ANZ and the Commonwealth Bank were the worst offenders, investing over $3bn each in fossil fuels. Overall the banks invested $7bn more in fossil fuels than clean energy. Facebook Twitter Pinterest Loans for renewable and fossil fuel energy projects from Australia’s big four banks in 2016. The Commonwealth Bank environment policy states it should “actively seek opportunities to lend to, invest in, and support businesses that decrease dependence on fossil fuels”. For companies with part-investments in fossil fuels, Market Forces apportioned the loan according to the percentage of the company’s business in non-renewables.

Source: The Guardian March 05, 2017 19:07 UTC