The trend away from fossil fuels has intensified in recent years since the Paris agreement, as pension funds, sovereign wealth funds and others have limited commitment to oil, gas and coal stocks. In its annual report released on Wednesday, the company announced a new environmental and social policy and stressed its commitment to reduce emissions to zero, in line with the overall targets of the 2015 Paris climate agreement. “Since 2016, Westpac has provided $2.70 of fossil fuels for every dollar lent to renewable energy. And while NAB`s relationship between fossil fuels and renewables was the best of the big four banks, it still preferred dirty energy sources. Worse still, its relationship has continued to shift to fossil fuels since we last made this comparison 12 months ago. Market Forces says it will file a shareholder decision to force the Bank to implement the stated commitment to the Paris Agreement “Our commitment to climate is a true statement of intent and provides us with a framework that will help us define the role we play in keeping global warming at a level well below two degrees. , in accordance with the Paris Agreement,” she said. “This is our first position statement on climate policy and will be a step forward over time. Scenario analysis will ensure that our decisions are based on science and economics. “Our banks must stop financing these activities if we are to take seriously their own commitments to the Paris Agreement.” The Commonwealth Bank`s first climate statement was criticised by environmental groups and triggered a group of shareholders to force the company to implement its stated commitment to the Paris Agreement. Since the signing of the Paris Agreement, four major Australian banks have funded new fossil fuel projects that would cancel the national emissions reduction target 21 times, according to an analysis by activist investor group Market Forces. “Australian banks are committed to supporting the Paris climate agreement in 2015.
Half a decade later, they destroy their chances of success by… Investing billions in new projects and polluting companies that are taking us in the wrong direction. An ANZ spokeswoman said the Bank`s commitment to thermal coal had been halved since the signing of the Paris Agreement. The structure of the program was built on networking: we organized online “Meet and Greet” events prior to the conference, and participants had the opportunity to connect online with leading professionals in our community and others, with meeting numbers limited to allow for useful conversations. “But the [banks] seem to be able to get their own houses in order,” said Jack Bertolus, research director of Market Forces. “This is enough to remove 21 times Australia`s projected emissions reduction (2021-2030) if we assume that the Australian government does not use questionable Kyoto deferral credits to achieve this target (or about 520 times more if accounting knitting is taken into account),” he said. The bank`s response was that it viewed gas as a “transitional fuel” that could supplant electricity generated from coal. Such assertions are increasingly disputed by experts. Market forces pointed out that, despite commitments under the Paris agreement, the big four lent nearly three times more credit to fossil fuels than renewables between 2016 and 2019. It is important that practitioners` perspectives are heard at the next climate change adaptation summit, the 18th Climate and Development Days, the UNFCCC COP26 and the upcoming weeks of climate action. CBA14`s mission is to create the space in which these perspectives can be developed, strengthened and promoted by our community of practitioners.
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