BankingTech FinTech

Commonwealth Bank activist shareholders call out company for financing new gas projects

June 26, 2020 at 01:42AM

Exclusive: Guy Abrahams wrote to CBA for clarity on how four recent investment decisions stack up against its own climate policies

Activist shareholders claim the Commonwealth Bank has breached its own climate policies by making a series of recent loans to projects that expand the global gas sector.

The bank says its financing of new gas projects – including the massive Permian Highway gas pipeline in the United States – is consistent with its “unequivocal” support for the Paris climate agreement, on the basis that gas is a “transition” fuel that can supplant coal-fired power generation.

Related: Banks boosted new lending to fossil fuel projects last year, figures show

Related: Study: global banks ‘failing miserably’ on climate crisis by funneling trillions into fossil fuels

Continue reading… via Banking | The Guardian

Leave a Reply