350.org has called on banks to stop funding the expansion of fossil fuels.
“I started worrying a lot about climate change when my family vacation home in the Blue Mountains almost burned down.
“Patronizing” answer.
“Then in April last year, when I was on holiday with my family in WA, we got stuck in the middle of Cyclone Seroja.
“Tragically, a man was electrocuted and died a few meters from me. It was a terrifying experience that I will never forget. “
Christopher, who was given a microphone by the Financial Review, asked Mr. McEwan: “I want to understand why he refuses to stop funding fossil fuels.”
McEwan directed Christopher at the bank’s coal, oil and gas policy.
“It actually gives our very clear position on our position on this and what we’re doing. And I’d be interested in your comment after you’ve seen it well,” the NAB chief said.
“Come and get them”
Christopher, who attended the summit as a delegate from 350.org, said he found Mr. McEwan “condescending,” since he had read the bank’s policy “very thoroughly.” He said he felt all the big banks were to blame for funding fossil fuel projects.
“It’s ridiculous how these bank CEOs think they can speak ill of young people, and how they think we are insignificant and not strong. But we come to take them on.
“They give priority to covering their pockets over saving the lives of human beings, and I think that’s just a bad thing.”
Christopher also questioned CBA CEO Matt Comyn about the bank’s approach to financing fossil fuels, saying it was tired of “green washing”.
“The simplest explanation is that we are not just committed [the Paris] Okay but also to limit temperature rises to 1.5 degrees. As for our exposure to fossil fuels, they are less than 2% of our balance sheet, “said Comyn.
He said the bank was committed to the energy transition and shared Christopher’s concern.
ANZ, Westpac and NAB were criticized in January after agreeing to help fund Woodside’s Pluto LNG processing facility in Western Australia, which at the time was described as a “carbon bomb”.
ANZ also confirmed in November last year that it would continue to lend to oil and gas companies, and CEO Shayne Elliott said the bank’s decision to fund new resource projects should be considered part of ‘a broader move to reduce emissions.
According to 350.org, none of the major banks is acting in accordance with the International Energy Agency’s zero net path on oil and gas. As of 2021, NAB was the only bank with a partial policy that agreed to end up financing projects for the development of new fossil fuel reserves not approved for development.
In his next address, Wayne Byres, chairman of the Australian Prudential Regulatory Authority, said only half of the banks were analyzing the issues in their loan portfolios, which was a challenge for Australia. towards zero net emissions.
Asked how banks should approach oil and gas projects, Byres said it was important that they continue to fund “brown” companies that were making the transition to green.
“Today there are brown companies that you would like to be green companies in the future. But for them to go from brown to green, they will have to finance the transition and finance the investment, “Byres said.
“It’s really important that the financial system and the banking system be able to finance this transition.”