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Australia’s four largest banks have provided AU$43.4 billion to major coal, oil and gas companies in the decade since the Paris Agreement was adopted, with new analysis finding 23 fossil fuel clients now face potential exclusion under updated climate policies requiring credible emissions reduction plans.
The Market Forces report released Wednesday shows ANZ and Westpac account for over 80 percent of big four bank lending to major fossil fuel companies in 2024 and 2025, while Commonwealth Bank reduced its fossil fuel financing by 75 percent over three years after introducing transition plan requirements in 2024. Australian energy giants Woodside and Santos, along with mining company BHP, are among companies that could be cut off by the banks for lacking credible transition plans aligned with Paris Agreement climate goals, according to the advocacy organization’s analysis.
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