How the climate credentials of Australia’s big banks stack up

ANZ stands out as ‘laggard’ while Commonwealth Bank and Westpac have restrictions on facilitating bonds for fossil fuel clients

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There is a growing gulf between the climate policies of Australia’s big banks, with some pledging to severely limit future financing for fossil fuel projects, while others have left the door open, according to an analysis of updated lending policies.

Part of the discrepancy lies in the banks’ approach to arranging bonds, which are used by companies to access financing along with, and sometimes instead of, a direct loan.

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