Three of Australia’s big four banks are reviewing their exposure to fossil fuels, including their lending practices to households and farmers, in response to climate change.
The Commonwealth Bank is conducting a “detailed climate policy review” that will be released publicly pending board approval, and NAB has a working group reviewing the risks from global temperatures rising two degrees.
ANZ is conducting portfolio analysis to identify changes in the financial position of business customers in sectors “most exposed” to climate change. It is also working with the Bureau of Meteorology to understand variability in average annual rainfall over recent decades to understand how climate change is affecting Australia’s traditional farming areas.
Executives from the three banks shared this information with the House of Representatives’ standing committee on economics, as part of a review of the four major banks. The revelations, written in response to questions on notice from the committee, were published on the federal parliamentary website on Friday afternoon.
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