As private banks turn away from fossil fuel projects, Australia’s public finance banks are stepping in to get them off the ground.
Our recent paper, Hot Money, reveals that Export Finance Australia gave up to $1.69 billion dollars in Australian government-backed financing to the coal, oil and gas industries between 2009–2020. This is 80 times more than it gave to renewable energy.
The Northern Australian Infrastructure Facility has supported two large fossil fuel developments and is expected to fund more in the future.
"This is a significant missed opportunity to make Australia a renewable energy superpower. We’re taking risks on old infrastructure instead of looking forward."
Luke Fletcher—Executive Director, Jubilee Australia
What should Australia do?
The Australian government can make Export Finance Australia (EFA) and the Northern Australian Infrastructure Facility (NAIF) more accountable by:
Directing EFA and the NAIF to stop funding coal, oil and gas projects and supporting stronger action against fossil fuel financing at the OECD working group on export credits.
Revoking EFA’s exemption from the Freedom of Information Act, which gives the public rights of access to official government documents.
Ensuring that parliamentary scrutiny is applied to any financing being considered for projects deemed to be in the national interest.
Making it mandatory for EFA and NAIF to publish key project documents on their websites for public comment before deciding to back a project.
LATEST NEWS
Jubilee Australia Research Centre statement on resolution of legal proceedings against Export Finance Australia
Categories:
Latest News,
Climate Justice,
Climate proof EFA,
EFA,
Public finance of fossil fuels
Release Date: 07 Jun 2024
Alarm at reports Australian Government considering spending public money on Santos LNG project
Categories:
Latest News,
Climate Justice,
Climate proof EFA,
EFA
Release Date: 12 Dec 2022
Lenders of last resort? Australia poised to use public money to help coal, oil and gas as private lenders flee
Categories:
Latest News,
Climate Justice,
Climate proof EFA,
EFA
Release Date: 06 Jul 2021
Webinar outlines why the Barossa project is worth worrying about
Categories:
Latest News,
Climate Justice,
Climate proof EFA,
EFA,
Stop Barossa Gas
Release Date: 12 May 2021
Export credit agencies and states potentially at risk of climate litigation over finance for fossil fuels
Categories:
Latest News,
Climate proof EFA,
EFA
Release Date: 04 May 2021
‘Australia needs to end official financing for fossil fuel exports’ say Australian CSOs
Categories:
Latest News,
Climate Justice,
Climate proof EFA,
EFA,
Stop Barossa Gas
Release Date: 22 Apr 2021
Public Statement by CSOs on the Launch of the Export Finance for Future: Export Finance Leadership Coalition Fails to Lead
Categories:
Climate Justice,
Climate proof EFA,
EFA
Release Date: 16 Apr 2021
Concerns Over Bill to Amend Efic
Categories:
Changing Australia,
EFA
Release Date: 14 Feb 2019