‘We Are Not Anti-Gas’: Commonwealth Bank CEO Defends Climate Policy
Published on August 30, 2024
Australia’s largest commercial bank has stated it is not “anti-gas” in response to concerns about the impact of its climate change policy on the country’s gas supply. During a parliamentary inquiry on Aug. 29, representatives from the Commonwealth Bank of Australia (CBA) faced questions about the change in its lending policy for energy companies. Following an update to its environmental and social framework in August 2023, the CBA announced that it would no longer finance new or expanded oil and gas extraction projects. In addition, the bank said it would only provide loans to coal, oil, or gas companies committed to the goals of the Paris Agreement on climate change and who had plans to transition away from fossil fuels....