$10 billion to support the transition to a low carbon economy
We will fund and facilitate investment of $10 billion over the next five years to support our customers to transition to a low carbon economy.
Our $10 billion target will include support for energy efficient buildings, transport and industry, funding the cleanest and most efficient power generation, renewable energy and battery storage, emerging technologies (such as carbon capture and storage), reforestation, and climate change adaptation measures.
We have also made a new public statement on climate change, making it clear that we understand the associated risks and opportunities and societal expectations that we play our part in meeting this shared global challenge.
Our regular review of our Energy policy also sees tougher rules introduced for power generation and coal industry lending. Coal fired power plants will be considered if they use advanced technology and higher quality coal to deliver significant emissions reductions. We are also strengthening our lending rules for coal mining and transportation.