– NAB claims that it is taking strong action on climate. BUT…
– NAB has lent $7 billion to fossil fuels in the past 5 years
– NAB is the slowest of the Big Four banks to exit thermal coal
– In September, NAB CEO Ross McEwan will launch NAB’s new Oil & Gas Policy: it is time to put pressure on them to stop funding climate chaos and immediately divest from fossil fuels!
NAB’s November 2019 climate policy was little more than greenwash and a recipe for climate catastrophe, as the bank chose to remain open to funding companies and projects expanding the scale of the fossil fuel industry.
Very little has changed since then, with the bank remaining committed to exit thermal coal in 2035, five years later than necessary to hold global warming to 1.5°C. NAB has also failed to move on oil and gas, with no targets to reduce its loan book exposure to the sector, nor any policies materially restricting its finance for the dirty fuels.