Australian banks lending billions to fossil fuel projects despite supporting emissions reductions, analysis suggest

Big four have pledged to align business practices with Paris agreement but loophole allows them to fund sector, activist group says

• Get our morning and afternoon news emails, free app or daily news podcast

Australia’s big banks have loaned more than $13bn for fossil fuel projects over the past two years even as they publicly advocate for emissions reductions, a new report suggests.

Analysis by environmental activist group Market Forces has found that while Australia’s major banks largely avoid providing direct project finance to new coal, oil and gas projects, they do fund corporate entities that develop them.

Sign up for Guardian Australia’s free morning and afternoon email newsletters for your daily news roundup