{"id":133079,"date":"2024-08-16T07:40:17","date_gmt":"2024-08-16T04:40:17","guid":{"rendered":"https:\/\/tietopankki.crnet.fi\/fi\/news\/australias-largest-bank-pulls-plug-on-fossil-fuel-financing-will-other-lenders-follow-suit\/"},"modified":"2024-08-16T07:40:17","modified_gmt":"2024-08-16T04:40:17","slug":"australias-largest-bank-pulls-plug-on-fossil-fuel-financing-will-other-lenders-follow-suit","status":"publish","type":"post","link":"https:\/\/tietopankki.crnet.fi\/en\/news\/australias-largest-bank-pulls-plug-on-fossil-fuel-financing-will-other-lenders-follow-suit\/","title":{"rendered":"Australia\u2019s largest bank pulls plug on fossil fuel financing. Will other lenders follow suit?"},"content":{"rendered":"<div class=\"mp_wrapper\">\n  <div class=\"mepr-unauthorized-message\">\n    <p>You are unauthorized to view this page.<\/p>\n  <\/div>\n  <div class=\"mepr-login-form-wrap\">\n            \n<div class=\"mp_wrapper mp_login_form\">\n                  <!-- mp-login-form-start -->     <form name=\"mepr_loginform\" id=\"mepr_loginform\" class=\"mepr-form\" action=\"https:\/\/tietopankki.crnet.fi\/en\/login-2\/\" method=\"post\" data-trp-original-action=\"https:\/\/tietopankki.crnet.fi\/en\/login-2\/\">\n            <div class=\"mp-form-row mepr_username\">\n        <div class=\"mp-form-label\">\n                              <label for=\"user_login\">Username<\/label>\n        <\/div>\n        <input type=\"text\" name=\"log\" id=\"user_login\" value=\"\" \/>\n      <\/div>\n      <div class=\"mp-form-row mepr_password\">\n        <div class=\"mp-form-label\">\n          <label for=\"user_pass\">Password<\/label>\n          <div class=\"mp-hide-pw\">\n            <input type=\"password\" name=\"pwd\" id=\"user_pass\" value=\"\" \/>\n            <button type=\"button\" class=\"button mp-hide-pw hide-if-no-js\" data-toggle=\"0\" aria-label=\"Show password\">\n              <span class=\"dashicons dashicons-visibility\" aria-hidden=\"true\"><\/span>\n            <\/button>\n          <\/div>\n        <\/div>\n      <\/div>\n            <div>\n        <label><input name=\"rememberme\" type=\"checkbox\" id=\"rememberme\" value=\"forever\" \/> Remember Me<\/label>\n      <\/div>\n      <div class=\"mp-spacer\">&nbsp;<\/div>\n      <div class=\"submit\">\n        <input type=\"submit\" name=\"wp-submit\" id=\"wp-submit\" class=\"button-primary mepr-share-button\" value=\"Log In\" \/>\n        <input type=\"hidden\" name=\"redirect_to\" value=\"\/en\/wp-json\/wp\/v2\/posts\/133079\" \/>\n        <input type=\"hidden\" name=\"mepr_process_login_form\" value=\"true\" \/>\n        <input type=\"hidden\" name=\"mepr_is_login_page\" value=\"false\" \/>\n      <\/div>\n    <input type=\"hidden\" name=\"trp-form-language\" value=\"en\"\/><\/form>\n    <div class=\"mp-spacer\">&nbsp;<\/div>\n    <div class=\"mepr-login-actions\">\n        <a\n          href=\"https:\/\/tietopankki.crnet.fi\/en\/login-2\/?action=forgot_password\"\n          title=\"Click here to reset your password\"\n        >\n          Forgot Password        <\/a>\n    <\/div>\n\n      \n    <!-- mp-login-form-end --> \n  <\/div>\n      <\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<div class=\"smart_content_wrapper\">\n<p>CBA has explained that they will stop financing fossil fuel companies that don\u2019t comply with climate goals set out by the Paris Agreement.<\/p>\n<p>Australia\u2019s largest lender has announced it will stop financing fossil fuel companies that don\u2019t comply with the Paris Agreement\u2019s climate goals by the end of 2024.The Commonwealth Bank\u2019s (CBA) move is unusual among other rivals, who have yet to stop supporting coal, oil and gas businesses.<\/p>\n<p>In a new report, CBA confirmed that clients who fail to meet an emissions pathway consistent with keeping global temperature increases to the \u201cwell below 2C goal of the Paris agreement\u201d would not receive \u201cnew corporate or trade finance, or bond facilitation with a maturity beyond 31 December 2024\u201d. The bank also put in place \u201ccore criteria\u201d 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.<\/p>\n<p>CBA had been called \u201cthe worst offender on climate and lending to fossil fuel companies\u201d, by Market Forces. The climate lobby group has now praised it as \u201cthe first of Australia\u2019s major banks to announce its break up with climate-wrecking clients\u201d.<\/p>\n<p>Banks are propping up the fossil fuel industry to the tun of \u20ac6.5 trillion, new report finds<br \/>\nWill other banks follow suit on fossil fuel lending? On Wednesday, Market Forces commended the bank\u2019s u-turn. \u201c[CBA] has a crystal clear message to oil and gas companies: the buck stops here and if your plans are out of step with global climate goals, we\u2019re not going to bank you,\u201d a senior Market Forces analyst told UK newspaper the Guardian.<\/p>\n<p>At the same time, the lobby criticised banking rivals for their decision to lend around \u20ac450 million to gas giant Santos to aid it with \u201cmassive and dangerous expansion plans\u201d. \u201cANZ, NAB and Westpac shareholders, customers and staff will be furious [that] these banks are breaking their climate promises again, and expect them to match [CBA] when they release their disclosures in November,\u201d the analyst added.<\/p>\n<p>Among those big four banks, Market Forces confirmed that CBA already had the least exposure to the gas, coal and oil industries, with financing of fossil fuel extraction at a relatively low 0.2 per cent of its total outstanding loans. ANZ announced it managed to reduce its financed emissions in the power sector by a quarter as well as cutting oil and gas by 30 per cent and thermal coal by 96 per cent between 2020 and 2023.<\/p>\n<p>Source: <a rel=\"noopener\" href=\"https:\/\/www.euronews.com\/green\/2024\/08\/15\/australias-largest-bank-pulls-plug-on-fossil-fuel-financing-will-other-lenders-follow-suit\">Euronews Green<\/a><\/p>\n<p>&nbsp;<\/p>\n<\/div>\n<p>The post <a rel=\"noopener\" href=\"https:\/\/vastuullisuusuutiset.fi\/fi\/csr-news-en\/australias-largest-bank-pulls-plug-on-fossil-fuel-financing-will-other-lenders-follow-suit\/\">Australia\u2019s largest bank pulls plug on fossil fuel financing. Will other lenders follow suit?<\/a> appeared first on <a rel=\"noopener\" href=\"https:\/\/vastuullisuusuutiset.fi\/fi\">Vastuullisuusuutiset.fi<\/a>.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[22],"tags":[616,555,1741,702],"class_list":["post-133079","post","type-post","status-publish","format-standard","hentry","category-news","tag-australia","tag-csr-news-en","tag-financing","tag-fossil-fuel"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/posts\/133079","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/comments?post=133079"}],"version-history":[{"count":0,"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/posts\/133079\/revisions"}],"wp:attachment":[{"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/media?parent=133079"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/categories?post=133079"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/tags?post=133079"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}