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ANZ and Westpac are Australia’s top fossil fuel financiers since 2022, despite climate pledges.
A report by clean energy group Market Forces reveals ANZ and Westpac have led Australia’s big four banks in fossil fuel financing since 2022, with ANZ providing $15.9 billion over the past decade—nearly $6 billion since 2022—and Westpac contributing $3.8 billion, including a $12.9 billion loan to BP.
In contrast, Commonwealth Bank and NAB have sharply reduced exposure, with Commbank cutting oil and gas lending by 75% over three years.
The report criticizes ANZ and Westpac for greenwashing, citing continued support for major fossil fuel firms despite climate commitments.
While all four banks pledged in October to only finance fossil fuel clients with Paris-aligned Climate Transition Plans, Market Forces found Commbank and NAB took stronger action.
Global emissions continue to rise, with fossil fuel production a key driver of projected 3°C warming this century.
ANZ stated it remains a major energy sector lender while pursuing net-zero financing, but Westpac did not comment.
ANZ y Westpac son los principales financistas de combustibles fósiles de Australia desde 2022, a pesar de las promesas climáticas.