John Englart

Commbank announces end to funding new oil and gas projects

On August 9 CommBank announced they will no longer lend to new oil and gas projects (they already don’t lend to thermal coal), and by 2025 will stop lending to companies who refuse to transition away from fossil fuels.

The other big banks need to also stop lending to Fossil Fuels.

We now need the Federal Government to step up and stop approving new coal mines and stop subsidising gas expansion (MiddleArm Petrochemical hub)

Climate Action Merribek was part of this campaign by 350 Australia, including a small protest outside the Brunswick Commonwealth Bank Branch in May 2023.

Kelly Albion, Campaigns Director at 350 Australia said “We welcome this smart move by CommBank, which signals the end of the era of gas and call on all big banks to follow suit.

“Although it should be immediate, CommBank’s Transition Plan Framework means some of CommBank’s dirtiest clients like Santos, Glencore, Beach Energy and Cheniere will no longer be eligible for finance from the bank from 2025.

“Banks distancing themselves from fossil fuels is no coincidence – they know the era of coal and gas will be over in the coming years, and they clearly understand the public backlash that comes from siding with harmful industries.

“Activists and shareholders have been pressuring CommBank for years over their vast fossil fuel lending, and now they’ve finally responded – first with a 92% reduction in fossil fuel lending, now ruling out all new oil and gas finance.

“Gas corporations should be sweating – this is a monumental shift in fossil fuel finance. This move will make it harder for fracking companies to secure Australian finance, welcome news for communities resisting critical projects and all of us who dream of a safe climate. However, with companies like Santos and Woodside currently attempting to open up large new gas projects in Australia, CommBank should also rule out any corporate loans to these companies immediately.”

“Now that Australia’s biggest bank is distancing themselves from gas, so too should the Australian government. That means ending gas handouts for their wells, roads and reports, and stop making the climate crisis worse by putting an end to coal and gas mining by the end of the decade.”

Members of Climate Action Merribek outside Brunswick Commbank in May

References

Leave a comment