The Commonwealth Bank of Australia will restrict loans to fossil fuel companies, unless they commit to meeting climate goals set out by the Paris Agreement. The move has been welcome by environmental groups and put the spotlight on other banks to follow suit.

Council of the City of Sydney

The Commonwealth Bank of Australia (CBA) has announced plans to cease funding fossil fuel companies that do not align with the Paris Agreement. CEO Matt Comyn stated that the bank is committed to aiding Australia's transition to a net zero economy by 2050 through prudent risk and opportunity management related to climate change.

Economist Nikki Hutley considers this decision a potential catalyst for similar actions by other major banks. Hutley emphasized that it is in financial institutions' best interest to reduce lending to the fossil fuel sector to mitigate financial risk associated with climate change.

The Climate Lobby Group, Market Forces, which has previously criticized CBA for its fossil fuel lending, has now commended the bank for its leadership towards a cleaner future. They noted that CBA has reduced its loans to oil and gas producers by half in the past two years and expressed hope that other major banks like ANZ, Westpac, and NAB will follow suit.

Market Forces highlighted that since the Paris Agreement in 2016, Australian banks have collectively poured $61 billion into the fossil fuel industry. However, with the emergence of new energy companies, there are growing financial opportunities in the renewable energy sector, suggesting a potential shift in investment strategies for banks.



Commonwealth Bank to stop financing fossil fuels

It's one of the biggest banks in the country, and now the Commonwealth Bank is pulling the plug on funding fossil fuel companies that don't align with the Paris Agreement. The organisation's CEO, Matt Common, says it's committed to Australia's transition to a net zero economy by 2050, by continuing to manage the risk and opportunities of climate change. Economist Nikki Hutley believes this is a game changer that could see the other big banks take action. I sincerely hope other banks will follow suit. We know there's a lot of greenwashing that goes on, that some companies have been slower than others to act, but it's in the bank's interest to do the right thing because they will be at increased financial risk if they don't start to pull back on this lending. The Climate Lobby Group market forces claim CBA to be the worst offender on climate and lending to fossil fuel companies, but has now praised the organisation for leading the charge to a cleaner future. This is a big moment, not just for the climate, but for Australia's other major banks who need to live up to these climate commitments and meet CommBank's expectations. The group says bank loans to oil and gas companies have decreased in the past two years. So we've been monitoring Australia's banking sector to see how they're living up to their climate commitments. Since the Paris Agreement in 2016, Australia's banks have poured $61 billion into the fossil fuel industry. Commonwealth Bank have now halved lending to oil and gas producers in the last two years. It's now time ANZ, Westpac and NAB do the same. As new energy companies continue to emerge, banks can potentially move towards other financial opportunities. Look, there are lots of deals towards renewable energy, new industries, there are plenty of other places to put your money. We've already seen this in things like clean superannuation funds that don't invest in fossil fuels. You can have a clean finance company. Daniel Doody for 10 News First.

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