Worst of all is the $2.7 billion you’ve loaned since 2016 to fossil fuel companies whose business plans are consistent with the failure of the Paris Agreement. It is appalling that, despite your claimed commitment to the Paris Agreement and net zero emissions by 2050, you have loaned billions of dollars to fossil fuel projects and companies expanding these industries. If we’re to have a fighting chance to limit warming to 1.5☌, we must ensure the banks do not fund these climate-destructive companies or their dirty fossil fuel expansions. These companies and others are pursuing at least another 116 new or expansionary fossil fuel projects in Australia that would cost more than $200 billion, including Whitehaven ’s Vickery coal mine, New Hope ’s New Acland Stage 3, Woodside ’s Burrup Hub, and Santos ’s Narrabri Gas Project. Worse still, if Australian fossil fuel companies get their way, they will enable emissions equivalent to 146 times Australia’s annual carbon footprint. $1.3 billion to major Australian fossil fuel companies pursuing plans consistent with the failure of the Paris Agreement, including $464 million to some of the most climate-destructive companies in Australia Whitehaven Coal and Santos.$835 million for projects that expand the fossil fuel industry, enabling an additional 1.1 billion tonnes of CO 2 to be released into our atmosphere, and.$8.9 billion to the dirty coal, oil and gas industry, up 18% since 2019, bringing the total amount loaned since 2016 to $44.4 billion,.The conclusion is clear: there is no room for new or expanded coal, oil and gas projects.ĭespite this, Australia’s major banks have continued undermining their own climate commitments. In May 2021, the International Energy Agency (IEA) gave us the best insight yet of the rapid energy transition required to achieve net-zero emissions by 2050. They have also committed to the global goal of net zero emissions by 2050, even though the current state of climate science means we should be aiming for net-zero emissions far sooner.īut their actions are failing to satisfy either of these commitments. And the world’s foremost climate science body, the IPCC, issued its starkest warning yet of the dire impacts of climate change if swift and significant action isn’t taken.Īustralia’s ‘big four’ banks – ANZ, CommBank, NAB and Westpac – have all publicly championed the Paris Agreement. Australia experienced some of its worst bushfires on record, and wildfires devastated California and swathes of Europe. Half the Great Barrier Reef corals died in back-to-back mass bleaching events. Since then, the world has recorded its five hottest years. In December 2015 nearly 200 nations signed the Paris Agreement, aiming to limit global warming to 1.5☌ compared with pre-industrial levels.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |