The Commonwealth Bank, Australia’s largest lender, has broken ranks with rivals and will stop financing fossil fuel companies that aren’t compliant with the Paris climate goals by the end of this year.
Clients failing to meet an emissions pathway consistent with keeping global temperature increases to the “well below 2C goal of the Paris agreement” would not receive “new corporate or trade finance, or bond facilitation with a maturity beyond 31 December 2024”, CBA said.
