From E&E News
Three of the largest banks in Australia have informed lawmakers that they are looking into their fossil fuel exposure.
The Commonwealth Bank, National Australia Bank, and Australia and New Zealand Banking Group are all taking steps to look into their climate policy. This comes a month after ANZ CEO Shayne Elliott announced that the organization is reviewing how rising sea levels could affect housing mortgage risk.
While the Commonwealth Bank is carrying out a “detailed” review of its climate policy, which it intends to release publicly if approved by the board, NAB has formed a working group to look into how a 2-degree-Celsius rise in temperature could affect business. ANZ is reviewing the financial position of customers who are in climate change-vulnerable sectors and collaborating with the Bureau of Meteorology to study how changing rainfall patterns are affecting farming areas.
These details were provided in response to questions from the House of Representatives’ standing committee on economics.
Adam Bandt, climate and energy spokesman for the Greens, said he approved of these moves.
“Following ANZ’s revelation that sea-level rises might make it tougher to grant a mortgage, CBA and NAB seem to be examining whether to follow suit,” he said.
