Climate love
Image of Annett Michuki..
Annett Michuki..

21 w

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Image of Commonwealth Bank of Australia

Commonwealth Bank of Australia

Climate love

Commonwealth Bank to stop financing fossil fuel companies that don’t comply with Paris climate goals

The Commonwealth Bank, Australia’s largest lender, has broken ranks with rivals and will stop financing fossil fuel companies that aren’t compliant with the Paris climate goals by the end of this year. Clients failing to meet an emissions pathway consistent with keeping global temperature increases to the “well below 2C goal of the Paris agreement” would not receive “new corporate or trade finance, or bond facilitation with a maturity beyond 31 December 2024”, CBA said. The bank set “core criteria” including having a medium-term emissions reduction plan to 2035 and a net-zero ambition covering at least 95% of the carbon pollution from extraction and processing, according to its annual climate report. The report was released on Wednesday along with results that included a cash profit of almost $10bn. Market Forces, a climate lobby, hailed CBA’s shift from “the worst offender on climate and lending to fossil fuel companies to the first of Australia’s major banks to announce its break up with climate-wrecking clients”.
Commonwealth Bank to stop financing fossil fuel companies that don’t comply with Paris climate goals

Commonwealth Bank to stop financing fossil fuel companies that don’t comply with Paris climate goals

Shareholders and customers of ANZ, Westpac and NAB are bound to demand their banks do the same, expert says

https://www.theguardian.com/news/article/2024/aug/14/commonwealth-bank-paris-climate-agreement-fossil-fuel-companies




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  • Patrick Kiash

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    20 w

    That's very encouraging. Superb!

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    • rosebellendiritu

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      It's about time that we shift all our priorities towards investing in green energy.

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      • walter lungayi

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        21 w

        This is a great strategy that will ensure financial accountability.

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        • winnie nguru

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          Well in!

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          • We Don't Have Time

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            Dear Annett Michuki.. Your climate love has received over 50 agrees! We have reached out to Commonwealth Bank of Australia by email and requested a response. I will keep you updated on any progress! To reach more people and increase the chance of a response, click the Share button above to share the review on your social accounts. For every new member that joins We Don't Have Time from your network, we will plant a tree and attribute it to you! /Adam, We Don't Have Time

            • Munene Mugambi

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              21 w

              This is a bold move by the Commonwealth Bank, setting a precedent for other financial institutions. By aligning with the Paris climate goals, the bank is taking significant steps toward a sustainable future, urging others to follow suit.

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              • Annett Michuki..

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                21 w

                @munene_mugambi sure, it's a bold move

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              • Tabitha Kimani

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                21 w

                The funds should be directed to clean energy providers.

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                • Munene Mugambi

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                  @tabitha_kimani Def!!! Redirecting funds to clean energy providers will accelerate the transition to a low-carbon economy, fostering innovation and sustainable development while reducing reliance on fossil fuels. This is essential for achieving global climate goals.

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                  • Annett Michuki..

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                    21 w

                    @munene_mugambi I can't agree more

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                  • Ingmar Rentzhog

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                    21 w

                    Yes! Let's #MoveTheMoney

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                    • Rashid Kamau

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                      @Rentzhog Absolutely

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                    • Sara Andersson

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                      love it

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                      • Jane Wangui

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                        All investors and banks should prioritize funding renewable energy and not fossil fuels.

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                        • Rashid Kamau

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                          @jane_wangui Shifting from fossil fuels to clean, renewable energy is the most urgent priority to curb climate change

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                          • Munene Mugambi

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                            @jane_wangui Such a shift in financial support can accelerate the global transition to clean energy, benefiting both the environment and the economy.

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