The trend away from fossil fuels has intensified in recent years since the Paris agreement, as pension funds, sovereign wealth funds and others have limited commitment to oil, gas and coal stocks. “Our commitment to climate change is a true statement of intent and provides us with a framework that helps us define the role we play in keeping global warming well below two degrees, in line with the Paris Agreement,” she said. “This is our first position statement on climate policy and will be a step forward over time. Scenario analysis will ensure that our decisions are based on science and economics. In its annual report released on Wednesday, the company announced a new environmental and social policy and stressed its commitment to reduce emissions to zero, in line with the overall targets of the 2015 Paris climate agreement. The Commonwealth Bank`s first climate statement was criticised by environmental groups and triggered a group of shareholders to force the company to implement its stated commitment to the Paris Agreement. “Our banks must stop financing these activities if we are to take seriously their own commitments to the Paris Agreement. Since the signing of the Paris Agreement, four major Australian banks have funded new fossil fuel projects that would cancel the national emissions reduction target 21 times, according to an analysis by activist investor group Market Forces. An ANZ spokeswoman said the Bank`s commitment to thermal coal had been cut in half since the signing of the Paris agreement. Market Forces says it will file a shareholder decision to force the bank to implement the Paris Agreement commitment”Australian banks pledged to support the Paris agreement in 2015. Half a decade later, they destroy their chances of success by… Investing billions in new projects and polluting companies that are taking us in the wrong direction. “Since 2016, Westpac has provided $2.70 of fossil fuels for every dollar lent to renewable energy. And while NAB`s relationship between fossil fuels and renewables was the best of the big four banks, it still preferred dirty energy sources.
Worse still, its relationship has continued to shift to fossil fuels since we last made this comparison 12 months ago. The Commonwealth Bank has also committed to adopting the recommendations of the Climate Financial Reporting Task Force, which means that it will begin reporting all of its greenhouse gas emissions, direct or indirect, and include them in its financial documents, meaning that they will be subject to a full review. Market forces have linked the loans of the four major banks to 33 new or expansive projects that together would facilitate the release of 9 billion tonnes of CO2 into the atmosphere over their lifetime. CBA14 took place online from September 21 to 25, 2020, and in previous weeks, our online platform CBA has created fantastic opportunities to meet and connect with other practitioners, gather the latest ideas and discover the field activities that work to put people at the heart of adaptation. 5. Youth: how can we transform our institutions so that they can benefit from young people`s participation in adaptation at the local level? He announced that he would take a shareholder decision on Wednesday against the Commonwealth Bank, which would be part of the bank`s constitution, his stated commitment to keep global warming below 2 degrees Celsius and would require him to implement that commitment within the bank`s management. To link this figure, it is almost one third of the world`s annual CO2 emissions and 17 times the national CO2 and greenhouse gas emissions of 530 million tonnes per year.