350.org’s scorecard compares lending policies of the big 4 banks to criteria set out by the Oxford Sustainable Finance Group, which produced a briefing paper in March 2022 on the implications of the IEA NZE by 2050 Scenario for Financial Institutions who have committed to Net Zero Emissions *NAB’s policy says: “We will only consider directly financing greenfield gas extraction in Australia where it plays a role in underpinning national energy security”; “We will not directly finance greenfield gas extraction projects outside Australia”; and “We will not directly finance greenfield oil extraction projects or onboard new customers with a predominant focus on oil extraction” ** The latest climate science shows that we need to reach net-zero emissions far sooner than 2050, with Australian emissions needing to be at net zero by 2035 at the latest.

Scott Morrison has officially announced a net zero target by 2050, but no new 2030 target, and no change to his Government’s dangerous pro-fossil fuels agenda. This is the climate policy equivalent of showing up late to a party, refusing to bring what the host asked you to, and then trying to ruin the party for everyone.

7 October 2021: A push by the Federal Nationals to create a $250 billion fund for fossil fuel  companies is wildly irresponsible according to climate activist group 350 Australia. According to media reports this morning, Resources Minister Keith Pitt is pushing to create a $250 billion loan facility for coal and mining corporations in exchange for supporting a net zero emissions target by 2050.