<
https://www.euronews.com/green/2024/08/15/australias-largest-bank-pulls-plug-on-fossil-fuel-financing-will-other-lenders-follow-suit>
"Australia’s largest lender has announced it will stop financing fossil fuel
companies that don’t comply with the Paris Agreement’s climate goals by the end
of 2024.
The Commonwealth Bank’s (CBA) move is unusual among other rivals, who have yet
to stop supporting coal, oil and gas businesses.
In a new report, CBA confirmed that clients who fail to meet an emissions
pathway consistent with keeping global temperature increases to the “well below
2C goal of the Paris agreement” would not receive “new corporate or trade
finance, or bond facilitation with a maturity beyond 31 December 2024”.
The bank also put in place “core criteria” for clients, which includes a
medium-term emissions reduction plan for 2035 as well as a net-zero ambition
covering at least 95 per cent of the carbon pollution from processing and
extraction.
CBA had been called “the worst offender on climate and lending to fossil fuel
companies”, by Market Forces. The climate lobby group has now praised it as
“the first of Australia’s major banks to announce its break up with
climate-wrecking clients”."
Cheers,
*** Xanni ***
Via
Fix the News:
https://fixthenews.com/light-into-lightning/
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
