<
https://www.theguardian.com/australia-news/2023/may/30/australian-banks-lending-billions-to-fossil-fuel-projects-despite-supporting-emissions-reductions-analysis-suggest>
"Australia’s big banks have loaned more than $13bn for fossil fuel projects
over the past two years even as they publicly advocate for emissions
reductions, a new report suggests.
Analysis by environmental activist group Market Forces has found that while
Australia’s major banks largely avoid providing direct project finance to new
coal, oil and gas projects, they do fund corporate entities that develop them.
Market Forces said the financing arrangements represented a loophole that
enabled lenders to bankroll fossil fuel production while claiming not to
directly support new projects.
“Customers are worried their banks are hiding behind a smokescreen, claiming to
be committed to net zero by 2050 while funding new fossil fuel developments
that would lock in decades of emissions,” said Market Forces acting chief
executive, Will van de Pol.
According to Intergovernmental Panel on Climate Change analysis following the
landmark 2015 Paris agreement, greenhouse gas emissions from existing fossil
fuel infrastructure are more than enough to push the world beyond its climate
goals.
To limit global warming to 1.5C above pre-industrial times, emissions need to
be reduced by 45% by 2030 and reach net zero by 2050."
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
