ActionAid has released a new report that shows how finance from Australian banks to fossil fuel giants such as Santos and Woodside is having devastating impacts on women in developing countries.
The fossil fuel industry is exploiting women in low-income countries: violating their rights and causing unimaginable climate destruction. 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 since 2016 just to Santos and Woodside. 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.