3 out of 4 big banks reviewing climate risk & mortgages: Bandt
Recently received answers to questions from the House Of Representatives Economics Committee reveal that 3 out 4 big banks are currently reviewing the effect of climate change on their activities, including whether to restrict granting of mortgages because of sea-level rises, said committee member and Greens climate change and energy spokesperson, Adam Bandt MP.
“While Malcolm Turnbull and Bill Shorten continue their fixation with coal, this year 3 out of the 4 big banks are reviewing their exposure to fossil fuels and considering new lending practises for mortgages and agriculture because of climate change impacts,” said Mr. Bandt.
“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.
“The penny doesn’t seem to have fully dropped, because banks like Westpac still think they can commit to a 2 degree target but leave the door open to expanding coal mines.
"Westpac’s refusal to rule out funding the Adani coal mine is especially concerning as the bank seems to think it can have its climate cake and eat it too.
"But the days of dealing with climate change simply by putting a polar bear in your ad are long gone.”
Media contact: Gideon Reisner, 0429 109 054