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Market Forces claims NAB, ANZ and Westpac are among several banks with net zero commitments that continue to lend to Global Infrastructure Partners, despite its not-so environmentally friendly investments
Global Infrastructure Partners has secured $US3.49 billion to fund its acquisition of the Pluto LNG project in Western Australia.
Despite committing to net zero by 2050, NAB, ANZ, and Westpac have lent to a fund manager that purchased a 49% stake in a 1.6 billion tonne carbon bomb project, according to Market Forces.
Market Forces say ANZ’s updated climate policy falls short in addressing climate change and likened it to “shuffling of the chairs on the Titanic”.
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Commonwealth Bank of Australia investors on Wednesday overwhelmingly rejected a resolution calling for the lender to stop financing new fossil fuel projects, highlighting the resistance in the resources-reliant country to climate action.