Australia’s big banks have loaned more than $13bn for fossil fuel projects over the past two years even as they publicly advocate for emissions reductions, a new report suggests.
Analysis by environmental activist group Market Forces has found that while Australia’s major banks largely avoid providing direct project finance to new coal, oil and gas projects, they do fund corporate entities that develop them.
Market Forces said the financing arrangements represented a loophole that enabled lenders to bankroll fossil fuel production while claiming not to directly support new projects.