Gateway Bank
Your bank falls short in climate responsibility.
Gateway Bank is a customer-owned bank.
It does offer Green Home and Green Car loan products, which is fantastic.
In terms of its commercial lending, it offers only commercial mortgages which makes the risk of it lending to fossil fuel companies low.
We would like to see the bank put in place a policy stating it will not fund the fossil fuel industry.
The reason for the poor rating is because Gateway uses Commonwealth Bank and National Australia Bank for its own banking needs.
Commonwealth is #2 in Australia for fossil fuel financing and National Australia Bank is #3.
We would like to see Gateway terminate these relationships.
Last reviewed:
Financial institutions in this category have shown a weak commitment to environmental sustainability and transparency.
If they engage in energy financing, they are likely to lend far more to fossil fuels than renewable sources. They may have limited or no effective policies to improve their climate impact and may lack meaningful targets for reducing the emissions they are responsible for.
While they might show some engagement in sustainable practices or offer certain green lending products, these efforts are insufficiently developed or prominently displayed to make a significant impact.
Your bank may be ignoring the Paris Agreement.
The Paris Agreement set the goal to stay under 1.5°C of warming for very good reasons. According to the Intergovernmental Panel on Climate Change, an increase of just a couple of degrees more could lead to "substantial species extinction, large risks to global and regional food security", and an inability to work outside — or even live — in some areas of the world. Our world will become unrecognizable as ocean dead zones, floods, and extreme weather fuel social and economic disruption.
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