Australia’s big four banks invested three times as much in global fossil fuels as they did in clean energy in 2016, despite pledging to help Australia transition to a low carbon economy.
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| Australian banks continued to fund coalmines in 2016 despite committing to support the Paris climate agreement pledge to keep global warming below 2C. |
The banks provided a combined $10bn to projects around the world that expanded non-renewable energy, according to finance group Market Forces.
ANZ and the Commonwealth Bank were the worst offenders, investing over $3bn each in fossil fuels. In the same period, ANZ only lent $225m to renewables, giving it a 14:1 ratio.
Overall the banks invested $7bn more in fossil fuels than clean energy.
Read Naaman Zhou’s story on The Guardian - “Big Australian banks invest $7bn more in fossil fuels than renewables, says report.”
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