Big retail banks criticised for fossil fuel lending

Detailed summary

ANZ, Macquarie and Westpac are being accused of providing billions of dollars in financing to coal, oil and gas companies.

Most of Australia's retail banks are not financing coal, oil and gas companies but 10 have been cited for providing $88 billion in funding for them in 2025.

Market Forces said the bulk of that financing - $77.6 billion - came from international banks providing retail services in Australia, such as the Bank of China, which provided $29 billion.

Of the domestic banks, the environmental group said ANZ had provided the most, providing $3.5 billion of financing for coal, oil and gas in 2025.

"ANZ remains Australia's biggest financier of fossil fuels, continuing to support companies pursuing major new oil and gas developments despite years of climate commitments," a report by Market Forces says.

ANZ was followed by Macquarie, which provided $2.5 billion, while Westpac came in third with $1.7 billion.

Market Forces said that all three banks were financing companies involved in fracking in the Northern Territory's Beetaloo Basin, a region that began producing its first gas in September.

Proponents say the projects there will create jobs and opportunities but environmentalists describe it as a "climate bomb" that could put the world on a trajectory towards catastrophic levels of global warming.

"I think Beetaloo provides a really clear case study for where the laggards and leaders are in dealing with the climate crisis," Market Forces senior policy analyst Morgan Pickett told AAP.

"The Beetaloo Basin risks becoming one of the biggest gas developments in the world, in the heart of the Australian Outback."

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