This analysis reveals that in 2023, Australia’s big four banks - ANZ, Commonwealth Bank, NAB, and Westpac, continued to pour billions of dollars into the fossil fuel industry. In 2023 these banks loaned $3.6 billion to fossil fuels. The big four have now poured over $61 billion into fossil fuels since the Paris Agreement.

Worst of all, money is still flowing to companies that plan to build new and expanded coal, oil and gas projects, which are incompatible with limiting global warming to 1.5°C. Australia’s big four banks loaned $2.5 billion to companies with fossil fuel expansion plans in 2023.

All of the big four Australian banks have committed to the goals of limiting warming to 1.5°C and net-zero emissions by 2050. Yet despite the scientific consensus that new and expanded fossil fuels are incompatible with these goals, the banks continue to recklessly finance companies pursuing these projects, completely undermining their climate credentials in the process.