Banks continue to fund fossil fuel projects
Despite net zero by 2050 commitments, NAB, ANZ, and Westpac have joined 18 global banks in lending US$3.49 billion ($4.85 billion) to a fossil fuel project, according to Market Forces.
The advocacy group said the banks lent to infrastructure fund manager Global Infrastructure Partners (GIP) for its purchase of a 49% stake in the Pluto LNG Train 2 gas processing facility. It said this project was equivalent to 15 coal power stations running for three decades.
Market Forces campaigner, Jack Bertolus, said: “The International Energy Agency (IEA) has made it clear there is no room for new fossil fuel supply projects if we are to achieve the goals of the Paris Climate Agreement.
“Yet, despite a clear commitment to net zero, NAB has just led a global banking consortium to enable a 1.6 billion tonne carbon bomb, with ANZ and Westpac as part of the deal.
“The immensity of the fossil fuel project is matched only by the banks’ willingness to repeatedly con their customers and their investors, who are all demanding action on the climate crisis. In reality, their money is being used to fund a project enabling emissions equivalent to running 15 coal plants for three decades.”
Market Forces said NAB led the deal arrangement months after it released an updated oil and gas policy that had been criticized as a greenwashing exercise.
Recommended for you
Fund managers may be operating in a squeezed environment, but a salary guide shows they are willing to pay up for specialist talent to diversify their fund range.
Reach Alternative Investments has entered into a strategic partnership with Russell Investments to bolster its wholesale private markets offering for financial advisers and investors.
Boutique investment consulting and research house Genium Investment Partners has announced a senior appointment to drive further growth in its research ratings business.
Nuveen has appointed a global head of estate, a successor to Chris McGibbon who steps down after almost 25 years.
