Were you one of the many people who lobbied NAB for a policy switch away from funding new fossil fuel projects? Are you wondering whether it worked?
Earlier this month NAB released its promised change of policy about funding and support for fossil fuel industries. While they’ve placed some new limits on funding new fossil projects there’s still wide scope for investing in new gas projects and gas infrastructure.
How does it relate to NAB’s climate policy which claims they will act in line with limiting global warming to 1.5 degrees?
It doesn’t. Or in the words of 350.org’s Lucy Manne: “It’s wildly inconsistent for NAB to claim it is aligning with the IEA’s Net Zero by 2050 scenario to limit global warming to 1.5 degrees, while creating a policy that flags up to $US2.4 billion for oil and gas projects to 2025.”
There’s a trick in the policy, which says they won’t lend to new gas projects … but it’s fine to lend to the companies developing the projects!
Then there’s the big “necessary for energy security” loophole – who will define what’s “necessary”? The federal government apparently, rather than shareholders and energy analysts committed to climate action.
Which new gas projects could NAB fund under this policy? These at least:
· -Santos in the North West of NSW,
· – Origin’s plan to frack the NT, and the
· -Woodside Scarborough LNG project, part of the Burrup Gas Hub in WA.
What can we do?
Email or call NAB with your comments and questions.
It’s important they are called to account. If you are a customer let them know that. Their AGM will be held online on 17 December – attend if you are a shareholder.
Market Forces: NAB’s $2.4b funding for Origin to frack the Beetaloo basin
SMH: Opinion piece by Elizabeth Knight