Three of the big four banks — ANZ, NAB and Westpac — are playing a key role in the finances of one of Australia’s worst climate culprits, Santos, while the Commonwealth Bank has flipped its previous support for fossil fuel projects.
According to environmental watchdog Market Forces, ANZ, NAB and Westpac are arranging a US$500 million (A$757 million) loan for Coalition-linked fossil fuel giant Santos, a major tax dodger that has paid zero tax on billions in offshore gas revenue and which is currently opening the Barossa gas field, described by mining billionaire Andrew Forrest as “one of the most polluting projects in the world”.
Crikey is committed to hosting lively discussions. Help us keep the conversation useful, interesting and welcoming. We aim to publish comments quickly in the interest of promoting robust conversation, but we’re a small team and we deploy filters to protect against legal risk. Occasionally your comment may be held up while we review, but we’re working as fast as we can to keep the conversation rolling.
The Crikey comment section is members-only content. Please subscribe to leave a comment.
The Crikey comment section is members-only content. Please login to leave a comment.