{"id":27215,"date":"2019-01-17T06:56:00","date_gmt":"2019-01-16T20:26:00","guid":{"rendered":"https:\/\/www.solarquotes.com.au\/blog\/?p=27215"},"modified":"2019-01-17T06:56:00","modified_gmt":"2019-01-16T20:26:00","slug":"fossil-fuels-banks-mb0902","status":"publish","type":"post","link":"https:\/\/www.solarquotes.com.au\/blog\/fossil-fuels-banks-mb0902\/","title":{"rendered":"Australia’s Big 4 Banks Still Sniffing Around Fossil Fuels"},"content":{"rendered":"

\"Australian<\/a>Major Australian banks were getting back into fossil fuels in 2018 according to a new report from Market Forces, but there was also a big increase in exposure to renewable energy.<\/p>\n

The “Big 4” – ANZ, CommBank, NAB and Westpac – all committed to support the principles of the Paris Agreement and their exposure to coal, oil and gas had been falling since. Still, since the Agreement, they had collectively loaned\u00a0$21 billion to the coal, oil and gas sectors up until the early part of 2018, with a 50% spike in new fossil fuel projects.<\/p>\n

As for what happened last year specifically, Market Forces indicates<\/a> it was a bit of a mixed bag.<\/p>\n

Coal Mining<\/h2>\n

Market Forces says Westpac increased its exposure in the coal mining sector by a whopping 140% compared to 2017 ($0.58B -> $1.40B), while ANZ’s was up 27%. Commbank reduced its exposure by 7% and NAB’s was relatively static.<\/p>\n

Oil & Gas Extraction<\/h2>\n

ANZ’s exposure was up 5.7%, NAB up 9.5% and Westpac up 5.1%, while Commbank was down 4.9%.<\/p>\n

Coal Power<\/h2>\n

In some good news, the exposure of all Big 4 banks in the coal power sector was down, ranging from -6.7% (Westpac) to -53% (Commbank).<\/p>\n

Gas Power<\/h2>\n

Gas power exposure was also down across all four institutions, ranging from -6% (Commbank) to -13.1% (ANZ)<\/p>\n

Renewable Energy Generation<\/h2>\n

ANZ’s exposure decreased 6.7%, while the other three saw solid increases – Commbank +33%, NAB +41.8% and Westpac +18.6%.<\/p>\n

Among the fossil fuel projects banks became involved in last year were ANZ and CommBank’s recommitment to the Newcastle coal export terminal, with NAB also joining the list of lenders. ANZ, NAB and Westpac co-financed the acquisition of Queensland\u2019s Kestrel coal mine. CommBank and NAB became involved with a massive new liquefied natural gas (LNG) facility in Texas and NAB loaned for the development of a new gas-fired power plant in Ohio, USA.<\/p>\n

Demand More Action<\/h2>\n

While there was certainly some positive movement in 2018, Market Forces believes it’s not good enough, nor happening fast enough.<\/p>\n

It says the Big 4 will only change if their customers, employees and shareholders speak up and demand action. The group offers resources on how customers can put their bank on notice<\/a>, how to switch banks<\/a> and how shareholders<\/a> can have questions asked or resolutions put at AGMs. The organisation says that $590 million has been “put on notice” by bank customers through that aspect of its campaign.<\/p>\n

Market Forces was launched in January 2013. It’s an affiliate project of Friends of the Earth Australia and a member of the BankTrack international network<\/p>\n","protected":false},"excerpt":{"rendered":"

Major Australian banks were getting back into fossil fuels in 2018 according to a new report from Market Forces, but there was also a big increase in exposure to renewable energy.<\/p>\n","protected":false},"author":17,"featured_media":27216,"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-27215","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-solar-battery-news","entry"],"acf":[],"yoast_head":"\nAustralia's Big 4 Banks Still Sniffing Around Fossil Fuels - SolarQuotes Blog<\/title>\n<meta name=\"description\" content=\"Major Australian banks were getting back into fossil fuels in 2018, but there was also a big increase in exposure to renewable energy.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.solarquotes.com.au\/blog\/fossil-fuels-banks-mb0902\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Australia's Big 4 Banks Still Sniffing Around Fossil Fuels\" \/>\n<meta property=\"og:description\" content=\"Major Australian banks were getting back into fossil fuels in 2018, but there was also a big increase in exposure to renewable energy.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.solarquotes.com.au\/blog\/fossil-fuels-banks-mb0902\/\" \/>\n<meta property=\"og:site_name\" content=\"SolarQuotes Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/SolarQuotes\/\" \/>\n<meta property=\"article:published_time\" content=\"2019-01-16T20:26:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2019\/01\/banks-fossil-fuels.png\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"436\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Michael Bloch\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@solar_quotes\" \/>\n<meta name=\"twitter:site\" content=\"@solar_quotes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.solarquotes.com.au\/blog\/fossil-fuels-banks-mb0902\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.solarquotes.com.au\/blog\/fossil-fuels-banks-mb0902\/\"},\"author\":{\"name\":\"Michael Bloch\",\"@id\":\"https:\/\/www.solarquotes.com.au\/blog\/#\/schema\/person\/66afd571aa00c2e442f0192ebac2f6f1\"},\"headline\":\"Australia’s Big 4 Banks Still Sniffing Around Fossil Fuels\",\"datePublished\":\"2019-01-16T20:26:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.solarquotes.com.au\/blog\/fossil-fuels-banks-mb0902\/\"},\"wordCount\":428,\"commentCount\":3,\"publisher\":{\"@id\":\"https:\/\/www.solarquotes.com.au\/blog\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.solarquotes.com.au\/blog\/fossil-fuels-banks-mb0902\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2019\/01\/banks-fossil-fuels.png\",\"articleSection\":[\"General Solar & Storage News\"],\"inLanguage\":\"en-AU\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.solarquotes.com.au\/blog\/fossil-fuels-banks-mb0902\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.solarquotes.com.au\/blog\/fossil-fuels-banks-mb0902\/\",\"url\":\"https:\/\/www.solarquotes.com.au\/blog\/fossil-fuels-banks-mb0902\/\",\"name\":\"Australia's Big 4 Banks Still Sniffing Around Fossil Fuels - 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RE100 is an initiative led by The Climate Group in partnership with CDP; bringing together big businesses committed to 100% renewable electricity.\u2026","rel":"","context":"In "General Solar & Storage News"","block_context":{"text":"General Solar & Storage News","link":"https:\/\/www.solarquotes.com.au\/blog\/category\/solar-battery-news\/"},"img":{"alt_text":"QBE renewable energy","src":"https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2019\/06\/qbe-renewable-energy.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2019\/06\/qbe-renewable-energy.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2019\/06\/qbe-renewable-energy.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2019\/06\/qbe-renewable-energy.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2019\/06\/qbe-renewable-energy.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":20510,"url":"https:\/\/www.solarquotes.com.au\/blog\/bank-finance-fossil-fuels-mb0529\/","url_meta":{"origin":27215,"position":2},"title":"Big Banks Continuing To Fund Climate Crisis","author":"Michael Bloch","date":"April 3, 2018","format":false,"excerpt":"A report released last week reveals the world's big banks increased \"extreme\" fossil fuel financing last year, but there was a glimmer of silver lining on the coal black clouds hanging over Australian banks. The report, Banking on Climate Change 2018, ranks 36 major banks on their policies and financing\u2026","rel":"","context":"In "General Solar & Storage News"","block_context":{"text":"General Solar & Storage News","link":"https:\/\/www.solarquotes.com.au\/blog\/category\/solar-battery-news\/"},"img":{"alt_text":"Banking on Climate Change","src":"https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2018\/04\/fossil-fuel-banking.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2018\/04\/fossil-fuel-banking.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2018\/04\/fossil-fuel-banking.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2018\/04\/fossil-fuel-banking.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":64032,"url":"https:\/\/www.solarquotes.com.au\/blog\/westpac-renewable-energy-mb2576\/","url_meta":{"origin":27215,"position":3},"title":"Westpac Closing In On Renewable Energy Target","author":"Michael Bloch","date":"August 2, 2022","format":false,"excerpt":"Westpac last week announced new agreements that will see it provided with more clean electricity - from a wind farm in Victoria and a solar farm in South Australia. Westpac signed up to the RE100 program in 2019, a global initiative bringing together major businesses pursuing 100% renewable electricity. As\u2026","rel":"","context":"In "General Solar & Storage News"","block_context":{"text":"General Solar & Storage News","link":"https:\/\/www.solarquotes.com.au\/blog\/category\/solar-battery-news\/"},"img":{"alt_text":"Westpac - Renewable Energy","src":"https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2022\/08\/westpac-solar-electricity.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2022\/08\/westpac-solar-electricity.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2022\/08\/westpac-solar-electricity.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2022\/08\/westpac-solar-electricity.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2022\/08\/westpac-solar-electricity.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":42495,"url":"https:\/\/www.solarquotes.com.au\/blog\/suncorp-gas-oil-mb1654\/","url_meta":{"origin":27215,"position":4},"title":"Suncorp Shunning Gas And Oil Projects","author":"Michael Bloch","date":"August 24, 2020","format":false,"excerpt":"While Australia's Federal Government may have its eye on a gas-led recovery, major insurer Suncorp is backing away from the fossil fuel. Suncorp published its Responsible Business Report 2019\u201320 on Friday, page 28 of which states: \"In 2020, we strengthened our Fossil Fuels Sensitive Sector Guideline to cease underwriting, financing\u2026","rel":"","context":"In "General Solar & Storage News"","block_context":{"text":"General Solar & Storage News","link":"https:\/\/www.solarquotes.com.au\/blog\/category\/solar-battery-news\/"},"img":{"alt_text":"Suncorp and fossil fuels","src":"https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2020\/08\/suncorp-fossil-fuels.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2020\/08\/suncorp-fossil-fuels.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2020\/08\/suncorp-fossil-fuels.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2020\/08\/suncorp-fossil-fuels.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2020\/08\/suncorp-fossil-fuels.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":13611,"url":"https:\/\/www.solarquotes.com.au\/blog\/fossil-fuel-subsidies-health-mb0144\/","url_meta":{"origin":27215,"position":5},"title":"Fossil Fuels – 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 "General Solar & Storage News"","block_context":{"text":"General Solar & 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":[]}],"_links":{"self":[{"href":"https:\/\/www.solarquotes.com.au\/blog\/wp-json\/wp\/v2\/posts\/27215","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.solarquotes.com.au\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.solarquotes.com.au\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.solarquotes.com.au\/blog\/wp-json\/wp\/v2\/users\/17"}],"replies":[{"embeddable":true,"href":"https:\/\/www.solarquotes.com.au\/blog\/wp-json\/wp\/v2\/comments?post=27215"}],"version-history":[{"count":1,"href":"https:\/\/www.solarquotes.com.au\/blog\/wp-json\/wp\/v2\/posts\/27215\/revisions"}],"predecessor-version":[{"id":27217,"href":"https:\/\/www.solarquotes.com.au\/blog\/wp-json\/wp\/v2\/posts\/27215\/revisions\/27217"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.solarquotes.com.au\/blog\/wp-json\/wp\/v2\/media\/27216"}],"wp:attachment":[{"href":"https:\/\/www.solarquotes.com.au\/blog\/wp-json\/wp\/v2\/media?parent=27215"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.solarquotes.com.au\/blog\/wp-json\/wp\/v2\/categories?post=27215"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.solarquotes.com.au\/blog\/wp-json\/wp\/v2\/tags?post=27215"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}