November 5, 2015

NAB commits to 2 degrees as business momentum builds ahead of Paris COP

SYDNEY, 5th November — Australia commends NAB for its commitment to keep warming to less than 2 degrees, ratcheting up its support for the low-carbon economy and calling for a price on carbon.*

Responding to the announcement, Australia CEO Blair Palese said:

“NAB’s updated climate change policy reflects the growing push for investors to move their money away from fossil fuels and towards investment in renewable energy.

“Any bank that says it is committed to keeping warming to less than 2 degrees and calling for a price on carbon, as NAB has today, is effectively saying that they are committed to phasing out their support for fossil fuels.

“NAB’s commitments to increased finance for clean energy and support for carbon pricing will help send a strong message to our Government that the business sector is moving on climate action and that it’s time they followed.

NAB’s statement follows the Commonwealth Banks statement earlier this morning affirming its support for keeping warming to 2 degrees and releasing updated information on the carbon exposure of its whole-of-Bank lending practices.

“Statements like these from our major banks are exactly what’s needed ahead of the Paris climate talks. It’s now time for the Banks to walk the walk and put their commitments into practice by developing serious plans to phase-out fossil fuels.”

*The full NAB statement can be found here