ANZ, Macquarie, Westpac finance $7.7 billion in fossil fuels
ANZ, Macquarie and Westpac provided $7.7 billion for coal, oil and gas in 2025, including Beetaloo Basin fracking.
Three of Australia's biggest banks funnelled $7.7 billion to fossil fuel projects in 2025, according to a new report by environmental group Market Forces. ANZ led the funding at $3.5 billion, followed by Macquarie at $2.5 billion and Westpac at $1.7 billion.
All three banks are financing companies drilling in the Beetaloo Basin, a Northern Territory fracking region that began producing its first gas in September. ANZ declined to comment but said in its annual climate report it remains committed to net-zero emissions and works with clients to transition away from fossil fuels.
The bank set a 32% emissions reduction target by 2030 for oil and gas companies it finances. Of 91 Australian retail banks, 74 provided no fossil fuel financing at all, showing the market has moved decisively away from supporting coal and gas.
- $3.5 billion in 2025
- ANZ fossil fuel financing
- $2.5 billion in 2025
- Macquarie fossil fuel financing
- $1.7 billion in 2025
- Westpac fossil fuel financing
- 74 of 91 retail banks
- Australian banks with no fossil funding
Why it mattersYour bank deposits may be funding new coal and gas projects even as the country commits to climate targets, but most Australian banks have chosen not to.
AustraliaThese Australian banks are using Australian deposits to finance new fossil fuel projects in Australia, directly affecting the country's climate commitments and the shift toward renewable energy.
