Australia’s fifth largest bank Bendigo and Adelaide, with 1.6 million customers nationwide, has taken a public stand not to invest in coal and gas projects, thereby joining a number of big superannuation funds, as well as some educational institutions, some smaller banks and the Uniting Church.
Bendigo Bank will not lend to companies for whom the core activity is exploration, mining, manufacture or export of thermal coal or coal seam gas.
It is a timely announcement, with fund manager AMP Capital the most recent to reveal plans for its super funds to limit exposure to the oil and gas industry, due to growing concern about climate change from investors
A recent national survey by climate change activist group 350.org showed 67 percent of those surveyed would move their business away from fossil fuels.
Bendigo Bank Bungendore manager Leigh Felton commented that reducing impact on the environment and helping others do the same is a part of Bendigo and Adelaide Bank’s commitment to building sustainable and prosperous communities.
“We make conscious decisions to reduce our own carbon footprint and offset our impact and we help others do the same by offering green products and services. We are simply taking a pragmatic approach that says it makes no sense to broaden our footprint by starting to lend in the coal and gas sector.”