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Financing coal power stations in Australia

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The report Australian Banks Financing Coal and Renewable Energy, was prepared for Greenpeace Australia by the economic consultancy company Profundo.[1].

The Profundo report formed the basis of the Greenpeace report titled Pillars of Pollution: How the big four banks are propping up pollution. In this report Greenpeace Australia argued that "in Australia, the big four retail banks, ANZ, National Australia Bank (NAB), Commonwealth Bank (CBA) and Westpac, are the biggest providers of finance to the coal industry. They invest billions of dollars in coal mining, coal power stations and coal exports, while promoting an image of community responsibility and environmental sustainability. Australia needs to undergo a clean energy revolution, and the big banks have a vital role to play."[2]

Table 1: Investments per bank in coal and renewables (A$ million)
Bank Coal mining Coal-fired power stations Ports Total coal Renewables
ANZ 726.9 649.8 309 1,685.7 276.1
Bendigo Bank 0 0 0
Commonwealth Bank of Australia 401.9 535.8 440 1,417.4 77.1
mecu 0 0 0
National Australia Bank 632.9 382.4 0 1,015.3 139.9
Suncorp 17.9 209 226.9 0
Westpac 349.6 454.0 220 1,023.6 290.5
Total 2,111.3 2,039.9 1,178.0 5,368.9 783.5


Table 2: Investments in coal and renewables, corrected for size of the bank
Bank Coal mining Coal-fired power stations Ports Total coal Renewables
ANZ 152 136 65 353 58
Bendigo Bank - - - - -
Commonwealth Bank of Australia 65 86 71 222 12
mecu - - -
National Australia Bank 97 58 - 155 21
Suncorp - 18 214 233 -
Westpac 59 77 37 174 49

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References

  1. Jan Willem van Gelder, Anna van Ojik, Julia Padberg and Petra Spaargaren for Profundo, Australian banks financing coal and renewable energy: A research paper prepared for Greenpeace Australia Pacific, February 2011. (Pdf)
  2. Pillars of Pollution: How the big four banks are propping up pollution, Greenpeace Australia, October 2010.

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