For several years, we’ve had a strong position on not lending to the fossil fuel industry. We made this commitment in response to our customers’ desire to see us take action on climate change, and the majority of our customers support this position.
The impact of fossil fuels
Burning fossil fuels increases the amount of carbon dioxide (CO2) in the atmosphere. This traps more heat and is a major cause of climate change. These changes are already starting to impact Australia, including rising temperatures, greater risk of bushfires and extreme weather that threaten the health of our communities. Climate change is also threatening Australia’s biodiversity and contributing to habitat loss for our native plants and animals.
Why does your choice of bank matter?
Fossil fuel projects like coal mines and power stations need funding to continue operating.
In Australia, many banks are continuing to lend billions of dollars to the fossil fuel industry. This means your money could be supporting projects that are contributing to dangerous climate change.
Choosing a bank that doesn’t finance this industry sends a strong message to other banks about the world you want to live in.
What change are we trying to create?
We believe that giving people a way to move their money out of fossil fuels can encourage Australian banks to reconsider their own lending practices. If they do this, we hope the transition to renewable energy sources will occur at the rate it needs to, to address the dangerous impacts of climate change.
Renewable energy is growing in Australia – with a mix of energy sources, it’s a reliable and affordable way to transition away from fossil fuels. Our position enables you to ensure your money does not the fund fossil fuel industry and in doing so advocate for systemic change for a safe climate future.
We recognise that many people work in the fossil fuel industry, and we’ll continue to fully support people who do. We have a strong presence in Victoria’s Latrobe Valley, where a third of our employees are based. We’ve recently renovated our National Contact Centre in Moe to make room for more employment growth in the Latrobe Valley because we’re committed to a sustainable and healthy future for the region.