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Australia’s largest bank pulls funding for fossil fuel companies
CBA has explained that they will stop financing fossil fuel companies that don’t comply with climate goals set out by the Paris Agreement.
In a new report, CBA confirmed that clients who fail to meet an emissions pathway consistent with keeping global temperature increases to the “well below 2C goal of the Paris agreement” would not receive “new corporate or trade finance, or bond facilitation with a maturity beyond 31 December 2024”. “[CBA] has a crystal clear message to oil and gas companies: the buck stops here and if your plans are out of step with global climate goals, we’re not going to bank you,” a senior Market Forces analyst told UK newspaper the Guardian. Among those big four banks, Market Forces confirmed that CBA already had the least exposure to the gas, coal and oil industries, with financing of fossil fuel extraction at a relatively low 0.2 per cent of its total outstanding loans.
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