Hundreds of customers let their money do the talking by taking part in a national Divestment Day, leaving CommBank in protest over the bank’s lending to fossil fuels.
Customers from across the country like Josh and Lucie shared their personal stories outlining why they were dumping the bank.
Market Forces releases a report with 350.org about making your finances fossil free.
Between 2008 and 2014, the big four have loaned $19 billion to fossil fuel projects.
CommBank commits to limiting global warming to less than two degrees, in line with the Paris Agreement.
CommBank still refuses to commit to an end to finance for the coal sector.
Market Forces reports CommBank loaned $0 to renewables so far that year.
The Guardian
Market Forces reports CommBank is the single biggest lender to fossil fuels since the Paris Agreement.
CommBank had loaned $2.2 billion since December 2015.
Shareholders protest against CommBank's climate failure and consistent lending to the expansion of the fossil fuel industry. Market Forces asks CommBank's auditor if they consider climate change a material risk. They hadn't.
Commonwealth Bank rule outs lending to Adani’s Carmichael coal mine.
CommBank is the last of the big four banks to do so.
That same month, a shareholder resolution is lodged with CommBank. The resolution asked for climate risk to embedded into the bank's constitution.
marketforces.org.au/media-release-shareholders-move-to-force-commbank-to-manage-climate-risk
CommBank Chair Catherine Livingstone confirms CommBank’s intention to get out of the coal industry.
Despite its Paris Agreement commitments, CommBank finance the massive new Corpus Christi LNG project being developed by Cheniere Energy.
The project would enable 811 MtCO2-e, equivalent to 1.5 Australia’s annual emissions in 2017.
CommBank announces the bank is getting out of thermal coal by 2030.
Australian Financial Review
150 CommBank shareholders, led by Guy and Kim Abrahams, demand answers from CommBank over oil and gas project loans that are possible breaches of its own climate policy.
In a year when Australia had one of the worst bushfire seasons in recorded history, CommBank is grilled by shareholders over its compliance with its own Environment and Social Framework.
Shareholders demand to know how CommBank has assessed oil and gas projects it has loaned to as being consistent with its own policy to only loan to projects assessed to be "in line with the goals of the Paris Agreement".
CommBank fails to articulate a response, beyond Chair Catherine Livingstone admitting that the bank's assessment is based upon “the extent that we believe the proposal will result in a net reduction of emissions”.
Off the back of rampant financing of oil and gas expansion since the Paris Agreement, more than 100 shareholders lodge a shareholder resolution. The resolution requests CommBank commit to no longer providing financing where use of proceeds are for new fossil fuel projects and reduce fossil fuel exposure consistent with net zero by 2050.
The Federal Court orders CommBank to make internal documents available for inspection to Guy and Kim Abrahams. The documents included those relevant to CBA’s assessment of the environmental, social and economic impacts of the seven oil and gas projects and documents on the implementation of CBA’s commitment not to finance new oil or gas projects unless they were in line with the goals of the Paris Agreement.
New Acland coal mine, south-east Queensland. Credit: Lock the Gate Alliance (CC BY 2.0)
Market Forces publishes Funding Climate Failure, revealing that between 2016 and 2020 (since the signing of the Paris Agreement) CommBank had loaned the most to fossil fuels at $14.2 billion.
This includes $2.4 billion to companies with plans consistent with the Paris Agreement's failure, and more than $3 billion to expansionary fossil fuel projects which would enable 5.8 billion tonnes of CO2 over their lifetime.
CommBank has the shameful title of biggest backer of fossil fuels since Paris.
15% of CommBank's shareholders representing $26 billion in investment support the resolution at CommBank's AGM.
The Federal Court orders CommBank to make internal documents used in assessing Paris-alignment of financed new oil and gas projects available for inspection to Guy and Kim Abrahams. The documents included those relevant to CBA’s assessment of the environmental, social and economic impacts of the seven oil and gas projects and documents on the implementation of CBA’s commitment not to finance new oil or gas projects unless they were in line with the goals of the Paris Agreement.
CommBank faces another shareholder resolution at its 2022 AGM requesting the bank commit to no longer providing finance to new and expanded fossil fuel projects. Chairman Paul O' Malley finally tells shareholders CommBank will not be able to bank customers without Transition Plans in place by 2025.
Tiwi Islands and Larrakia Traditional Owners lodge a formal human rights complaint with all big four Australian banks after its financing of Santos' Barossa gas project, whilst the project was being actively challenged by Traditional Owners in the Federal Court.
– Paulina Jedda Puruntatameri, Tiwi Elder and Traditional Owner
Guy and Kim Abrahams case is finalised, with the Court ordering by consent that the Abrahams may use certain documents received from CBA for the purpose of further litigation against CBA and for forwarding documents to regulators APRA and ASIC.
Market Forces releases Banking Climate Failure, an update to Funding Climate Failure covering the fossil fuel financing of the big four between 2021 and 2022.
CommBank has reversed the trend of its activity since Paris, and has loaned the least to fossil fuels and fossil fuel expansion in this timeframe.
Market Forces and 34 civil society organisations, including the Finance Sector Union of Australia, 350 Australia, and the Australia Institute, publish a joint statement ad in the Australian Financial Review.
The ad calls on CommBank to end all financing for new and expanded fossil fuels in its upcoming climate policy update.
More than 1,800 customers, shareholders and community members take action calling on CommBank to end all finance for new and expanded fossil fuels.
CommBank announces an end to project finance to all new and expanded oil and gas extraction projects, as well as some critical infrastructure such as pipelines that unlock these fields, to go along with exclusions for new thermal coal mines and coal-fired power generation.
CommBank also announces that fossil fuel clients must produce transition plans by 2025 that cover Scope 1, 2 and 3 emissions, are aligned with a well-below 2°C scenario, to be verified by an independent third party and using the Climate Action 100+ as a framework.
After years of court proceedings, Guy and Kim Abrahams, along with Equity Generation Lawyers, welcome CommBank's new climate commitments on restricting fossil fuel finance.
Commonwealth Bank made a huge announcement, declaring it has made the decision to no longer provide finance to oil and gas producing companies that don’t have a Paris-aligned transition plan. This is a significant win for our climate.
CommBank disclosed that for the past year it has refused to finance companies that either failed to produce a credible emissions reduction plan, or were determined unlikely to produce one before the start of next year.
This approach has seen CommBank drop a massive $700 million of oil and gas lending exposure in the past year alone!
This is significant progress, but critical gaps remain in the bank’s lending portfolio preventing it from full alignment with their climate commitments. There is still no transition plan requirement for thermal coal miners and fossil fuel infrastructure companies.
While the job of hauling CommBank into line with its climate commitments is not done yet, the significant progress shown by Australia’s biggest bank is proof that people power can, and will, shift the biggest financial institutions and keep billions out of climate wrecking fossil fuel expansion.
Big win: Commonwealth Bank will no longer finance coal, oil or gas companies unless they are phasing down production in line with the Paris climate goals!
Congratulations to all the CommBank customers, shareholders, staff and community members who have stood up and demanded real climate action!
© 2026 Market Forces
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