- Since 2015, NAB has lent over $7 billion to fossil fuels, including over $1 billion to expansionary projects.
- NAB has a stated commitment to supporting the goals of the Paris Climate Agreement and to “review targets each year against the latest global climate scenarios and relevant technology developments”
- NAB’s board have apparently now signed off on a new Oil & Gas Policy (according to Tomm Ben-David, Associate Director of Policy and Stakeholder Engagement at NAB).
- They are doing a round of stakeholder engagement conversations with the federal government and key customers who may be impacted, before planning to announce the policy in mid-November (also according to Tomm Ben-David)
- In May this year, the International Energy Agency (IEA) called for an immediate end to new fossil fuel projects in its “Net Zero by 2050” report (the IEA is widely regarded as the most authoritative body on matters relating to world energy policy).
- In June this year, NAB CEO Ross McEwan stated that he was “taking into account” the IEA’s report.
- In August this year, former NAB Chief Economist, Rob Henderson, publicly called for NAB to cease lending to new fossil fuel projects.
- In September, Oil Search announced a new US$565 million loan, co-arranged by NAB.
- On the same day, CEO Ross McEwan told an Australian Parliamentary Committee that NAB would 'measure itself against' the IEA's Net Zero by 2050 scenario which precludes such investments in its completed but not yet announced Oil and Gas Policy.
Questions for NAB staff to ask NAB's leadership
CEO Ross McEwan has said that NAB would 'measure itself against' the International Energy Agency’s Net Zero by 2050 scenario in NAB’s new Oil & Gas Policy.
In keeping with the IEA's Net Zero by 2050 scenario:
- That does mean that NAB will cease funding any company responsible for fossil fuel expansion? (i.e. projects not already at production stage)
- Since the policy is completed, is there a reason why this policy is not being applied immediately? (e.g. in the case of the Oil Search loan)
- Does the new Oil and Gas Policy allow any exceptions that would continue or extend funding to companies pursuing new fossil fuel expansion?
- Is NAB also intending to exit existing oil and gas investments by 2030?
- Will NAB also cease funding companies which are pursuing projects inconsistent with Net Zero by 2050, such as Whitehaven Coal, New Hope, Woodside and Santos?
What staff can do
- Do an anonymous survey.
- Speak to colleagues about the issue.
- Raise the above questions with your manager.
- Raise the above questions on Facebook Workplace.
- Ask for a staff briefing on the new Oil & Gas Policy at the next town hall.
- Join a Whatsapp group of other staff who want action on this issue.
- Move a motion with union members for the above questions to be addressed.