NAB pledge to limit funding for fossil fuels full of loopholes, activist investor group says

commits to cap lending to oil and gas at US$2.4bn but Market Forces calls it a ‘cynical greenwashing exercise’

A new commitment from NAB to limit funding for oil and gas projects is full of loopholes and will allow the bank to continue lending to fossil fuel businesses, environmental activists say.

The bank on Tuesday said it would cap its lending to oil and gas at US$2.4bn – a figure that NAB’s chief executive, Ross McEwan, said the bank was currently “a couple of hundred million below”.

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