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Commonwealth Bank of Australia (ASX:CBA) CEO Matt Comyn has reiterated the bank's dedication to achieving net zero emissions by 2050 while defending its approach to lending in the gas industry. Speaking before the House of Representatives Economics Committee, Comyn underscored that the bank is "not anti-gas" but is focused on supporting the industry under conditions that align with its carbon reduction goals.
Conditional Support for the Gas Sector
Comyn emphasized that CBA’s support for the gas sector is contingent on companies presenting credible plans to lower their carbon emissions. “We have to weigh up the considerations about what is in the best interests of Australia, our customers, our communities alongside the commitments we have made to get us to net zero by 2050,” he stated. This reflects CBA’s strategy to balance financial support for economic development with its sustainability commitments.
Lending Policy and Economic Concerns
The remarks come in response to concerns raised by Liberal National Party MP Garth Hamilton, who cautioned that stricter lending policies might lead to higher gas costs for Australian consumers. Comyn responded by affirming that while the bank remains committed to supporting Australia’s economic growth, it must ensure its lending practices align with its sustainability objectives.
Broader Industry Scrutiny
The discussion occurs amid growing scrutiny of banks’ lending practices to fossil fuel industries. Several major financial institutions have imposed restrictions or bans on loans for new thermal coal projects and upstream oil and gas ventures. In contrast, CBA has maintained its total committed exposure to fossil fuel extraction at a minimal 0.2%. The bank was recently recognized by the climate activist group Market Forces for reducing its lending exposure to oil and gas extraction by AU$700 million over the past year.
