National Australia Bank and coal
The National Australia Bank is one of the largest funders of coal power stations and coal projects in Australia.
National Australia Bank policy statements:
- Carbon Disclosure Project
- Equator Principles
- Global Reporting Initiative
- UNEP Finance Initiative
In addition to this, the National Australia Bank developed its own Environmental Policy. This policy applies to both the direct and indirect environmental impacts of the bank’s activities. With regard to the indirect impacts of the bank’s activities the policy states that the bank is committed to continuously review and improve its lending policy which includes environmental risk assessments and to, wherever possible, support investments in socially responsible investment products. It also states that the bank will try to actively offer its customers ‘green’ choices and assist its clients to operate their businesses in an environmentally sustainable manner.
National Australia Bank funding on coal projects
According to a report done in 2010 for Greenpeace, over the past five years National Australia Bank has invested A$632.9 million in coal mining projects, A$ 382.4 million in coal-fired power plants and A$ 139.9 million in renewable energy in Australia. In this period, the National Australia Bank did not invest in port expansions. The following tables summarize the bank’s investments in the coal sector and the renewables sector respectively.
|Sector||Company||Amount (A$ million)||Coal amount (A$ million)|
|Mining||Queensland government (Tarong Energy)||350||1.4|
|Coal fired power stations||AGL Energy||50||3.8|
|Coal fired power stations||Alinta Energy||681||113.7|
|Coal fired power stations||CLP Group||811||121.8|
|Coal fired power stations||NSW Government||267||28.0|
|Coal fired power stations||Queensland government||350||11.2|
|Coal fired power stations||Griffin Group||77||77|
|Coal fired power stations||Transfield Services/TSI Fund||67||26.1|
|Coal fired power stations||Western Australia||41.4||0.8|
|Total Coal Fired Power Stations||382.4|
|Company||Amount (A$ million)||Renewables amount (A$ million)|
|NSW government (Eraring)||267||0.8|
|Queensland government (Tarong Energy)||350||0.7|
Articles and resources
- "CDP 2010 Information Request: Respondent: National Australia Bank", Carbon Disclosure Project, 2010.
- "NAB adopts Equator Principles" Media Release, October 25, 2007.
- "UNEP Finance Initiative Members", UNEP Finance Initiative website, accessed APril 2011.
- "National Australia Bank: Our Commitment to the Environment", NAB website, accessed April 2011.
- Profundo, Australian banks financing coal and renewable energy, Greenpeace Australia, February 7, 2011.
Related SourceWatch articles
- Australia and coal
- Financing coal power stations in Australia
- ANZ and coal
- Commonwealth Bank and coal
- Westpac and coal