CommBank left behind on coal as Westpac leads the way

Press release - 27 April, 2017
Greenpeace Australia Pacific welcomes today’s decision by Westpac to commit to not finance projects in any new thermal coal basins.

This commitment, released by the bank as part of its Position Statement and 2020 Action Plan [1], means the bank will not fund any projects in the Galilee Basin - including the proposed Carmichael mega-mine.

"Westpac’s announcement today is a major win for the Australian people, and an important step on the road to a clean energy future we all can enjoy,” Greenpeace climate and energy campaigner Nikola Casule said.

“In recent years the public have sent a clear message to Australia’s financial institutions that they want them to fund the future and protect natural wonders like the Great Barrier Reef by getting out of fossil fuels.

“To their credit, Westpac have listened to these concerns, they have heard, and they are acting.

“It shows that people working together can sway even the largest institutions.”

Greenpeace are calling on the Commonwealth Bank to follow the lead set by Westpac and to commit to a ban on funding any new coal projects.

“Commonwealth Bank have invested more money in fossil fuels than any other bank, as shown by research from analysts Market Forces,” Casule said. [2]

“This announcement means that CommBank are being left even further behind in their stance on coal and fossil fuels and are yet to rule out the Carmichael mega-mine.

“The people of Australia have shown that they demand better than our banks profiting from the destruction of our environment.  

“Banks are starting to listen. CommBank needs to listen too.”

NOTES FOR EDITORS:

[1] https://www.westpac.com.au/content/dam/public/wbc/documents/pdf/aw/sustainability/WestpacCCEActionPlan.pdf

[2] https://www.theguardian.com/australia-news/2017/mar/06/big-australian-banks-invest-7bn-more-in-fossil-fuels-than-renewables-says-report

For interviews contact:

Simon Black

Greenpeace Senior Media Campaigner

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