Big Four banks must confront impacts on women’s rights
The finance from Australian banks to fossil fuel giants such as Santos and Woodside is having devastating impacts on women in developing countries, according to a new report released today by women’s rights NGO ActionAid Australia.
With many banks’ AGMs due to commence over the next week, concern has been growing amongst shareholders about the climate and human rights impacts of banks’ fossil fuel financing. ActionAid Australia’s report warns these negative impacts will continue unless Australian banks implement more stringent policies to prevent finance being used for fossil fuel expansion.
The Big Four banks – ANZ, Westpac, NAB and CBA – have provided over $5.1 billion in financing since 2016 to Santos and Woodside. For Santos, this amounts to 27 per cent of all financing to the company over this period. Woodside’s planned oil and gas expansion in Senegal alone would produce six times the country’s annual emissions. Santos’ planned gas expansion in Papua New Guinea would double the country’s current annual emissions.
Michelle Higelin, Executive Director of ActionAid Australia says:
“By financing these massive fossil fuel companies, Australian banks are not only fuelling the climate crisis, they’re also fuelling a women’s rights crisis. Climate disasters are pushing women further into poverty, exposing them to more gender-based violence, and forcing them into food and water insecurity.
“The climate crisis is fuelling a significant setback to gender equality globally. Women and children are 14 times more likely to die in a climate disaster. Australia’s banks know full well that financing rampant fossil fuel expansion is causing climate destruction. Their shareholders also deserve to know about the devastating impact this is having on the world’s most vulnerable women.
“We know the climate crisis is a huge concern for shareholders who don’t want such risky investments to continue, and want to see genuine plans for transition. It’s time for the banks to put an end to funding fossil fuels once and for all.”
The Big Four banks are part of the UN-backed Net Zero Banking Alliance, in which banks commit to aligning their business strategy to be consistent with the Paris Climate Agreement. Every year since the Paris Agreement, Australian banks have on average provided almost six times as much money to the fossil fuel industry as it would cost for eight Pacific countries to entirely transition to renewable energy. To limit global warming to 1.5°C, the International Energy Agency says there can be no new investment in coal, oil, or gas.
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The following bank AGMs will take place this month:
- Westpac: 13 December 2024
- NAB: 18 December 2024
- ANZ: 19 December 2024
For further information please contact Steph Wulf: [email protected] / +61 (0)413 414 616