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Australian banks boosted new lending to fossil fuel projects last year

Wednesday, 06 November 2019

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The investor action group Market Forces says Australian banks ANZ and Westpac (two of the 'Big Four' banks in Australia, a group which also includes National Bank and Commonwealth Bank) poured significant new money into fossil fuel projects during 2018-19 in a way that indicated the banks’ lofty climate goals were not being factored into individual investment decisions. 

Market Forces’ analysis of Westpac’s lending, comparing last calendar year to the previous year, shows an 8% increase to investment in the fossil fuel sector. Figures released by ANZ last week show the bank’s total fossil fuel investments increased b...

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