and Westpac were involved in a whopping <strong>$9.2 billion loan<\/strong> to GE Vernova. This loan coincided with General Electric spinning off <a href=\"https:\/\/www.marketforces.org.au\/campaigns\/asia\/general-electric\/\" target=\"_blank\" rel=\"noopener\">GE Vernova<\/a>, a company specialising in the energy sector.<\/p>\n<p>Despite the company\u2019s name meaning \u201cnew green\u201d, it has vast fossil fuel interests and its business strategy includes building out an enormous amount of new LNG power plants in Bangladesh and Vietnam. In the Chattogram region of Bangladesh alone, gas or LNG projects with GE involvement would add approximately 430 million tonnes of carbon dioxide equivalent (CO2-e) to the atmosphere throughout the plants\u2019 operational lives, over <a href=\"https:\/\/ourworldindata.org\/co2\/country\/bangladesh\" target=\"_blank\" rel=\"noopener\">four times<\/a> the country\u2019s total emissions in 2022.<\/p>\n<p>Because GE Vernova is involved in gas-fired power generation and supplying equipment to gas power stations (rather than the extraction of the gas itself), it is exempt from ANZ\u2019s and Westpac\u2019s <a href=\"https:\/\/www.marketforces.org.au\/westpac-takes-two-steps-forward-one-big-step-back\/\" target=\"_blank\" rel=\"noopener\">requirement<\/a> that certain fossil fuel customers have a Paris-aligned transition plan to continue receiving finance. That means ANZ and Westpac could carry on funding GE Vernova indefinitely despite its prolific role in the massive gas expansion planned in the Asia Pacific region. This clearly shows that these banks\u2019 existing policies are not good enough.<\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; max_width=&#8221;800px&#8221; custom_margin=&#8221;20px||20px||false|false&#8221; custom_padding=&#8221;10px||1px|||&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.20.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_image src=&#8221;https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2024\/07\/GE-Vernova-collage-art-action.jpg&#8221; alt=&#8221;GE Vernova art action&#8221; title_text=&#8221;GE Vernova art action&#8221; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][\/et_pb_image][et_pb_text _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; text_font_size=&#8221;0.8em&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;]<\/p>\n<p style=\"text-align: center;\"><em>Bangladeshi artists and diaspora Bangladeshis from the US joined Market Forces to call on GE Vernova to pull out of its gas expansion plans and focus on backing renewable energy instead, with actions taking place in Boston and New York.<\/em><\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;#f0f0f0&#8243; max_width=&#8221;800px&#8221; custom_margin=&#8221;20px||20px||false|false&#8221; custom_padding=&#8221;20px|20px|20px|20px|false|false&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.20.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_text _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; header_2_font=&#8221;Inter|800|||||||&#8221; header_2_text_color=&#8221;#131313&#8243; header_2_font_size=&#8221;36px&#8221; header_2_line_height=&#8221;1.17em&#8221; header_3_font=&#8221;|800|||||||&#8221; header_3_font_size=&#8221;28px&#8221; header_3_line_height=&#8221;1.21em&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;]<\/p>\n<h3>Siemens Energy<\/h3>\n<p>[\/et_pb_text][et_pb_image src=&#8221;https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2024\/07\/ANZ-flat-icon-BCF-2024.png&#8221; alt=&#8221;ANZ&#8221; title_text=&#8221;ANZ&#8221; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][\/et_pb_image][et_pb_text _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;]<\/p>\n<p>In February 2024 ANZ was involved in a $6.6 billion loan to Siemens Energy, <strong>the <a href=\"https:\/\/www.power-technology.com\/buyers-guide\/gas-turbine-companies\/#:~:text=Gas%20turbine%20manufacturers%20GE%20Power,of%20the%20market%20in%202021.\" target=\"_blank\" rel=\"noopener\">second<\/a> largest gas turbine manufacturer in the world<\/strong>, just behind GE Vernova.<\/p>\n<p>Siemens Energy is involved in roughly 10GW worth of new gas and LNG power station expansion projects, including the Payra LNG power station in Bangladesh, part of the dirty and expensive LNG power <a href=\"https:\/\/fossilfreechattogram.com\/wp-content\/uploads\/2022\/05\/MF-BAPA-WKB-Report-A-Carbon-Catastrophe-in-the-Making.pdf\" target=\"_blank\" rel=\"noopener\">explosion<\/a> proposed in the country. Siemens Energy also supplied equipment to TotalEnergies\u2019 Mozambique LNG project, a project which has been marred by <a href=\"https:\/\/friendsoftheearth.eu\/publication\/totalenergies-fails-on-human-rights-in-mozambique-lng-project\/\" target=\"_blank\" rel=\"noopener\">human rights controversies<\/a> ever since its inception.<\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;#f0f0f0&#8243; max_width=&#8221;800px&#8221; custom_margin=&#8221;20px||20px||false|false&#8221; custom_padding=&#8221;20px|20px|20px|20px|false|false&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.20.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_text _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; header_2_font=&#8221;Inter|800|||||||&#8221; header_2_text_color=&#8221;#131313&#8243; header_2_font_size=&#8221;36px&#8221; header_2_line_height=&#8221;1.17em&#8221; header_3_font=&#8221;|800|||||||&#8221; header_3_font_size=&#8221;28px&#8221; header_3_line_height=&#8221;1.21em&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;]<\/p>\n<h3>San Miguel Corporation<\/h3>\n<p>[\/et_pb_text][et_pb_image src=&#8221;https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2024\/07\/ANZ-flat-icon-BCF-2024.png&#8221; alt=&#8221;ANZ&#8221; title_text=&#8221;ANZ&#8221; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][\/et_pb_image][et_pb_text _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;]<\/p>\n<p>In early 2024 ANZ loaned $172 million to San Miguel Corporation as part of a $3.1 billion loan with other banks. The Institute of Energy Economics and Financial Analysis (IEEFA) has <a href=\"https:\/\/ieefa.org\/resources\/san-miguel-global-power-fossil-fuel-oriented-growth-strategy-raises-financial-red-flags\" target=\"_blank\" rel=\"noopener\">raised<\/a> <strong>massive red flags<\/strong> associated with San Miguel\u2019s fossil fuel-oriented growth strategy.<\/p>\n<p>The company is building new coal-fired power plants and aims to add 1.9GW of coal-fired power capacity and 1.3GW of gas-fired capacity by the end of 2025. In addition, San Miguel has over 10GW of gas power projects proposed in the medium to long-term. That\u2019s almost the same <a href=\"https:\/\/aemo.com.au\/en\/energy-systems\/electricity\/national-electricity-market-nem\/nem-forecasting-and-planning\/forecasting-and-planning-data\/generation-information\" target=\"_blank\" rel=\"noopener\">amount<\/a> of gas-fired capacity currently installed in the entire Australian National Electricity Market.<\/p>\n<p>San Miguel is developing nearly 7.5 times more fossil fuel power capacity than its peer company, Aboitiz Power, in the Philippines, and renewable energy will only account for 15% of the company\u2019s generation capacity in 2025. For comparison, in 2025 renewables account for over 40% of electricity supply in the <a href=\"https:\/\/iea.blob.core.windows.net\/assets\/86ede39e-4436-42d7-ba2a-edf61467e070\/WorldEnergyOutlook2023.pdf\" target=\"_blank\" rel=\"noopener\">IEA\u2019s Net-Zero by 2050 Scenario<\/a>.<\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;#f0f0f0&#8243; max_width=&#8221;800px&#8221; custom_margin=&#8221;20px||20px||false|false&#8221; custom_padding=&#8221;20px|20px|20px|20px|false|false&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.20.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_text _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; header_2_font=&#8221;Inter|800|||||||&#8221; header_2_text_color=&#8221;#131313&#8243; header_2_font_size=&#8221;36px&#8221; header_2_line_height=&#8221;1.17em&#8221; header_3_font=&#8221;|800|||||||&#8221; header_3_font_size=&#8221;28px&#8221; header_3_line_height=&#8221;1.21em&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;]<\/p>\n<h3>Baker Hughes<\/h3>\n<p>[\/et_pb_text][et_pb_image src=&#8221;https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2024\/07\/ANZ-flat-icon-BCF-2024.png&#8221; alt=&#8221;ANZ&#8221; title_text=&#8221;ANZ&#8221; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][\/et_pb_image][et_pb_text _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;]<\/p>\n<p>In November 2023, ANZ participated in a $4.6 billion loan to Baker Hughes, a company supplying equipment to several massive fossil gas expansion projects such as the LNG processing plant for Woodside\u2019s Scarborough gas field and Venture Global LNG\u2019s Plaquemines project.<\/p>\n<p>Located in Louisiana off the coast of the Gulf of Mexico, the Plaquemines LNG project would be <strong>the <a href=\"https:\/\/www.statista.com\/statistics\/1263943\/largest-operational-lng-terminals-by-capacity-us\/#:~:text=Sabine%20Pass%20is%20the%20largest,some%2029.5%20million%20metric%20tons.\" target=\"_blank\" rel=\"noopener\">second<\/a> largest LNG export facility in the United States<\/strong>. In 2023, Venture Global LNG <a href=\"https:\/\/investors.bakerhughes.com\/news-releases\/news-release-details\/baker-hughes-and-venture-global-announce-expanded-master\" target=\"_blank\" rel=\"noopener\">announced<\/a> its plans to increase its LNG export capacity by adding 30 million tonnes per annum, more than the <a href=\"https:\/\/www.statista.com\/statistics\/1251181\/lng-global-liquefaction-capacity-by-plant\/#:~:text=Largest%20global%20LNG%20liquefaction%20plants%20by%20capacity%202023&amp;text=Cheniere%20Energy's%20Sabine%20Pass%20is,plant%20is%20undergoing%20further%20expansion.\" target=\"_blank\" rel=\"noopener\">largest<\/a> LNG export terminal in the world. Baker Hughes has <a href=\"https:\/\/investors.bakerhughes.com\/news-releases\/news-release-details\/baker-hughes-and-venture-global-announce-expanded-master\" target=\"_blank\" rel=\"noopener\">signed<\/a> an agreement with Venture Global to supply the equipment needed for this enormous fossil gas expansion.<\/p>\n<p>Under ANZ\u2019s policy, engineering, procurement and construction (EPC) contract companies like Baker Hughes <strong>will not be required to produce a transition plan to continue receiving finance<\/strong>, despite their pivotal role in constructing new fossil fuel projects that unleash decades of harmful emissions. If this gap isn\u2019t closed, ANZ could continue to fund the expansion of the fossil fuel industry.<\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;0px||0px||false|false&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_row module_class=&#8221;toc-item&#8221; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; max_width=&#8221;800px&#8221; custom_margin=&#8221;40px||10px||false|false&#8221; custom_padding=&#8221;0px||0px||false|false&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.20.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_text _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; header_2_font=&#8221;|800|||||||&#8221; header_2_font_size=&#8221;36px&#8221; header_2_line_height=&#8221;1.17em&#8221; hover_enabled=&#8221;0&#8243; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; sticky_enabled=&#8221;0&#8243;]<\/p>\n<h2>Australian major banks&#8217; fossil fuel exposure<\/h2>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; max_width=&#8221;800px&#8221; custom_padding=&#8221;10px||1px|||&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.20.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_text _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;]<\/p>\n<p>We have tried to capture as much information as possible in this study, but a lack of transparency about fossil fuel finance means that the financing data featured in this report likely only represents a partial picture.<\/p>\n<p>The banks in this analysis all report on their \u2018fossil fuel exposure\u2019, which is the total amount \u2018on their books\u2019 on the reporting date.<\/p>\n<p>However, the reporting methodologies of the banks are not consistent. Some banks report their exposure to the full fossil fuel value chain and some only report exposure to certain segments. ANZ and NAB report only their \u2018Exposure at Default\u2019 (EAD), which is the total amount of a loan the client has already drawn. CommBank and Westpac report the more comprehensive \u2018Total Committed Exposure\u2019 (TCE), which is the total amount they\u2019ve committed, regardless of the amount of that commitment the client has drawn on the reporting date.<\/p>\n<p>These inconsistencies make cross-bank exposure comparisons difficult, but in the interests of transparency we have also published each of the banks reported fossil fuel exposure at the end of FY2023, along with the limitations in each approach.<\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=&#8221;1_4,3_4&#8243; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;#002b49&#8243; max_width=&#8221;800px&#8221; custom_margin=&#8221;20px||0px||false|false&#8221; custom_padding=&#8221;20px|20px|20px|20px|false|false&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_column type=&#8221;1_4&#8243; _builder_version=&#8221;4.20.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_image src=&#8221;https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2024\/07\/ANZ-trace-icon-white.png&#8221; alt=&#8221;ANZ icon&#8221; title_text=&#8221;ANZ icon&#8221; show_bottom_space=&#8221;off&#8221; align=&#8221;center&#8221; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][\/et_pb_image][\/et_pb_column][et_pb_column type=&#8221;3_4&#8243; _builder_version=&#8221;4.20.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_text _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; text_text_color=&#8221;#FFFFFF&#8221; header_3_text_color=&#8221;#FFFFFF&#8221; hover_enabled=&#8221;0&#8243; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; sticky_enabled=&#8221;0&#8243;]<\/p>\n<h3>ANZ<\/h3>\n<p>Source: <a style=\"color: #fff;\" href=\"https:\/\/www.anz.com.au\/content\/dam\/anzcomau\/about-us\/anz-2023-climate-related-financial-disclosures.pdf\" target=\"_blank\" rel=\"noopener\">ANZ 2023 Climate-Related Financial Disclosures<\/a><br \/>Exposure reported as \u2018Exposure at Default\u2019 as of 30 September 2023.<\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;#f0f0f0&#8243; max_width=&#8221;800px&#8221; custom_margin=&#8221;||||false|false&#8221; custom_padding=&#8221;20px|20px|20px|20px|false|false&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.20.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_text _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;]<\/p>\n<ul>\n<li><strong>Oil and gas: $15.5bn<\/strong> Includes \u201call of the oil and gas value chain such as exploration, extraction, transport, refining and retail\u201d.<\/li>\n<li><strong>Coal: $0.9bn<\/strong> Includes thermal and metallurgical coal mining.<\/li>\n<li><strong>Total reported: $16.4bn<\/strong><\/li>\n<\/ul>\n<p>ANZ reported $16.4bn in fossil fuel exposure in FY2023. However, ANZ also reported $13.5bn in exposure to \u2018Electric Utilities\u2019 which \u201cincludes exposures to electricity generators that own or operate a mix of thermal and renewable generation assets as well as transmission and distribution infrastructure.\u201d While no breakdown has been provided of the mix of fossil fuel\/renewables electric utilities exposures, the presence of fossil fuel electric utilities in ANZ\u2019s exposure means that exposure to fossil fuels is certainly higher than the $16.4bn reported.<\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=&#8221;1_4,3_4&#8243; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;#f06400&#8243; max_width=&#8221;800px&#8221; custom_margin=&#8221;20px||0px||false|false&#8221; custom_padding=&#8221;20px|20px|20px|20px|false|false&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_column type=&#8221;1_4&#8243; _builder_version=&#8221;4.20.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_image src=&#8221;https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2024\/07\/CBA-trace-icon-white.png&#8221; alt=&#8221;CommBank trace icon&#8221; title_text=&#8221;CommBank trace icon&#8221; show_bottom_space=&#8221;off&#8221; align=&#8221;center&#8221; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][\/et_pb_image][\/et_pb_column][et_pb_column type=&#8221;3_4&#8243; _builder_version=&#8221;4.20.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_text _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; text_text_color=&#8221;#FFFFFF&#8221; header_3_text_color=&#8221;#FFFFFF&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;]<\/p>\n<h3>Commonwealth Bank<\/h3>\n<p>Source: <a style=\"color: #fff;\" href=\"https:\/\/www.commbank.com.au\/content\/dam\/commbank-assets\/investors\/2023-08\/climate\/2023-climate-report_print.pdf\" target=\"_blank\" rel=\"noopener\">CommBank 2023 Climate Report<\/a><br \/>\nExposure reported as \u2018Total Committed Exposure\u2019 as of 30 June 2023.[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;#f0f0f0&#8243; max_width=&#8221;800px&#8221; custom_margin=&#8221;||||false|false&#8221; custom_padding=&#8221;20px|20px|20px|20px|false|false&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.20.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_text _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;]<\/p>\n<ul>\n<li>\n<p><strong>Oil and gas: $7.9bn<\/strong> Includes \u201cOil and gas upstream exploration and production, petroleum refining, automotive fuel retailing, petroleum product wholesaling and marketing, gas supply, pipeline transport, oil and gas shipping (including FPSO), and LNG terminals.\u201d<\/p>\n<\/li>\n<li>\n<p><strong>Coal: $1.4bn<\/strong> Includes thermal coal mining, metallurgical coal mining, and coal terminals.<\/p>\n<\/li>\n<li>\n<p><strong>Non-renewable power generation (breakdown not provided): $1.9bn<\/strong><\/p>\n<\/li>\n<li>\n<p><strong>Total reported: $11.2bn<\/strong> <\/p>\n<\/li>\n<\/ul>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=&#8221;1_4,3_4&#8243; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;#963403&#8243; max_width=&#8221;800px&#8221; custom_margin=&#8221;20px||0px||false|false&#8221; custom_padding=&#8221;20px|20px|20px|20px|false|false&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_column type=&#8221;1_4&#8243; _builder_version=&#8221;4.20.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_image src=&#8221;https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2024\/07\/NAB-trace-icon-white.png&#8221; alt=&#8221;NAB trace icon&#8221; title_text=&#8221;NAB trace icon&#8221; show_bottom_space=&#8221;off&#8221; align=&#8221;center&#8221; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][\/et_pb_image][\/et_pb_column][et_pb_column type=&#8221;3_4&#8243; _builder_version=&#8221;4.20.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_text _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; text_text_color=&#8221;#FFFFFF&#8221; header_3_text_color=&#8221;#FFFFFF&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;]<\/p>\n<h3>NAB<\/h3>\n<p>Source: <a style=\"color: #fff;\" href=\"https:\/\/www.nab.com.au\/content\/dam\/nab\/documents\/reports\/corporate\/2023-full-year-results-investor-presentation.pdf\" target=\"_blank\" rel=\"noopener\">NAB 2023 Full Year Results Investor Presentation<\/a><br \/>\nExposure reported as \u2018Exposure at Default\u2019 as of 30 September 2023.[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;#f0f0f0&#8243; max_width=&#8221;800px&#8221; custom_margin=&#8221;||||false|false&#8221; custom_padding=&#8221;20px|20px|20px|20px|false|false&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.20.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_text _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;]<\/p>\n<ul>\n<li>\n<p><strong>Oil and gas: $3.04bn<\/strong> Includes Oil and Gas Extraction, and gas-fired power generation.<\/p>\n<\/li>\n<li>\n<p><strong>Coal: $0.45bn<\/strong> Includes thermal coal mining, metallurgical coal mining, coal-fired power generation.<\/p>\n<\/li>\n<li>\n<p><strong>Other\/mixed fuel (non-renewable): $1.49bn<\/strong> NAB does not report its exposure to the full fossil fuel value chain, leaving out projects such as coal terminals and gas pipelines.<\/p>\n<\/li>\n<li>\n<p><strong>Total reported: $4.98bn<\/strong> <\/p>\n<\/li>\n<\/ul>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=&#8221;1_4,3_4&#8243; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;#c5b4e3&#8243; max_width=&#8221;800px&#8221; custom_margin=&#8221;20px||0px||false|false&#8221; custom_padding=&#8221;20px|20px|20px|20px|false|false&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_column type=&#8221;1_4&#8243; _builder_version=&#8221;4.20.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_image src=&#8221;https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2024\/07\/Westpac-trace-icon-white.png&#8221; alt=&#8221;Westpac trace icon&#8221; title_text=&#8221;Westpac trace icon&#8221; show_bottom_space=&#8221;off&#8221; align=&#8221;center&#8221; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][\/et_pb_image][\/et_pb_column][et_pb_column type=&#8221;3_4&#8243; _builder_version=&#8221;4.20.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_text _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; text_text_color=&#8221;#FFFFFF&#8221; header_3_text_color=&#8221;#FFFFFF&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;]<\/p>\n<h3>Westpac<\/h3>\n<p>Source: <a style=\"color: #fff\" href=\"https:\/\/www.westpac.com.au\/content\/dam\/public\/wbc\/documents\/pdf\/aw\/ic\/Westpac-2023-Climate-Report.pdf\" target=\"_blank\" rel=\"noopener\">Westpac 2023 Climate Report<\/a><br \/>\nExposure reported as \u2018Total Committed Exposure\u2019 as of 30 September 2023.[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;#f0f0f0&#8243; max_width=&#8221;800px&#8221; custom_margin=&#8221;||||false|false&#8221; custom_padding=&#8221;20px|20px|20px|20px|false|false&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.20.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_text _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;]<\/p>\n<ul>\n<li>\n<p><strong>Oil and gas: $7.4bn<\/strong> Includes \u201cOil and Gas Exploration, Oil and Gas Extraction and Terminals, Oil and Gas Distribution and retail, Fuel retailing, and Oil and Gas refining.\u201d<\/p>\n<\/li>\n<li>\n<p><strong>Coal: $0.6bn<\/strong> Includes \u201cCoal ports, Thermal coal mining, Metallurgical coal mining, and Metallurgical coal mining in diversified miners.\u201d Westpac also reported its exposure to \u2018Transport- Rail Transport (inc. coal transport)\u2019 as just over $2bn, but didn\u2019t disclose specifically how much of this is for coal rail transport.<\/p>\n<\/li>\n<li>\n<p><strong>Fossil fuel power generation: $0.8bn<\/strong> Includes generation from \u201cGas; Black Coal; Brown Coal; Liquid fuel.\u201d<\/p>\n<\/li>\n<li>\n<p><strong>Total reported: $8.8bn<\/strong> <\/p>\n<\/li>\n<\/ul>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=&#8221;1&#8243; disabled_on=&#8221;off|off|off&#8221; admin_label=&#8221;CTA&#8221; module_id=&#8221;section-key-findings&#8221; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; custom_margin=&#8221;40px||||false|false&#8221; custom_padding=&#8221;0px||0px||false|false&#8221; custom_css_main_element=&#8221;margin: auto&#8221; locked=&#8221;off&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_row column_structure=&#8221;3_5,2_5&#8243; use_custom_gutter=&#8221;on&#8221; gutter_width=&#8221;2&#8243; make_equal=&#8221;on&#8221; custom_padding_last_edited=&#8221;on|phone&#8221; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;#fafafa&#8221; width=&#8221;auto&#8221; width_tablet=&#8221;auto&#8221; width_phone=&#8221;100%&#8221; width_last_edited=&#8221;on|phone&#8221; max_width=&#8221;614px&#8221; module_alignment=&#8221;center&#8221; custom_margin=&#8221;|15%||15%|false|true&#8221; custom_margin_tablet=&#8221;|5%||5%|false|true&#8221; custom_margin_phone=&#8221;|0%||0%|false|true&#8221; custom_margin_last_edited=&#8221;on|tablet&#8221; custom_padding=&#8221;30px|30px|30px|30px|true|true&#8221; custom_padding_tablet=&#8221;|30px||30px|false|true&#8221; custom_padding_phone=&#8221;|20px||20px|false|true&#8221; custom_css_main_element=&#8221;display: flex;||align-items: center;||width: fit-content !important;&#8221; global_colors_info=&#8221;{}&#8221; custom_css_main_element_last_edited=&#8221;on|tablet&#8221; custom_css_main_element_phone=&#8221;display: block;||width: 100% !important;||max-width: 100% !important;&#8221; custom_css_main_element_tablet=&#8221;display: flex;||align-items: center;||width: fit-content !important;&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_column type=&#8221;3_5&#8243; _builder_version=&#8221;4.20.0&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;RGBA(255,255,255,0)&#8221; custom_padding=&#8221;||||false|false&#8221; custom_css_main_element=&#8221;display: flex;||align-items: center;&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_text _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; text_font=&#8221;Poppins|600|||||||&#8221; text_line_height=&#8221;1.8em&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;]<\/p>\n<p>Tell your bank to stop financing companies expanding coal, oil and gas!<\/p>\n<p>[\/et_pb_text][\/et_pb_column][et_pb_column type=&#8221;2_5&#8243; _builder_version=&#8221;4.20.0&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;||||false|false&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_button button_url=&#8221;#take-action&#8221; button_text=&#8221;Take action&#8221; button_alignment=&#8221;center&#8221; _builder_version=&#8221;4.27.0&#8243; _module_preset=&#8221;983ed5b3-b5b6-49ee-b56b-7b0ea7d10779&#8243; custom_button=&#8221;on&#8221; button_text_size=&#8221;16px&#8221; button_text_color=&#8221;#FFFFFF&#8221; button_bg_color=&#8221;#f06400&#8243; button_border_width=&#8221;0px&#8221; button_border_color=&#8221;RGBA(255,255,255,0)&#8221; button_border_radius=&#8221;0px&#8221; button_font=&#8221;Poppins|500|||||||&#8221; button_icon=&#8221;&#xf062;||fa||900&#8243; button_on_hover=&#8221;off&#8221; custom_padding=&#8221;20px|70px|20px|20px|true|false&#8221; custom_css_main_element=&#8221;width: fit-content !important;||display: flex;||align-items: center;&#8221; custom_css_after=&#8221;margin-left: unset !important;||    left: unset !important;||    margin-right: 0;||    right: 0;||background-color:#FFA06A;||    width: 50px;||    height: 100%;||    display: flex !important;||    justify-content: center;||    align-items: center;||    top: 0;&#8221; global_colors_info=&#8221;{}&#8221; button_text_color__hover=&#8221;#FFFFFF&#8221; button_bg_color__hover_enabled=&#8221;on|hover&#8221; button_bg_color__hover=&#8221;#ffa06a&#8221; custom_css_after_last_edited=&#8221;off|desktop&#8221; custom_css_after__hover_enabled=&#8221;on|hover&#8221; custom_css_after__hover=&#8221;background-color: #F06400;||color: #fff&#8221; button_bg_enable_color__hover=&#8221;on&#8221; theme_builder_area=&#8221;post_content&#8221;]<\/p>\n<p>[\/et_pb_button][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; custom_margin=&#8221;40px||0px||false|false&#8221; custom_padding=&#8221;0px||0px||false|false&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_row _builder_version=&#8221;4.20.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.20.2&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_toggle title=&#8221;Methodology&#8221; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;]<\/p>\n<p><b>Scope<\/b><\/p>\n<p>Financial institutions: ANZ, Commonwealth Bank, NAB, and Westpac<\/p>\n<p>Assets: Fossil fuel companies, fossil fuel projects, fossil fuel commodities traders<\/p>\n<p>Fossil fuel sub-sectors: Exploration and production, processing and distribution, storage, utilities, equipment supply to extractive industries, coal mine and oil and gas field service companies<\/p>\n<p>Timeframe: 1 January 2023 \u2013 31 December 2023 (Statistics from 1 January 2016 \u2013 31 December 2022 are used from previous reports)<\/p>\n<p>Finance type: Project and corporate loans, bonds<\/p>\n<p>Transaction type: Primary, refinancing, acquisition<\/p>\n<p>Market Forces obtained primary data from finance industry databases provided by Bloomberg, IJGlobal and Refinitiv. Further primary data was sourced from company filings, reports, and market disclosures. Figures were cross-referenced for consistency and verified against secondary material. This report presents a synthesis of this material.<\/p>\n<p>Where available from finance industry databases or company disclosures, Market Forces has used the individual lending commitments from each bank. Where this was not available, individual lending contributions were assigned using an \u2018even split\u2019 distribution of the total deal amount amongst the participants.<\/p>\n<p>All banks featured in this report were given an opportunity to comment on financing attributed to them, none disputed participation in the deals featured in this dataset.<\/p>\n<p>Data presented in this report from 1 January 2016 \u2013 31 December 2020 is unchanged from the original Funding Climate Failure report published in 2021. Data presented in this report from 1 January 2021 \u2013 31 December 2022 is from the Banking Climate Failure report published in May 2023.<\/p>\n<p>Some changes have been made to the methodology of reporting in the last two iterations. For the 2021-2023 figures, we have tracked the bonds arranged by the banks for the fossil fuel industry, in addition to loans. As bond arrangement does not necessarily involve the banks\u2019 own capital, they have been reported separately to loans in this report.<\/p>\n<p>For corporate finance, we first assessed whether the loan was explicitly for fossil fuel activities and if this information was not available, apportioned the value of that loan to reflect the proportion of the company\u2019s business that is involved in the fossil fuel supply chain. We based these calculations on the company\u2019s most recent revenue information; in certain cases where this was not available, we used production or capacity instead.<\/p>\n<p>Dollar values represent the sum of committed loan amounts and are presented in Australian dollars unless otherwise specified. We used exchange rates from the RBA as of the financial close date of each deal.<\/p>\n<p>We have tried to capture as much information as possible in this study but a lack of transparency about fossil fuel finance means it will only ever be a partial picture.<\/p>\n<p><strong>Exposure vs. lending<\/strong><\/p>\n<p>We also present the banks\u2019 own reporting on their \u2018exposure\u2019 to fossil fuels. Their methodologies vary, but as a rule capture the amount of money currently \u2018on their books\u2019 to fossil fuel companies and projects. If a bank refinances a loan but maintains the amount it loaned initially, their own reported exposure would be unchanged. For example, if a bank loaned $100 million to a fossil fuel company in 2020, and refinanced the loan with the same $100 million commitment in 2023, the bank\u2019s reported exposure would still be $100 million at the end of 2023.<\/p>\n<p>By contrast, we consider refinancing of existing loans to be an additional commitment of finance, and therefore the money loaned in a refinance is considered additional money; hence our methodology in the above example would report $200 million loaned by the end of 2023. We use this approach because (1) we consider each refinancing a conscious decision by a lender to continue supporting a company or project, and (2) the lending group can and often does change upon refinancing and we wanted to capture this.<\/p>\n<p>Each bank\u2019s FY2023 exposure has been presented in this report, in addition to the lending analysis by Market Forces.<\/p>\n<p><strong>Classifications<\/strong><\/p>\n<p><em>Expansionary lending<\/em>: There are two ways a loan or bond can be classified as expansionary, (1) if the loan or bond is for the purposes of a new fossil fuel project or an increase in production at an existing facility which includes upstream, midstream and downstream or (2) if the loan or bond is to a company which is currently developing, has plans to develop, or is involved in the development of new or expanded fossil fuel projects. Company filings, reports, and market disclosures, as well as data from financial sources Bloomberg, IJGlobal and Refinitiv were used to determine whether a company has plans to develop or is involved in new projects or increased production at existing facilities.<\/p>\n<p><em>Corporate and project finance<\/em>: Where available, market disclosures by the issuer were relied upon to determine what the proceeds would be used for. If that source was unavailable, Bloomberg, IJGlobal and Refinitiv were used as secondary sources.<\/p>\n<p><em>Commodity traders<\/em>: Commodity traders such as Vitol, Mercuria, and Trafigura have been included in this dataset. The reason behind this is that these companies derive a large (greater than 50%, in some cases almost 90%) of their revenue from trading fossil fuel commodities. These commodity traders also often have offtake agreements with new or expanded fossil fuel projects \u2013 enabling the expansion of the fossil fuel industry.<\/p>\n<p>[\/et_pb_toggle][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=&#8221;1&#8243; disabled_on=&#8221;off|off|off&#8221; module_id=&#8221;section-key-findings&#8221; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; max_width=&#8221;1080px&#8221; custom_padding=&#8221;10px||30px||false|false&#8221; custom_css_main_element=&#8221;margin: auto&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_row use_custom_gutter=&#8221;on&#8221; gutter_width=&#8221;1&#8243; make_equal=&#8221;on&#8221; custom_padding_last_edited=&#8221;on|phone&#8221; module_class=&#8221;suppress-group-spacing&#8221; _builder_version=&#8221;4.26.0&#8243; _module_preset=&#8221;default&#8221; width=&#8221;100%&#8221; custom_margin=&#8221;||||false|false&#8221; custom_padding=&#8221;50px|15%|0px|15%|false|false&#8221; custom_padding_tablet=&#8221;|10px||10px|false|true&#8221; custom_padding_phone=&#8221;|10px||10px|false|true&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.20.0&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;#f2f2f2&#8243; custom_padding=&#8221;36px|30px|36px|30px|true|true&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_text _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; text_font=&#8221;Poppins||||||||&#8221; text_font_size=&#8221;12px&#8221; header_4_font=&#8221;||||||||&#8221; header_4_font_size=&#8221;24px&#8221; header_4_line_height=&#8221;1.17em&#8221; background_color=&#8221;#f2f2f2&#8243; custom_padding=&#8221;||22px||false|false&#8221; hover_enabled=&#8221;0&#8243; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; sticky_enabled=&#8221;0&#8243;]<\/p>\n<h4>Disclaimer<\/h4>\n<p>[\/et_pb_text][et_pb_text _builder_version=&#8221;4.20.0&#8243; _module_preset=&#8221;default&#8221; text_font=&#8221;Poppins||||||||&#8221; text_font_size=&#8221;12px&#8221; header_4_font=&#8221;Inter||||||||&#8221; header_4_text_color=&#8221;#131313&#8243; header_4_font_size=&#8221;24px&#8221; header_4_line_height=&#8221;1.17em&#8221; background_color=&#8221;#f2f2f2&#8243; custom_padding=&#8221;||||false|false&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;]<\/p>\n<p>The information provided by Market Forces does not constitute financial advice. The information is presented in order to inform people motivated by environmental concerns and take actions based on those concerns. Market Forces is organising data for environmental ends.<\/p>\n<p>The information and actions provided by Market Forces do not account for any individual\u2019s personal objectives, financial situation or needs. It should not be used, relied upon, or treated as a substitute for specific professional advice.<\/p>\n<p>Market Forces recommends all users obtain their own independent professional advice before making any decision relating to their particular requirements or circumstances. Switching super funds may have unintended financial consequences.<\/p>\n<p>For more information about Market Forces, please visit the <a href=\"https:\/\/www.marketforces.org.au\/about-us\/\" target=\"_blank\" rel=\"noopener\" title=\"about page\">about page<\/a> of the site.<\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=&#8221;1&#8243; custom_padding_last_edited=&#8221;on|phone&#8221; admin_label=&#8221;Join us&#8221; module_class=&#8221;join-us-bottom&#8221; _builder_version=&#8221;4.23&#8243; _module_preset=&#8221;default&#8221; background_enable_color=&#8221;off&#8221; width_tablet=&#8221;100%&#8221; width_phone=&#8221;100%&#8221; width_last_edited=&#8221;on|phone&#8221; custom_margin=&#8221;0px|0px||0px|false|false&#8221; custom_padding=&#8221;20px||60px||false|false&#8221; custom_padding_tablet=&#8221;82px||73px||false|false&#8221; custom_padding_phone=&#8221;0px|0px||0px|false|false&#8221; bottom_divider_color=&#8221;#fafafa&#8221; bottom_divider_height=&#8221;37px&#8221; bottom_divider_flip=&#8221;horizontal|vertical&#8221; global_module=&#8221;72943&#8243; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_row column_structure=&#8221;2_5,3_5&#8243; make_equal=&#8221;on&#8221; _builder_version=&#8221;4.22.2&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;#131313&#8243; width=&#8221;1180px&#8221; width_tablet=&#8221;1180px&#8221; width_phone=&#8221;1180px&#8221; width_last_edited=&#8221;on|desktop&#8221; max_width=&#8221;1180px&#8221; module_alignment=&#8221;center&#8221; custom_margin=&#8221;|auto||auto|false|false&#8221; custom_margin_tablet=&#8221;|auto||auto|false|false&#8221; custom_margin_phone=&#8221;|0px||0px|false|false&#8221; custom_margin_last_edited=&#8221;on|tablet&#8221; custom_padding=&#8221;33px|51px|47px|51px|false|false&#8221; custom_css_main_element=&#8221;max-width: 100% !important;&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_column type=&#8221;2_5&#8243; _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; custom_css_main_element=&#8221;margin: auto;&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;][et_pb_text _builder_version=&#8221;4.27.2&#8243; _module_preset=&#8221;default&#8221; header_3_font=&#8221;|800|||||||&#8221; header_3_text_color=&#8221;#FFFFFF&#8221; header_3_font_size=&#8221;28px&#8221; header_3_line_height=&#8221;1.21em&#8221; custom_margin=&#8221;||17px||false|false&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;]<\/p>\n<h3><span>Join us<\/span><\/h3>\n<p>[\/et_pb_text][et_pb_text _builder_version=&#8221;4.18.1&#8243; _module_preset=&#8221;default&#8221; text_font=&#8221;|600|||||||&#8221; text_text_color=&#8221;#FFFFFF&#8221; text_line_height=&#8221;1.5em&#8221; global_colors_info=&#8221;{}&#8221; 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gfield--input-type-email gfield--width-full text_16pt gfield_contains_required field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_558_2'>Email<span class=\"gfield_required\"><span class=\"gfield_required gfield_required_text\">(Required)<\/span><\/span><\/label><div class='ginput_container ginput_container_email'>\n                            <input name='input_2' id='input_558_2' type='email' value='' class='large'    aria-required=\"true\" aria-invalid=\"false\"  \/>\n                        <\/div><\/div><fieldset id=\"field_558_3\" class=\"gfield gfield--type-address gfield--input-type-address gfield--width-full gfield_contains_required field_sublabel_hidden_label gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><legend class='gfield_label gform-field-label gfield_label_before_complex' >Country<span 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*\/\n<\/script>\n[\/et_pb_code][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"<p><span><span><a href=\"https:\/\/www.marketforces.org.au\/\">Home<\/a><\/span><\/span>REPORTBanking Climate FailureThe broken climate promises of Australia&#8217;s Big Four banksExecutive SummaryMarket Forces\u2019 latest analysis reveals that in 2023, Australia\u2019s big four banks, ANZ, Commonwealth Bank, NAB, and Westpac continued to pour billions of dollars into the fossil fuel industry. In 2023 these banks loaned $3.6 billion to fossil fuels. The big four have now [&hellip;]<\/p>\n","protected":false},"author":64,"featured_media":0,"parent":42489,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","inline_featured_image":false,"footnotes":""},"class_list":["post-76924","page","type-page","status-publish","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Banking Climate Failure - 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\/campaigns\/banks\/banking-climate-failure\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Banking Climate Failure - Market Forces\" \/>\n<meta property=\"og:description\" content=\"REPORTBanking Climate FailureThe broken climate promises of Australia&#039;s Big Four banksExecutive SummaryMarket Forces\u2019 latest analysis reveals that in 2023, Australia\u2019s big four banks, ANZ, Commonwealth Bank, NAB, and Westpac continued to pour billions of dollars into the fossil fuel industry. In 2023 these banks loaned $3.6 billion to fossil fuels. 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