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.

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.

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