Calling on Commbank to step up and be a climate leader

We're  proud endorse and be a signatory to this statement from Market Forces which appeared in a full page ad in The Australian Financial Review on the 4th July.

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Market Forces’ latest report on the big four Australian banks, Banking Climate Failure, found that in the last two years  Commonwealth Bank has significantly reined in fossil fuel lending. 

After historically being the biggest lender of the big four to the fossil fuel industry, Commonwealth Bank has now reversed that trend. 

Public pressure is working.

But CommBank’s current Environment and Social Framework has numerous loopholes that enable the bank to keep financing fossil fuel expansion. 

This is evidenced by recent loans to Santos, Glencore, and Beach Energy.

CommBank has an opportunity to finally live up to its climate commitments and become a genuine leader.