NAB is fuelling climate chaos
NAB has loaned $6,605,380,000 USD to fossil fuel projects.
In 2021, following a campaign from 350.org Australia and movement partners, NAB committed to stop lending to some new oil and gas projects, and put a cap on total lending to oil and gas. But the policy detail leaves the door wide open for them to continue lending to fossil fuel infrastructure, approved projects and to give corporate loans to oil and gas companies.
The only way we can ensure NAB ends fossil fuel finance in the next 5 years is to keep the pressure on them.
Email NAB CEO Ross McEwan to tell him to close the loopholes in NAB’s policy and stop funding fossil fuels.
How much does NAB lend to oil and gas?
NAB has invested a total of $6,605.38 million USD in fossil fuels since 2016, according to the Banking on Climate Chaos report. These are their top 10 biggest fossil fuel customers:
* This data comes from the Banking on Climate Chaos report by Rainforest Action Network
NAB funds Indigenous land grabs in Canada
In 2020, NAB loaned CA$117.5 million to Coastal Gaslink, a massive fracked gas pipeline in British Columbia that’s being fiercely resisted by Wet’suwet’en land protectors as we speak.
Right now, Coastal GasLink is trying to tunnel under Wet’suwet’en sacred headwaters of Wedzin Kwa river, putting culturally and ecologically sensitive sites at risk. The proposed pipeline would transport up to 2.1 billion cubic feet of fracked gas every day to the proposed LNG Canada terminal, the biggest ever proposed in Canada.
The projects are already facing financing troubles, with costs ballooning as the project faces delay after delay. If investor money dries up and banks back out, Coastal GasLink and LNG Canada could be left without a lifeline.
What can NAB do?
Rule Out
Rule out new corporate and project loans to coal, oil and gas
Divest
Reduce fossil fuel exposure to zero by 2030
Invest
Invest in the rapid and fair transition to renewable energy
Resources to help you win
Posters
Download flyers and posters to put up in your community to raise awareness about the campaign.
Adopt a bank BRANCH
Talk to your local NAB branch staff about your concerns with their fossil fuel lending, using this handy guide.
Switching banks
Pledge to close your bank account on Divestment Day to show NAB you mean business.
We can have a better future, safe from the impacts of climate change.
