Australian banks ‘undermining Paris agreement’ with $7bn in fossil fuel loans

Exclusive: Australia’s big four banks have loaned $7bn to 33 new or expansionary fossil fuel projects between 2016 and 2019, analysis finds

Since the Paris agreement was signed, Australia’s big four banks have financed new fossil fuel projects that would cancel out the national emissions reduction target 21 times over, according to analysis by the activist investor group Market Forces.

The analysis, released on Wednesday, shows the banks have loaned $7bn to 33 new or expansionary fossil fuel projects between 2016 and 2019.

Related: The climate crisis looms as the Coalition fiddles with fossil fuels | Greg Jericho

Related: Commonwealth Bank activist shareholders call out company for financing new gas projects

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