National Australia Bank (NAB), one of the largest financial institutions in Australia, says they are committed to the Paris Agreement and phasing out lending to oil and gas projects.
However, last year it was reported that NAB loaned CA$117.5 million to Coastal Gaslink, a massive fracked gas pipeline in British Columbia, Canada that Wet’suwet’en land protectors fiercely resist.
NAB’s two-faced approach to climate action is no action at all. Although NAB committed to net-zero emissions by 2050 and have a policy that ensures project financing follows the UN Right to Free, Prior and Informed Consent, they have failed to cut ties with the Coastal Gaslink project. Their commitment to limit funding for oil and gas projects is full of loopholes and will allow the bank to continue lending to fossil fuel businesses. This is utterly unacceptable especially at a time when the world is approaching a point of no return because of the climate crisis.
NAB’s Annual General Meeting (AGM) is coming up on December 17th, and having just announced their updated oil and gas lending policy, this is our opportunity to pressure NAB to divest from the Coastal GasLink project.
For over a decade, the Wet’suwet’en nation has asserted their sovereignty to stop fossil fuel companies from trespassing on unceded lands. Just months ago, Coastal GasLink bulldozed an ancient Wet’suwet’en village site despite consistent resistance and legal requirements to respect the site from Wet’suwet’en hereditary chiefs and archaeologists alike.
We must stand in solidarity with the Wet’suwet’en nation and pressure NAB to divest from this dangerous project – you can start now by signing the petition that we’ll deliver at their AGM.
We’ve heard that NAB executives are feeling the heat, and as NAB prepares for their AGM, we have a short window to highlight their hypocrisy and demand that they back away from destructive projects like Coastal GasLink.