Commonwealth Bank and coal

The National Australia Bank is one of the largest funders of coal power stations and coal projects in Australia.

Commonwealth Bank policy statements
The Commonwealth Bank participates in the following collective policies:
 * Carbon Disclosure Project
 * UN Global Compact
 * UNEP Finance Initiative
 * UNEP Principles for Responsible Investments

The Commonwealth Bank has also developed additional sustainability policies. Commonwealth Bank’s Environmental Policy focuses on both the bank’s direct and indirect impact on the environment. However, no clear investment criteria are set. The asset management division of the bank, Colonial First State, has developed a Climate change position statement. This statement does not exclude assets operating in specific sectors but integrates environmental, social and governance considerations into its investment process.

Commonwealth Bank funding on coal projects
According to a 2010 report for Greenpeace, over the past five years Commonwealth Bank invested A$402 million in coal mining, A$536 million in coal-fired power plants, A$ 440 million in port expansion projects and A$77 million in renewable energy in Australia. The following tables summarize the bank’s investments in the coal sector and the renewables sector respectively.

Investments of Commonwealth Bank in the Australian coal sector

Table 6 Investments of Commonwealth Bank in the Australian renewables sector

Related SourceWatch articles

 * Australia and coal
 * Financing coal power stations in Australia
 * ANZ and coal
 * National Australia Bank and coal
 * Westpac and coal