Email NAB: gas and oil policy fails to protect our climate
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Subject:
Dear NAB, I’m disappointed your new oil and gas lending policy could see NAB continue to fund fossil fuels through to the middle of this century. As the first of the ‘big four’ to announce an oil and gas policy, this was a golden opportunity to lead the way in Australia by announcing no new or expansionary projects and to fully exit gas and oil by 2030. Unfortunately, NAB’s policy falls dangerously short. The lack of detail in your new policy makes the extent of NAB’s potential fossil fuel lending unclear and does not address indirect lending. This could leave NAB massively out of step with the goals of the Paris Agreement - particularly if new or expansionary projects continue to be funded through loopholes and gaps in your policy. NAB regularly claims to be a climate leader through its funding of renewables – but climate leadership means you stop funding fossil fuels. Last month, French bank La Banque Postale blazed the trail for banks around the world by committing to a total exit of gas and oil by 2030, and an end to new gas and oil projects now. This is what climate leadership looks like – and is what your customers and shareholders, and the wider community, expect to see from NAB. Until NAB releases an ambitious policy and a real plan to end all fossil fuel funding this decade, it will continue to be a climate laggard.
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