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.
“Banks that are still funding oil and gas expansion are committed to greenwashing, not the Paris Agreement. The only credible way banks can play their part in reducing emissions in line with what science demands is to stop funding fossil fuel expansion.” – Lucy Manne, CEO of 350.org.au Australia