- Since 2015, NAB has lent $9.5 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.
The key question about NAB's new Oil & Gas Policy
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.
Will NAB immediately rule out funding companies pursuing new oil and gas projects, in line with what the International Energy Agency has called for?
What staff can do
- Speak to colleagues about the issue.
- Raise the above question with your manager.
- Raise the issue on Facebook Workplace.
Ask for a staff briefing on the new Oil & Gas Policy at the next town hall.