HomeBusinessAustralian Banks Lead the Shift to Sustainable Energy

Australian Banks Lead the Shift to Sustainable Energy

Australia’s major banks, Commonwealth Bank (CBA) and National Australia Bank (NAB), are intensifying their efforts to reduce carbon emissions by cutting funding for thermal coal projects.

CBA aims for zero emissions from loans to coal customers by 2030, while NAB has ceased financing new coal mining ventures. Both banks are increasing investments in renewable energy to support Australia’s goal of 82% renewable power by 2030.

However, CBA notes challenges in transitioning from coal to renewables, as large-scale projects take time to implement.

Banks Supporting Australia’s Renewable Energy Transition

Australian banks are playing a crucial role in driving the country’s shift towards a sustainable energy future by limiting coal investments and backing renewable initiatives.

Source reuters

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