Market Commentary

NAB’s climate policy provokes firestorm

Posted by Anton Murray Consulting on . Posted in Market Commentary


NAB has found itself walking a razor’s edge in the climate change debate, with both sides of politics gunning for the bank. During a public hearing of the standing committee on economics on Friday, NAB acting CEO Philip Chronican found himself in the crosshairs of Liberal MP Craig Kelly for the bank’s plan to divest from coal by 2035. Mr Kelly discussed the economic impacts of divesting from coal and remarked that there would be net increase in greenhouse gas emissions were countries to burn comparatively dirtier Chinese coal instead of Australian coal.

Mr Kelly also asked NAB whether their position was the outcome of action by activists.  “Are you getting pressure from activist groups to engage in secondary boycotts against companies working in the coal industry?” Mr Kelly asked. “I don’t think that’s the case,” Mr Chronican replied.

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