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NAB rules out coal

NAB won’t be funding any new thermal coal mines

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robert99 robert99 Sweden Posts: 1360
1 14 Dec 2017
From Greenpeace Australia Pacific
(see also http://news.nab.com.au/update-on-financing-of-new-thermal-coal-mining-projects/ )

I have HUGE news for you: NAB has just announced it is ruling out funding new thermal coal mines. And though you may not know it, you made this happen by keeping up the pressure until Commbank committed to leaving coal at their yearly AGM, last month. It seems people power is making banks here and around the world see the truth: there is no future in fossil fuels.

This morning, NAB issued its risk appetite statement and in it they rule out funding any new thermal coal mines. This is huge for two reasons. First of all, it means NAB won’t be funding any new thermal coal mines. Period. That’s a huge blow to Australia’s dirtiest industry and a huge win for the communities affected by it.  Second, the “risk appetite statement” is formal bank policy, making this the largest step any Australian bank has taken so far to prevent catastrophic climate change.

And NAB is certainly not alone in dumping dirty fossil fuels. Just yesterday, three of the largest financial institutions in the world made major announcements of their own: ING Bank announced that they are finally going to drop coal by 2025; the World Bank announced that as of 2019 it will no longer finance oil and gas drilling at all; and as the cherry on top, French insurance giant AXA announced it would end over three billion euros investment in coal and tar sands. Each of those statements is an enormous win for our movement, and our planet.

And here in Australia we’re winning too! Just last month, after years of pressure before that from a huge movement of people (more than 100,000 in the last eight months alone!), Commbank’s Chair announced that the bank will be leaving coal! And we know NAB were watching their largest competitor’s announcement very closely.

It looks like we are turning the tide. You have made one bank after another see the truth: there’s no future in fossil fuels.

So where are WestPAC and ANZ? When Commbank ditched ATM fees, the other large banks were really quick to copy their example. We think it's time for them to be as decisive on climate action.
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