Top Australian Banks Shift Focus from Carbon-Heavy Lending

The Commonwealth Bank of Australia (CBA) has pledged to achieve zero emissions from its loan portfolio related to thermal coal mining by 2030, despite challenges in transitioning from coal-fired power to renewable energy. Meanwhile, the National Australia Bank (NAB) has announced it will cease financing new thermal coal mining projects and customers, having already eliminated such lending as of September 2023. NAB is increasing its investment in renewable energy and setting decarbonization targets. These moves align with Australia’s Labor Party’s goal to source 82% of the country’s power from renewables by 2030, up from the current 40%, influencing banks to adjust their lending strategies towards supporting renewable energy initiatives. Resources: https://esgnews.com/top-australian-banks-shift-focus-from-carbon-heavy-lending/