{"id":6963,"date":"2021-08-18T15:04:14","date_gmt":"2021-08-18T05:04:14","guid":{"rendered":"https:\/\/350.org.au\/?p=6963"},"modified":"2022-01-28T16:05:15","modified_gmt":"2022-01-28T05:05:15","slug":"climate-conflicts-and-the-big-four-australian-banks","status":"publish","type":"post","link":"https:\/\/world.350.org\/australia\/climate-conflicts-and-the-big-four-australian-banks\/","title":{"rendered":"Climate conflicts and the big four Australian banks"},"content":{"rendered":"<h2><b>Climate conflicts and the big four Australian banks<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The big four banks in Australia have all made commitments to align their lending with the goal of limiting climate change to 1.5 degrees &#8211; but according to <\/span><a href=\"https:\/\/www.marketforces.org.au\/campaigns\/banks\/bigfourscorecard\/\"><span style=\"font-weight: 400;\">Market Forces<\/span><\/a><span style=\"font-weight: 400;\">, they have provided more than $35 billion in funding to fossil fuels between 2016 and 2019.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">We wanted to find out if the most powerful decision-makers in the big four banks &#8211; the board of directors &#8211; have systemic conflicts of interest that are holding them back from ruling out fossil fuels for good.<\/span><\/p>\n<h2><b>What we uncovered<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">We commissioned UK environmental investigators DeSmog to conduct research into the boards of Australia\u2019s big four banks and their ties to fossil fuel companies.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to the <\/span><a href=\"https:\/\/www.desmog.com\/2021\/08\/17\/one-in-three-directors-at-australias-major-banks-have-ties-to-oil-gas-and-mining\/\"><span style=\"font-weight: 400;\">DeSmog analysis<\/span><\/a><span style=\"font-weight: 400;\">:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">21% of the directors of the big four banks had past or current ties to the fossil fuel sector, through ties to oil, gas, infrastructure and electricity companies.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Comparison between the big four bank boards and the boards of major banks in the US, UK, EU and globally found that Australia had the second highest number of past and current ties to the fossil fuel industry after the UK (21% and 23% respectively).<\/span><\/li>\n<li><span style=\"font-weight: 400;\">When taking into account ties to all major polluting industries and the world\u2019s largest financiers of fossil fuels, 79% of the big four bank directors have current or past ties that can be classified as \u201cclimate conflicted.\u201d<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Two out of nine NAB Directors have past or current ties to fossil fuel mining or energy.<\/span><\/li>\n<\/ul>\n<p>The research was covered in the <a href=\"https:\/\/www.afr.com\/policy\/energy-and-climate\/former-nab-economist-pushes-banks-to-halt-oil-and-gas-lending-20210817-p58jhk\"><span style=\"font-weight: 400;\">Australian Financial Review<\/span><\/a>, as part of our campaign calling on NAB to rule out lending to oil and gas projects.<\/p>\n<h2><b>Take action<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Sign our petition telling NAB to bank on our future, and find out what more you can do.\u00a0<\/span><\/p>\n<p><a class=\"button\" href=\"https:\/\/350.org.au\/nab\/\">Sign now<\/a><\/p>\n<p><span style=\"font-weight: 400;\">Donate to keep our investigations work going.<\/span><\/p>\n<p><a class=\"button\" href=\"https:\/\/act.350.org\/donate\/australia\/\">Donate<\/a><\/p>\n<p><span style=\"font-weight: 400;\">Read more on our blog.<\/span><\/p>\n<p><a class=\"button\" href=\"https:\/\/350.org.au\/are-the-boards-of-the-big-four-banks-holding-them-back-on-climate\/\">Learn more<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>We commissioned UK environmental investigators DeSmog to conduct research into the boards of Australia\u2019s big four banks and their ties to fossil fuel companies.<\/p>\n","protected":false},"author":871,"featured_media":6919,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[46],"tags":[47],"class_list":["post-6963","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investigations","tag-investigations"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.4 - 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