{"id":20510,"date":"2018-04-03T06:41:22","date_gmt":"2018-04-02T20:11:22","guid":{"rendered":"https:\/\/www.solarquotes.com.au\/blog\/?p=20510"},"modified":"2018-04-03T06:41:22","modified_gmt":"2018-04-02T20:11:22","slug":"bank-finance-fossil-fuels-mb0529","status":"publish","type":"post","link":"https:\/\/www.solarquotes.com.au\/blog\/bank-finance-fossil-fuels-mb0529\/","title":{"rendered":"Big Banks Continuing To Fund Climate Crisis"},"content":{"rendered":"<p><img decoding=\"async\" class=\"aligncenter size-full wp-image-20511\" src=\"https:\/\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2018\/04\/fossil-fuel-banking.jpg\" alt=\"Banking on Climate Change\" width=\"700\" height=\"431\" srcset=\"https:\/\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2018\/04\/fossil-fuel-banking.jpg 700w, https:\/\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2018\/04\/fossil-fuel-banking-300x185.jpg 300w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/p>\n<p>A report released last week reveals the world&#8217;s big banks increased &#8220;extreme&#8221; fossil fuel financing last year, but there was a glimmer of silver lining on the coal black clouds hanging over Australian banks.<!--more--><\/p>\n<p>The report, Banking on Climate Change 2018, ranks 36 major banks on their policies and financing of carbon-intensive, financially risky and environmentally destructive fossil fuel sectors. It says these institutions funneled USD$115 billion into extreme fossil fuels last year, an increase of 11% from 2016.<\/p>\n<p>&#8220;Extreme&#8221; fossil fuel sectors considered in the report:<\/p>\n<ul>\n<li>Tar sands<\/li>\n<li>Arctic oil<\/li>\n<li>Ultra deep water oil extraction<\/li>\n<li>LNG export terminals (North America)<\/li>\n<li>Coal mining<\/li>\n<li>Coal power<\/li>\n<\/ul>\n<p>While after the signing of the Paris Climate Accord in late 2015 there was significant drop in bank financing for these sectors, last year an appetite returned to support them. A sector that saw a lot of activity was that dealing with tar sands, where financing grew by 111% from 2016 to 2017 to reach USD $98 billion; making it the most heavily funded extreme energy sector.<\/p>\n<p>As for the number one Wall Street funder of extreme fossil fuels, JPMorgan Chase was given the title (again).<\/p>\n<h2>How Did Australia&#8217;s Big 4 Fare?<\/h2>\n<p>ANZ, NAB and Westpac all received an average grade of &#8220;D&#8221; for the 2015-2017 period, with the Commonwealth Bank getting a &#8220;D-&#8220;. With regard to coal power and coal mining (respectively), their grades were:<\/p>\n<ul>\n<li>ANZ: C-\/D<\/li>\n<li>Commonwealth Bank: D\/D<\/li>\n<li>NAB: D-\/B<\/li>\n<li>Westpac: C-\/C-<\/li>\n<\/ul>\n<p>While the grades aren&#8217;t great or even good, the report acknowledges Australia\u2019s four main banks&#8217; overall coal financing has decreased by 75 percent over the last three years.<\/p>\n<p>In December last year, National Australia Bank announced it had <a href=\"https:\/\/www.solarquotes.com.au\/blog\/nab-coal-renewables-mb0367\/\">ended funding for new thermal coal mining<\/a> projects. NAB was also the first of the Big 4 to distance itself from potentially funding <a href=\"https:\/\/www.solarquotes.com.au\/blog\/adani-carmichael-coal-mine-mb0049\/\">Adani\u2019s Carmichael coal mine<\/a> project in Queensland\u2019s Galilee Basin &#8211; before the company had even approached NAB&#8217;s door.<\/p>\n<blockquote><p>&#8220;Adani has dragged its reputation through the mud in Australia, and potential financiers have expressed one of the most universal and unambiguous expressions of aversion to a project,&#8221; states the Banking On Climate Change report.<\/p><\/blockquote>\n<p>The figures in the report indicate that with the exception of Westpac, the other Australian Big 4 members all provided less finance to extreme fossil fuel projects in 2017 compared to 2016. For Westpac, it increased from USD $64 million in 2016 to USD $212 million in 2017.<\/p>\n<p>Here&#8217;s how the other banks stacked up 2016 vs. 2017 (USD)<\/p>\n<ul>\n<li>ANZ:\u00a0 $536 million \/ $289 million<\/li>\n<li>Commonwealth Bank: $220 million \/ $182 million<\/li>\n<li>NAB: $144 million \/ $34 million<\/li>\n<\/ul>\n<p><a href=\"https:\/\/d3n8a8pro7vhmx.cloudfront.net\/rainforestactionnetwork\/pages\/19540\/attachments\/original\/1522211861\/Banking_on_Climate_Change_2018_vWEB.pdf?1522211861\">Banking On Climate Change<\/a> (PDF) is the ninth annual report in the series ranking bank policies and practices.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A report released last week reveals the world&#8217;s big banks increased &#8220;extreme&#8221; fossil fuel financing last year, but there was a glimmer of silver lining on the coal black clouds hanging over Australian banks.<\/p>\n","protected":false},"author":17,"featured_media":20511,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[678],"tags":[],"class_list":["post-20510","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-solar-battery-news","entry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Big Banks Continuing To Fund Climate Crisis - SolarQuotes Blog<\/title>\n<meta name=\"description\" content=\"While the world&#039;s big banks increased &quot;extreme&quot; 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According to Hobart City Council Alderman Anna Reynolds, a new Council policy was passed last night that commits to investing 100% of City funds in banks that don't back\u2026","rel":"","context":"In &quot;General Solar &amp; Storage News&quot;","block_context":{"text":"General Solar &amp; Storage News","link":"https:\/\/www.solarquotes.com.au\/blog\/category\/solar-battery-news\/"},"img":{"alt_text":"Fossil fuel divestment - Hobart, Tasmania","src":"https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2017\/12\/fossil-fuel-divestment.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2017\/12\/fossil-fuel-divestment.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2017\/12\/fossil-fuel-divestment.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2017\/12\/fossil-fuel-divestment.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":13611,"url":"https:\/\/www.solarquotes.com.au\/blog\/fossil-fuel-subsidies-health-mb0144\/","url_meta":{"origin":20510,"position":2},"title":"Fossil Fuels &#8211; Billions In Subsidies, Trillions In Health Costs","author":"Michael Bloch","date":"July 31, 2017","format":false,"excerpt":"A new report says health costs associated with fossil fuel use in G20 countries are more than six times higher than the substantial subsidies the oil, gas and coal sectors receive. The report from the Health and Environment Alliance notes that leaders of the G20 agreed to put an end\u2026","rel":"","context":"In &quot;General Solar &amp; Storage News&quot;","block_context":{"text":"General Solar &amp; Storage News","link":"https:\/\/www.solarquotes.com.au\/blog\/category\/solar-battery-news\/"},"img":{"alt_text":"Fossil fuel subsidies","src":"https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2017\/07\/fossil-fuel-subsidy-renewables.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2017\/07\/fossil-fuel-subsidy-renewables.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2017\/07\/fossil-fuel-subsidy-renewables.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2017\/07\/fossil-fuel-subsidy-renewables.png?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":49311,"url":"https:\/\/www.solarquotes.com.au\/blog\/fossil-fuel-levy-mb1953\/","url_meta":{"origin":20510,"position":3},"title":"TAI: Fossil Fuel Exporters Should Cough Up For Climate Damage","author":"Michael Bloch","date":"April 13, 2021","format":false,"excerpt":"The Australia Institute (TAI) is calling on the NSW Government to support a levy on fossil fuel exports to help cover the costs of climate change impacts in the state. The Institute first proposed a National Climate Disaster Fund (NCDF) back in 2019, funded by a $1 per tonne of\u2026","rel":"","context":"In &quot;General Solar &amp; Storage News&quot;","block_context":{"text":"General Solar &amp; Storage News","link":"https:\/\/www.solarquotes.com.au\/blog\/category\/solar-battery-news\/"},"img":{"alt_text":"Fossil fuel level for climate damage","src":"https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2021\/04\/fossil-fuel-levy.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2021\/04\/fossil-fuel-levy.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2021\/04\/fossil-fuel-levy.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2021\/04\/fossil-fuel-levy.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2021\/04\/fossil-fuel-levy.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":32819,"url":"https:\/\/www.solarquotes.com.au\/blog\/australia-emissions-exports-mb1180\/","url_meta":{"origin":20510,"position":4},"title":"Australia A Typhoid Mary Of Fossil Fuel Emissions","author":"Michael Bloch","date":"August 20, 2019","format":false,"excerpt":"One of the excuses for not taking real climate action in Australia is the argument that in the scheme of things, Australia is a bit player in emissions. A new report from The Australia Institute (TAI) shows that's not the case. It's not just what we generate here that counts,\u2026","rel":"","context":"In &quot;General Solar &amp; Storage News&quot;","block_context":{"text":"General Solar &amp; Storage News","link":"https:\/\/www.solarquotes.com.au\/blog\/category\/solar-battery-news\/"},"img":{"alt_text":"Australia - fossil fuel exports","src":"https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2019\/08\/australia-emissions-exports.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2019\/08\/australia-emissions-exports.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2019\/08\/australia-emissions-exports.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2019\/08\/australia-emissions-exports.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2019\/08\/australia-emissions-exports.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":37751,"url":"https:\/\/www.solarquotes.com.au\/blog\/unisuper-divestment-fossil-fuels-mb1423\/","url_meta":{"origin":20510,"position":5},"title":"UniSuper Urged To Dump Fossil Fuel Investments","author":"Michael Bloch","date":"February 27, 2020","format":false,"excerpt":"One of Australia's largest superannuation funds is under increasing pressure to completely divest from fossil fuels. 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