Australia’s major banks provide ‘backdoor finance’ to fossil fuels: NGO

Quick Summary:

ANZ, Commonwealth Bank, NAB, and Westpac loaned US$2.43 billion to fossil fuels last year despite having committed to global climate goals.

Most of the loans fall under general-purpose corporate lending and bonds.

The National Australia Bank (NAB) earned a dishonourable mention for topping the charts last year as the country's biggest fossil fuel lender, with loans mounting to AU$1.4 billion (US$0.94 billion).

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Article Details

Author / Journalist: Yajie Yang

Category: EconomyBusiness

Markets: SingaporeAustraliaBangladeshJapan

Topics: Natural gas Global warming Emissions Climate Divestment Climate science Fossil fuels Coal

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-19 @ 01:34:00 (14 hours ago)

News Timezone: GMT +8:00

News Source URL: eco-business.com

Language: English

Article Length: 1102 words

Reading Time: 7 minutes read

Sentences: 33 lines

Sentence Length: 34 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Eco-Business

News ID: 21679517

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