{"id":77423,"date":"2024-08-14T09:55:06","date_gmt":"2024-08-13T23:55:06","guid":{"rendered":"https:\/\/www.marketforces.org.au\/?p=77423"},"modified":"2024-08-23T11:53:24","modified_gmt":"2024-08-23T01:53:24","slug":"commbank-2024-climate-report","status":"publish","type":"post","link":"https:\/\/www.marketforces.org.au\/commbank-2024-climate-report\/","title":{"rendered":"Breaking: CommBank formally walks away from climate wrecking clients"},"content":{"rendered":"\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<p><strong>While ANZ, NAB and Westpac gear up to loan hundreds of millions more to one of Australia\u2019s most notorious climate wreckers&nbsp;<\/strong><\/p>\n\n\n\n<p>Australia\u2019s largest bank, the Commonwealth Bank of Australia, made a huge <a href=\"https:\/\/www.commbank.com.au\/content\/dam\/commbank-assets\/investors\/docs\/results\/fy24\/CBA-2024-Climate-Report.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">announcement<\/a> this morning, declaring it has made the decision to no longer provide finance to oil and gas producing companies that don\u2019t have a Paris-aligned transition plan. This is a significant win for our climate and starkly contrasted by ANZ, NAB and Westpac which, according to Refinitiv, are days away from finalising a US $500 million loan to Santos.<\/p>\n\n\n\n<div class=\"wp-block-group hidden-desktop margin-bottom-24px has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f9f9f9\">\n<p class=\"has-text-align-center\"><strong>Take action<\/strong>: Tell ANZ, NAB and Westpac to cut ties with Santos<\/p>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-background has-text-align-center wp-element-button\" href=\"#take-action\" style=\"background-color:#903e4c\">Take action!<\/a><\/div>\n<\/div>\n<\/div>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Prior to this morning\u2019s announcement, CommBank\u2019s 2023 <a href=\"https:\/\/www.commbank.com.au\/content\/dam\/commbank\/about-us\/download-printed-forms\/environment-and-social-framework.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">policy<\/a> stated it would not fund any oil and gas producing or metallurgical coal mining client without a transition plan from<em> 1 January 2025<\/em>. In a first for Australia\u2019s major banks, <a href=\"https:\/\/www.commbank.com.au\/content\/dam\/commbank-assets\/investors\/docs\/results\/fy24\/CBA-2024-Climate-Report.pdf\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>today<\/strong><\/a><strong> CommBank declared that it\u2019s already been applying this policy for the past year<\/strong>, and has refused finance to companies that either failed to produce a credible emissions reduction plan, or were determined unlikely to produce one before the start of next year. <strong>This policy has seen CommBank drop $700 million in lending exposure to oil and gas extraction clients in the past year<\/strong>, having nearly <a href=\"https:\/\/www.commbank.com.au\/content\/dam\/commbank-assets\/investors\/2023-08\/climate\/2023-climate-report-spreads.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">halved<\/a> upstream oil and gas lending in the past two years.<\/p>\n\n\n\n<p>CommBank has sent a powerful message to coal, oil and gas companies &#8211; <em>if you\u2019re not going to meet the world\u2019s climate goals, we\u2019re not going to bank you.<\/em><\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<h3 class=\"wp-block-heading has-text-align-center has-text-color\" id=\"take-action\" style=\"color:#903e4c\">Take action!<\/h3>\n\n\n\n<p class=\"has-text-align-center\">Tell ANZ, NAB and Westpac to cut ties with Santos<\/p>\n\n\n<script type=\"text\/javascript\">\n\/* <![CDATA[ *\/\nvar gform;gform||(document.addEventListener(\"gform_main_scripts_loaded\",function(){gform.scriptsLoaded=!0}),document.addEventListener(\"gform\/theme\/scripts_loaded\",function(){gform.themeScriptsLoaded=!0}),window.addEventListener(\"DOMContentLoaded\",function(){gform.domLoaded=!0}),gform={domLoaded:!1,scriptsLoaded:!1,themeScriptsLoaded:!1,isFormEditor:()=>\"function\"==typeof 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mf-gf-material-design_wrapper' data-form-theme='gravity-theme' data-form-index='0' id='gform_wrapper_662' ><form method='post' enctype='multipart\/form-data'  id='gform_662' class='mf-gf-material-design' action='\/wp-json\/wp\/v2\/posts\/77423' data-formid='662' novalidate><div class='gf_invisible ginput_recaptchav3' data-sitekey='6LdpG74bAAAAAAfG76zCHaW_pwUx9zp9bP05qG2y' data-tabindex='0'><input id=\"input_7869002371fe7a4c76a054392b846c37\" class=\"gfield_recaptcha_response\" type=\"hidden\" name=\"input_7869002371fe7a4c76a054392b846c37\" value=\"\"\/><\/div>\n                        <div class='gform-body gform_body'><div id='gform_fields_662' class='gform_fields top_label form_sublabel_below description_below validation_below'><fieldset id=\"field_662_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_662_1'>\n                            \n                            <span id='input_662_1_3_container' class='name_first gform-grid-col gform-grid-col--size-auto' >\n                                                    <input type='text' name='input_1.3' id='input_662_1_3' value=''   aria-required='true'     \/>\n                                                    <label for='input_662_1_3' class='gform-field-label gform-field-label--type-sub '>First<\/label>\n                                                <\/span>\n                            \n                            <span id='input_662_1_6_container' class='name_last gform-grid-col gform-grid-col--size-auto' >\n                                                    <input type='text' name='input_1.6' id='input_662_1_6' value=''   aria-required='true'     \/>\n                                                    <label for='input_662_1_6' class='gform-field-label gform-field-label--type-sub '>Last<\/label>\n                                                <\/span>\n                            \n                        <\/div><\/fieldset><div id=\"field_662_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_662_3'>Email Address<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_662_3' type='email' value='' class='large'    aria-required=\"true\" aria-invalid=\"false\"  \/>\n                        <\/div><\/div><div id=\"field_662_4\" class=\"gfield gfield--type-text gfield--input-type-text gfield--width-full field_sublabel_below gfield--no-description field_description_above field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_662_4'>Subject<\/label><div class='ginput_container ginput_container_text'><input name='input_4' id='input_662_4' type='text' value='Urgent: exit Santos loan US$500 million' class='large'      aria-invalid=\"false\"   \/><\/div><\/div><div id=\"field_662_6\" class=\"gfield gfield--type-textarea gfield--input-type-textarea gfield--width-full field_sublabel_below gfield--has-description field_description_above field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_662_6'>Your message to ANZ, NAB, and Westpac<\/label><div class='gfield_description' id='gfield_description_662_6'>(A salutation to the CEO and Chair of each bank will be added to the top. Your name will be automatically added to the bottom of the email.)<\/div><div class='ginput_container ginput_container_textarea'><textarea name='input_6' id='input_662_6' class='textarea large'  aria-describedby=\"gfield_description_662_6\"    aria-invalid=\"false\"   rows='10' cols='50'>This is a major warning. \n\nYour bank must not go ahead with the $500 million loan to Santos on 23 August. You have just days to prove that your commitment to a safe climate is legitimate, otherwise your bank will lose all climate credibility.\n\nAs a Net Zero Banking Alliance (NZBA) member your bank has committed to transitioning your lending and investment portfolios in line with the goals of the Paris Agreement.\n\nThe IPCC and IEA have made it clear that any new and expanded fossil fuel projects are not compatible with a 1.5\u00b0C scenario, and that existing and committed fossil fuel infrastructure is already enough to push us past the 1.5\u00b0C threshold you have committed to. \n\nSantos is currently building two new massive projects that are yet to come online and are also desperately trying to get another three new oil and gas projects underway. Your bank should be cutting ties with this climate wrecker, not showering them with more cash.\n\nOn climate grounds alone, your bank should not be party to this deal, but Santos\u2019 projects are not only harming our climate: they also face criticism for risking violations of international human rights standards and harm to the ecosystems that these devastating projects take place on.\n\nI understand that despite your bank\u2019s commitment to the principles of \u2018free, prior and informed consent\u2019 recognised in your human rights policy, your bank loaned to Santos in 2022 while the Tipakalippa proceedings on adequate consultation were on foot. This formed the basis of a human rights complaint from Tiwi and Larrakia Traditional Owners, a complaint which your bank dismissed.\n\nTo make way for the Santos Barossa gas pipeline Santos will dredge and trench 61 km of sea floor through northern Australia\u2019s most important marine park at the Oceanic Shoals. The pipeline is likely to destroy the habitats of dozens of threatened species including whales, dugongs and turtles. The pipeline will cut through the Charles Point reef fish protection zone, the Northern Territory\u2019s most important marine protected area.\n\nBy providing Santos hundreds of millions of dollars you are enabling these harmful practices to continue and potentially worsen as the company pursues new projects.  \n\nIt is vital that your bank pull out of this deal before 23 August. If not you will demonstrate that your climate promises are nothing more than empty words.\n\nYour bank is either committed to a safe climate, First Nations rights and justice, and a liveable future for all Australians \u2013 or you\u2019re with Santos and backing runaway climate change.\n\nI urge you to pull out of this loan. Australia is watching.\n\nSincerely,<\/textarea><\/div><\/div><fieldset id=\"field_662_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 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_662_7'><div class='gchoice gchoice_662_7_1'>\n\t\t\t\t\t\t\t\t<input class='gfield-choice-input' name='input_7.1' type='checkbox'  value='Yes, of course I want updates about Market Forces campaigns!' checked='checked' id='choice_662_7_1'   \/>\n\t\t\t\t\t\t\t\t<label for='choice_662_7_1' id='label_662_7_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_662_8\" 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 &#8211; CommBank policy update &#8211; Aug 2024<\/legend><div class='ginput_container ginput_container_checkbox'><div class='gfield_checkbox ' id='input_662_8'><div class='gchoice gchoice_662_8_1'>\n\t\t\t\t\t\t\t\t<input class='gfield-choice-input' name='input_8.1' type='checkbox'  value='TOOK ACTION: Banks - CommBank policy update - Aug 2024' checked='checked' id='choice_662_8_1'   \/>\n\t\t\t\t\t\t\t\t<label for='choice_662_8_1' id='label_662_8_1' class='gform-field-label gform-field-label--type-inline'>TOOK ACTION: Banks &#8211; CommBank policy update &#8211; Aug 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_662' class='gform_button button' onclick='gform.submission.handleButtonClick(this);' data-submission-type='submit' value='Send your message'  \/> \n            <input type='hidden' class='gform_hidden' name='gform_submission_method' data-js='gform_submission_method_662' value='postback' \/>\n            <input type='hidden' class='gform_hidden' name='gform_theme' data-js='gform_theme_662' id='gform_theme_662' value='gravity-theme' \/>\n            <input type='hidden' class='gform_hidden' name='gform_style_settings' data-js='gform_style_settings_662' id='gform_style_settings_662' value='{&quot;inputPrimaryColor&quot;:&quot;#204ce5&quot;}' \/>\n            <input type='hidden' class='gform_hidden' name='is_submit_662' value='1' \/>\n            <input type='hidden' class='gform_hidden' name='gform_submit' value='662' \/>\n            \n            <input type='hidden' class='gform_hidden' name='gform_currency' data-currency='AUD' value='P7xJmY\/pc\/YkXOGgEOtfpcupV0l3OTcxFuMtKBindXQoHse5bCYUowa6vHlSxEl72LgkqxbjKovb4ZNGb7YVrkU4QZyNuMu6DFkCsG5IYHamccI=' \/>\n            <input type='hidden' class='gform_hidden' name='gform_unique_id' value='' \/>\n            <input type='hidden' class='gform_hidden' name='state_662' value='WyJbXSIsIjYzYjEzY2E5ZGJhZWQ5NWVjMDAyMWUzMDg1NzdjZmQxIl0=' \/>\n            <input type='hidden' autocomplete='off' class='gform_hidden' name='gform_target_page_number_662' id='gform_target_page_number_662' value='0' \/>\n            <input type='hidden' autocomplete='off' class='gform_hidden' name='gform_source_page_number_662' id='gform_source_page_number_662' value='1' \/>\n            <input type='hidden' name='gform_field_values' value='' \/>\n            \n        <\/div>\n                        <\/form>\n                        <\/div><script type=\"text\/javascript\">\n\/* <![CDATA[ *\/\n gform.initializeOnLoaded( function() {gformInitSpinner( 662, 'https:\/\/www.marketforces.org.au\/wp-content\/plugins\/gravityforms\/images\/spinner.svg', true );jQuery('#gform_ajax_frame_662').on('load',function(){var contents = jQuery(this).contents().find('*').html();var is_postback = contents.indexOf('GF_AJAX_POSTBACK') >= 0;if(!is_postback){return;}var form_content = jQuery(this).contents().find('#gform_wrapper_662');var is_confirmation = jQuery(this).contents().find('#gform_confirmation_wrapper_662').length > 0;var is_redirect = contents.indexOf('gformRedirect(){') >= 0;var is_form = form_content.length > 0 && ! is_redirect && ! is_confirmation;var mt = parseInt(jQuery('html').css('margin-top'), 10) + parseInt(jQuery('body').css('margin-top'), 10) + 100;if(is_form){jQuery('#gform_wrapper_662').html(form_content.html());if(form_content.hasClass('gform_validation_error')){jQuery('#gform_wrapper_662').addClass('gform_validation_error');} else {jQuery('#gform_wrapper_662').removeClass('gform_validation_error');}setTimeout( function() { \/* delay the scroll by 50 milliseconds to fix a bug in chrome *\/  }, 50 );if(window['gformInitDatepicker']) {gformInitDatepicker();}if(window['gformInitPriceFields']) {gformInitPriceFields();}var current_page = jQuery('#gform_source_page_number_662').val();gformInitSpinner( 662, 'https:\/\/www.marketforces.org.au\/wp-content\/plugins\/gravityforms\/images\/spinner.svg', true );jQuery(document).trigger('gform_page_loaded', [662, current_page]);window['gf_submitting_662'] = false;}else if(!is_redirect){var confirmation_content = jQuery(this).contents().find('.GF_AJAX_POSTBACK').html();if(!confirmation_content){confirmation_content = contents;}jQuery('#gform_wrapper_662').replaceWith(confirmation_content);jQuery(document).trigger('gform_confirmation_loaded', [662]);window['gf_submitting_662'] = false;wp.a11y.speak(jQuery('#gform_confirmation_message_662').text());}else{jQuery('#gform_662').append(contents);if(window['gformRedirect']) {gformRedirect();}}jQuery(document).trigger(\"gform_pre_post_render\", [{ formId: \"662\", currentPage: \"current_page\", abort: function() { this.preventDefault(); 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       } else {            triggerPostRender();        }    } );} ); \n\/* ]]> *\/\n<\/script>\n<\/div>\n<\/div>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>The significance of this announcement&nbsp;<\/strong><\/h2>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>It\u2019s worth reflecting on the significance of this announcement, particularly given where CommBank was just a few years ago.&nbsp;<\/p>\n\n\n\n<p>In the five years following the Paris Agreement (2016-2020), CommBank <a href=\"https:\/\/www.marketforces.org.au\/campaigns\/banks\/bigfourscorecard\/\" target=\"_blank\" rel=\"noreferrer noopener\">loaned<\/a> the most to fossil fuels of the big four Australian banks at $14.2 billion, with $3.1 billion of that funding going directly to new and expanded coal, oil and gas projects.&nbsp;<\/p>\n\n\n\n<p>CommBank was a climate laggard, and an enabler of climate destruction.&nbsp;<\/p>\n\n\n\n<p>In the past two years we\u2019ve seen a significant reversal from CommBank \u2013 in 2022 and 2023 its combined fossil fuel lending totalled <a href=\"https:\/\/www.marketforces.org.au\/campaigns\/banks\/cba\/\" target=\"_blank\" rel=\"noreferrer noopener\">$538 million<\/a>, comfortably the <a href=\"https:\/\/www.marketforces.org.au\/campaigns\/banks\/banking-climate-failure\/\" target=\"_blank\" rel=\"noreferrer noopener\">lowest<\/a> of the big four Australian banks. CommBank\u2019s fossil fuel lending in 2022 was down to $267 million, a 92% decrease from 2018 where CommBank loaned $4 billion to fossil fuels.<\/p>\n\n\n\n<p>CommBank has gone from being the worst climate offender to being the first of Australia\u2019s major banks to announce its break up with climate wrecking clients.&nbsp;&nbsp;<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Building on climate progress&nbsp;<\/strong><\/h2>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>In 2023 CommBank set a new <a href=\"https:\/\/www.marketforces.org.au\/commbanks-climate-policy-update-leaves-anz-nab-and-westpac-in-the-dust\/\" target=\"_blank\" rel=\"noreferrer noopener\">benchmark<\/a> among Australia\u2019s major banks when it announced that it would not fund any fossil fuel company from 2025 that does not have an independently verified plan to cut all emissions \u2013 including from the end use of their coal, oil and gas \u2013 in line with the Paris Agreement\u2019s \u2018well-below 2\u00b0C\u2019 upper warming limit.&nbsp;<\/p>\n\n\n\n<p>Prior to that announcement the big four Australian banks had almost no restrictions on corporate finance for fossil fuel companies, giving them easy access to funding for their coal, oil and gas expansion plans.&nbsp;<\/p>\n\n\n\n<p>After CommBank\u2019s announcement in August 2023, it was clear that its oil and gas producing clients could not secure more finance beyond 2025. However, there was serious concern that the bank would use the interim seventeen months before the policy came into effect to lock in more long-life finance for climate wrecking fossil fuel expanders.&nbsp;<\/p>\n\n\n\n<p>Instead, CommBank has already made the call to end these relationships. This is a major blow to the fossil fuel industry, and sends a clear message that major international banks <em>will <\/em>turn off the money tap for business plans that egregiously blow past global climate goals.&nbsp;<\/p>\n\n\n\n<p>This is something we\u2019re yet to see from ANZ, NAB, and Westpac, which continue to not only drag their feet but do exactly the opposite to CommBank.&nbsp;<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>ANZ, NAB and Westpac are days from dodgy deal with Santos\u00a0<\/strong><\/h2>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>CommBank might be charting the clearest path to living up to its Paris Agreement commitments, but its big four rivals certainly aren\u2019t yet.&nbsp;<\/p>\n\n\n\n<p>While CommBank makes strides to clear its lending portfolio of companies pursuing plans aligned with catastrophic levels of warming, ANZ, NAB and Westpac are currently arranging a massive loan for one of Australia\u2019s most notorious climate wreckers, Santos.&nbsp;<\/p>\n\n\n\n<p>According to Refinitiv, ANZ, NAB and Westpac are the lead arrangers of a US$500 million loan for Santos, with commitments due from other banks by the 23rd of August, 2024.<\/p>\n\n\n\n<p>Santos, Australia\u2019s second largest oil and gas company, is pursuing a massive oil and gas <a href=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2024\/03\/03-2024-Santos-Investor-briefing-FINAL-2.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">strategy<\/a> that is completely at odds with the global climate goals the big banks claim to be committed to. Since 2021, Santos has <a href=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2024\/03\/03-2024-Santos-Investor-briefing-FINAL-2.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">committed<\/a> itself to two oil and gas expansion projects &#8211; Pikka (based in Alaska) and the controversial <a href=\"https:\/\/stories.marketforces.org.au\/tiwi-traditional-owners-take-on-japans-biggest-banks\" target=\"_blank\" rel=\"noreferrer noopener\">Barossa<\/a> gas project off the coast of the Tiwi Islands and Northern Territory. The company is pushing even more expansion at the moment &#8211; with three new oil and gas projects in its pipeline, including <a href=\"https:\/\/www.marketforces.org.au\/anz-rules-out-papua-lng\/\" target=\"_blank\" rel=\"noreferrer noopener\">Papua LNG<\/a>, a project that most of Australia\u2019s major banks have ruled out by policy.&nbsp;<\/p>\n\n\n\n<p>It beggars belief that these banks are on the precipice of committing even more finance to this climate wrecker, and calls into question the validity of their <a href=\"https:\/\/www.marketforces.org.au\/big-four-banks-make-strides-but-action-still-dangerously-slow-in-a-climate-emergency\/\" target=\"_blank\" rel=\"noreferrer noopener\">claims<\/a> to require credible transition plans from their clients. But these repeat offenders have also demonstrated time and time again that they would rather finance climate wreckers and their destructive expansion plans than live up to their climate commitments. Despite a long <a href=\"https:\/\/www.marketforces.org.au\/campaigns\/banks\/banking-climate-failure-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\">history<\/a> of lending to Santos, Commonwealth Bank is absent from the list of arrangers here. While the deal isn\u2019t finalised, it\u2019s hard to see CommBank getting involved given that lending new money to Santos would undermine everything it has announced today.&nbsp;<\/p>\n\n\n\n<p>This puts the spotlight right on ANZ, NAB and Westpac and begs the question &#8211; if CommBank, the largest bank in the country, <em>can<\/em> walk away from Santos, why can\u2019t these banks?&nbsp;<\/p>\n\n\n\n<p>Shareholders, customers and staff will be furious that these banks are breaking their climate promises again, and will expect them to match CommBank when they release their disclosures in November.<\/p>\n\n\n\n<p><a href=\"#take-action\"><strong>Take action: Tell ANZ, NAB, and Westpac to cut ties with Santos!<\/strong><\/a><\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Work still to be done for CommBank&nbsp;<\/strong><\/h2>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Today marks significant progress for CommBank and our climate, but critical gaps remain in the bank\u2019s lending portfolio preventing them from full alignment with their climate commitments. There is still no transition plan requirement for thermal coal miners and fossil fuel infrastructure companies.&nbsp;<\/p>\n\n\n\n<p>CommBank retains thermal coal miner, Glencore, as a client. <a href=\"https:\/\/www.glencore.com\/what-we-do\/energy\/coal\" target=\"_blank\" rel=\"noreferrer noopener\">Glencore<\/a> is \u201cone of the world\u2019s largest producers and exporters of seaborne traded thermal and coking coal.\u201d The company is 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=\"noreferrer 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=\"noreferrer 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\n\n\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=\"noreferrer noopener\">admitted<\/a> that \u201cwe do not make any claim to be aligned with the Paris Agreement\u201d.&nbsp;<\/p>\n\n\n\n<p>CommBank also took part in a $1.25 billion loan to <a href=\"https:\/\/www.marketforces.org.au\/campaigns\/companies\/apa-group\/\" target=\"_blank\" rel=\"noreferrer noopener\">APA Group<\/a> in November 2023, which is planning to construct several pipelines to enable extensive fracking in the Beetaloo Basin. Based on current policy, CommBank would refuse to finance companies extracting gas directly from Beetaloo, it only makes sense that this policy should apply to a company which is planning to develop pipeline infrastructure that is going to generate emissions we cannot afford if we are to secure a safe and stable climate.<\/p>\n\n\n\n<div style=\"height:60px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"768\" src=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2024\/08\/Supporters-outside-CommBank-branch-1024x768.jpg\" alt=\"Supporters outside CommBank branch\" class=\"wp-image-77452\" style=\"object-fit:cover\" srcset=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2024\/08\/Supporters-outside-CommBank-branch-980x735.jpg 980w, https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2024\/08\/Supporters-outside-CommBank-branch-480x360.jpg 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) and (max-width: 980px) 980px, (min-width: 981px) 1024px, 100vw\" \/><\/figure>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>A decade of CommBank campaigning<\/strong><\/h4>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>See how ten years of community action against Commonwealth Bank&#8217;s fossil fuel lending have brought us to this point today.<\/p>\n\n\n\n<p><a href=\"https:\/\/stories.marketforces.org.au\/a-decade-of-commbank-campaigning\" target=\"_blank\" rel=\"noreferrer noopener\">See the story &gt;<\/a><\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>While ANZ, NAB and Westpac gear up to loan hundreds of millions more to one of Australia\u2019s most notorious climate wreckers&nbsp; Australia\u2019s largest bank, the Commonwealth Bank of Australia, made a huge announcement this morning, declaring it has made the decision to no longer provide finance to oil and gas producing companies that don\u2019t have [&hellip;]<\/p>\n","protected":false},"author":64,"featured_media":77440,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","inline_featured_image":false,"footnotes":""},"categories":[934,5,17,24,16],"tags":[19,255,33,64,369,175,260,34],"class_list":["post-77423","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-actions","category-banks","category-blog","category-feature","category-news","tag-anz","tag-commbank","tag-commonwealth-bank","tag-nab","tag-paris-agreement","tag-policy","tag-santos","tag-westpac"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - 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