Australia’s big four banks responsible for almost 9 billion tonnes of CO2

An investor briefing has revealed ANZ, NAB, Westpac and Commonwealth Bank are undermining numerous commitments to lower the financing of fossil fuel projects.

The briefing found corporate finance responsible for enabling the release of 8.9 billion tonnes of carbon dioxide and supplying up to 80 per cent of funds for new and upcoming coal projects between 2016 and 2020.

Despite violations surrounding the national goal to reach net zero emissions by 2050, the withdrawal of finances from bank customers and investors may be an influential response to fossil fuel companies.

Image: Source: Hippopx

Produced By: Vavineh Jordan

Featured In Story: Will van de Pol – Asset Management Campaigner and Legal Analyst at Market Force

First aired on The Wire, Thursday 15 December 2022