Having wasted shareholders’ funds in supporting the race-based and divisive ‘Yes’ to Voice campaign, some of our banks are now intent on making even bigger fools of themselves by joining the Chris ‘Blackouts’ Bowen net zero crusade.
Once again, these banks’ executives are determined to show how virtuous they are by helping to reduce Australia’s carbon dioxide (CO2) emissions, which amount to just over a ridiculously low 1% of human-induced global CO2 emissions.
Even cloistered bank executives surely must realise that this means nothing we do as a nation in terms of reducing CO2 emissions will have any worthwhile impact on global warming. A view shared by Australia’s former Chief Scientist, Alan Finkel, and many other climate experts.
Nonetheless, National Australia Bank (NAB) and other banks seem intent on punishing those businesses that haven’t joined their farcical crusade. Their message is clear – join our new religion or face higher interest rates!
They earnestly believe that their level of risk will be impacted by how ‘green’ a business customer is. They are not saying (yet) that they won’t retain them as a customer if they don’t meet their criteria, but the cost of borrowing will be affected.
If their business customers don’t have an acceptable plan to reduce their carbon emissions then extra cost will be imposed on them despite the fact that many are already struggling as a result of this government’s outrageous union-driven IR policies and the usual incompetent socialist attempts to manage our economy.
During a recent business event, Andrew Irvine, the group executive for business and private banking at the NAB outlined what banks would expect of business customers.
He stated that business owners need to keep tabs on their CO2 emissions and come up with a plan to reduce them if they wanted to get more favourable interest rates.
“Today I ask for your income and expenses, tomorrow I will be asking for your income and expenses and carbon footprint – it’s a virtual certainty that will happen,” Irvine reportedly said.
“If your abatement is less than average, your interest rate will be higher,” he said.
Can you believe the level of arrogance and stupidity of these overpaid bank executives?!
We know for a FACT, that nothing any Australia-based business does in terms of CO2 reduction will have any impact whatsoever on global CO2 emissions – but they must nonetheless kowtow to these morons running our banks.
In November, the NAB reported an 8.8% increase in cash earnings to $7.7 billion for the 2022-2023 financial year. You’d think they would be trying to help businesses rather than punish them!
Meanwhile, the Commonwealth Bank (CBA) announced in August it would no longer fund new fossil fuel projects.
Specifically, the CBA will not finance new or expanded oil and gas extraction projects, as well as storage infrastructure and transmission pipelines linked to those projects.
They have also refused to fund new or expanded thermal coal mines and new coal-fired power plants.
The CBA will also force its fossil fuel customers to go though an assessment of their environmental, social, and economic impact, while requiring them to also publish independently verified plans to cut emissions by 2025.
In other words, they don’t trust their high-level customers to be truthful in their reporting – they require independent verification!
This bastardry will place further pressure on the oil and gas industry, which has faced difficulties securing finance for their projects in recent years due to growing public concern about climate change/global warming.
Both NAB and CBA are signatories to the United Nations-convened Net Zero Banking Alliance, a group of global banks working to help reach the impossible and totally unnecessary goal of net zero by 2050.
I’m not involved in the fossil fuel industry and I’ve long retired from running my own business but I’m absolutely incensed with what’s happening in this country as a result of the Albanese/Bowen obsession with global warming.
Cancel your accounts with NAB and CBA. Find alternative general banking, mortgage and credit/debit card suppliers who stick to their purpose in life, which isn’t telling their customers how to behave.
We should all make a stand against banks and other service providers who introduce draconian measures aimed at actual ‘producers’ who help fund our standard of living via critical exports to countries that are not as idiotically managed as ours.
Putin, Xi Jinping, Kim Jong-Un and other despots just laugh at us and our obsession with net zero and the predicted global apocalypse upon which all this nonsense is based.
Many thanks to Alfed Bui and Monica O’Shea at The Epoch Times for their input to this article. And, of course, Johannes Leak for his very appropriate cartoon.