CANBERRA: The big four banks are reviewing their exposure to fossil fuels and considering new lending practises for mortgages and agriculture because of climate change impacts. But some are leaving the door open to support next-generation coal-fired power. The banks have provided written answers to questions put to them on climate policy by parliament’s economics committee.
While all four are committed to acting on climate change, some are keener than others to continue backing fossil fuels. Asked about investing in new fossil fuel projects and coal-fired power, Westpac said it was “not practical” to stop financing certain activities or sectors, despite the bank seeing “climate change risk as a financial risk”. This may change in the future but now a “balanced approach” was being taken, it said.
