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Subject:
NAB must stop financing Australia’s biggest coal-only company
RE: NAB is financing coal expansion Dear NAB Executives, I’m concerned about the ongoing serious failure of NAB’s climate change policies that allows your company to finance Whitehaven Coal and the expansion of the Australian coal industry. Whitehaven Coal is the biggest undiversified coal mining company on the Australian share market. Whitehaven has no substantive climate policy, no known intention to phase out coal and is in fact actively expanding its coal operations. NAB’s 2022 Climate Report states that ‘across its lending portfolio, the Group will support the transition to net-zero by 2050 by: Considering selectively reducing exposure to high emitting clients that have been unable to demonstrate how they are aligned with the Group's sector targets.’ [1] Whitehaven Coal’s expansion plans clearly demonstrate their inability to align with NAB’s net-zero by 2050 targets. Whitehaven is not only not planning a transition or phase down, instead they are planning to invest around $4 billion on three new coal mines and expansions in the coming years: Vickery extension, Narrabri Stage 3 and Winchester South. These mines have marketable coal reserves of almost 500 million tonnes [2]. When emissions from digging up and burning the coal are added, over their lifetimes these three mines would unleash over 1.1 billion tonnes of carbon emissions, the equivalent of almost twice Australia’s annual emissions [3]. Any bank financing Whitehaven Coal is supporting their expansion of the coal industry, at a time when we should be phasing out coal. NAB’s 2022 Climate Report also states that achieving zero thermal coal exposure by 2030 ‘will require a combination of existing thermal coal sector customers diversifying their operations, and reducing exposure to customers that are not transitioning their operations in line with NAB’s sector target.’ [4] Once again, Whitehaven’s expansion plans demonstrate that it is unaligned with NAB’s targets. I therefore urgently request that: - NAB immediately and publicly ends all forms of finance for companies and projects expanding* the coal industry, starting with no further participation in Whitehaven Coal’s rotating debt facility, and publicly committing to never participate in any Whitehaven bond raising. - NAB commits to ending all forms of finance for all coal, oil and gas by 2030. *Companies expanding the coal industry refers to companies planning on mine expansions, extensions, greenfield mines, planning or building infrastructure related to new or expanded/extended coal mines (such as railway lines, ports etc.) or seeking exploration licences. On the one hand, NAB prides itself on its commitment to ‘aligning its lending portfolio to net zero emissions by 2050’ and its ‘commitment to transitioning and aligning its lending portfolios with the most ambitious targets set by the Paris Climate Agreement' [5]. Despite this, NAB continues to fund fossil fuels by financing fossil fuel companies, actively going against the IEA’s warning that there can be no new coal, oil or gas projects if the global energy sector is to reach net zero emissions by 2050, fulfil the Paris Agreement and help avoid catastrophic climate change. Immediately and publicly committing to not refinance Whitehaven Coal’s rotating debt facility, and publicly committing to never participate in any further finance for Whitehaven Coal again is an opportunity to align with NAB’s stated commitments. I look forward to hearing your response, and would encourage the CEO Ross McEwan to attend a meeting with Move Beyond Coal representatives to discuss this matter further. [1] NAB’s 2022 Climate Report, pg. 21 [2] https://whitehavencoal.com.au/wp-content/uploads/2021/08/Whitehaven-Coal-Limited-Resources-and-Reserves-August-2021.pdf [3]https://www.marketforces.org.au/campaigns/companies/whitehaven-coal/ [4] NAB’s 2022 Climate Report, pg. 18 [5] https://news.nab.com.au/news/nab-joins-un-convened-net-zero-banking-alliance-on-path-to-net-zero-emissions-lending-portfolio-by-2050/
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