New data shows ANZ remains worst Australian bank on climate
New data released today has revealed Australian banks remain among the top financers to fossil fuel companies, with ANZ the worst of Australia’s Big Four banks.
The Banking on Climate Chaos report, written by eight leading climate organisations and endorsed by ActionAid, is the world’s most significant report on private fossil fuel financing. It shows that all of Australia’s Big Four banks increased their finance to fossil fuel companies last year.
ANZ remains the worst of the Big Four, directing over US$2bn to fossil fuel companies in 2024. Westpac’s finance to fossil fuels almost doubled from 2023-2024, and NAB’s finance increased by almost 50% over the same period.
Rachel Dobric, Campaign Manager at ActionAid Australia, said: “Banks can’t shirk their responsibility for the climate crisis. Their funds directly enable climate-wrecking coal, oil and gas companies to continue to operate and expand.
“Women bear the brunt of the impacts of the climate crisis and the extreme disasters it causes. And women – from here in Australia to countless places where these destructive projects operate around the world – also feel the direct impacts of these fossil fuel projects most severely.
“We want to see the Big Four banks fully close their policy loopholes and end all finance to fossil fuel companies. This is an industry with a long legacy of human rights violations, inadequate community consultation, and pollution that impacts people’s health and threatens their access to safe food and water.”
The Banking on Climate Chaos: Fossil Fuel Finance Report 2025 was produced by the Banking on Climate Chaos (BOCC) coalition which includes Rainforest Action Network, BankTrack, Center for Energy, Ecology, and Development, Indigenous Environmental Network (IEN), Oil Change International (OCI), Reclaim Finance, the Sierra Club, and Urgewald.
The report ranks banks around the world based on the finance provided to fossil fuel companies in 2024. Ranked 52nd globally, ANZ is the worst Australian bank, followed shortly behind by NAB, Westpac and CBA. All of the Australian Big Four banks – with the exception of CBA – moved up in the rankings to a worse position than in the 2024 report.
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The full Banking on Climate Chaos report can be found here: www.bankingonclimatechaos.org
Contact
Stephanie Wulf, Senior Communications Manager, ActionAid Australia
About ActionAid
ActionAid is a global women’s rights organisation, working with women on the frontlines of injustice – including the climate crisis, conflicts, and humanitarian emergencies. Our dedicated local staff work with more than 41 million people living in 71 countries, supporting women to transform their lives and their communities.