National Australia Bank and coal

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The National Australia Bank is one of the largest funders of coal power stations and coal projects in Australia.

Policies

National Australia Bank policy statements:

In addition to this, the National Australia Bank developed its own Environmental Policy.[4] 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.[citation needed]

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.[5]

Investments of National Australia Bank in the Australian coal sector
Sector Company Amount (A$ million) Coal amount (A$ million)
Mining AGL Energy 50 6.9
Mining Anglo American 275 20.6
Mining BHP Billiton 628 45.2
Mining Centennial Coal 329 329.0
Mining CLP Group 811 142.2
Mining Queensland government (Tarong Energy) 350 1.4
Mining Wesfarmers 125 5.6
Mining Xstrata Coal 529 82.0
Total mining 632.9
Total ports
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
Total coal 1015.3


Table 8 Investments of National Australia Bank in the Australian renewables sector
Company Amount (A$ million) Renewables amount (A$ million)
AGL Energy 50 17.0
CSR 135 8.1
Hydro Tasmania 80 80.0
NSW government (Eraring) 267 0.8
Pacific Hydro 56 33.3
Queensland government (Tarong Energy) 350 0.7
Total renewables 139.9

Notes

<http://www.nabgroup.com/vgnmedia/downld/EnvironmentalPolicyJan08.pdf>

Articles and resources

References

  1. "CDP 2010 Information Request: Respondent: National Australia Bank", Carbon Disclosure Project, 2010.
  2. "NAB adopts Equator Principles" Media Release, October 25, 2007.
  3. "UNEP Finance Initiative Members", UNEP Finance Initiative website, accessed APril 2011.
  4. "National Australia Bank: Our Commitment to the Environment", NAB website, accessed April 2011.
  5. Profundo, Australian banks financing coal and renewable energy, Greenpeace Australia, February 7, 2011.

Related SourceWatch articles

External resources

External articles