In short:
Australia’s largest mortgage lender is no longer offering money to fossil fuel companies that are not aligned with the Paris Agreement.
The bank announced the new direction in its latest climate report, published on the same day it posted close to $10 billion in full-year net profit.
What’s next?
The spotlight is now on the other big banks with a finance deal of about $750 million for oil and gas giant Santos on the table.
For a fossil fuel firm, it would look like a binding commitment to leave a large chunk of their reserves in the ground and a plan to end extraction over a couple decades while returning profits to shareholders in the meantime
I agree. In the long term, it would make sense to leave as much as you can so you have it for more useful purposes in the future. Medical applications perhaps, or rocket fuel to get materials to the moon would be cool. Who wouldn’t want to see us get a moon base?