Australia’s big four banks are in “complete violation” of commitments to the Paris climate accord by funding fossil fuel expansion even as their overall lending to the sector continues to ebb, according to a new report.
The climate activist group Market Forces said in the report that the banks lent the industry $3.6bn in 2023, bringing their total loans to more than $61bn since 2015. Last year, though, was first year in the past eight that banks avoided explicitly backing a new or expanded fossil fuel project.
