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Sun, December 15, 2024
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Activists keep pressure on big banks despite $10b cut in fossil fuel lending

Activists keep pressure on big banks despite $10b cut in fossil fuel lending


Published on 2024-12-15 02:20:49 - MSN
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  • An analysis of banks' environmental, social and governance strategies comes as a deadline looms for businesses to provide climate transition plans to one bank or risk losing finance.

The article from MSN discusses how despite major Australian banks reducing their fossil fuel lending by $10 billion, environmental activists continue to pressure these institutions to further decrease their financial support for fossil fuel projects. The banks, including ANZ, NAB, Westpac, and Commonwealth Bank, have made commitments to lower their exposure to coal, oil, and gas, aligning with global trends towards sustainability. However, activists argue that these reductions are insufficient, pointing out that banks still finance significant fossil fuel activities, which contradicts the urgent need for climate action. The activists are pushing for a complete phase-out of fossil fuel financing to meet the Paris Agreement's climate goals, highlighting the banks' role in exacerbating climate change through their lending practices.

Read the Full MSN Article at:
[ https://www.msn.com/en-au/money/other/activists-keep-pressure-on-big-banks-despite-10b-cut-in-fossil-fuel-lending/ar-AA1vSxTi ]

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