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Australia’s 'big four' banks investing $10 billion in fossil fuels

Staff Writer |
New analysis by finance group Market Forces reveals Australia’s "big four" banks provided almost $10 billion in finance to fossil fuels across the planet in 2016 – three and a half times the amount invested in clean energy.

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ANZ and Commbank were Australia’s dirtiest banks in 2016. ANZ’s meager $225 million to renewables was dwarfed by $3.2 billion of funding to fossil fuels, leaving the institution with a lending ratio of 14:1 in terms of dirty to clean energy.

With $3.9 billion to fossil fuels, Commbank’s lending was the highest in total, but its dirty to clean ratio was a slight improvement on ANZ, due to $846 million in finance for renewables.

Westpac gave lie to its claims to be a sustainable institution by lending $1.5 billion to fossil fuels, compared to $426 million to clean energy.

By lending $1.35 billion to fossil fuels and $1.3 billion to renewables, NABs performance was the most creditable of the big four.

ANZ, CommBank, NAB and Westpac have all publicly championed the two degree limit, each committing to support the transition to a low carbon economy.

Despite this, all four banks breached their promises by once again funding projects which will expand the worldwide fossil fuel industry, including in Australia, India, Indonesia, Norway, PNG and the U.S.

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