Email NAB CEO - no more Santos lending

Right now NAB is deciding whether to keep lending to Santos, one of the world’s largest oil and gas companies, for a major gas project that threatens the Tiwi Islands and our climate.

If enough of us email NAB CEO Ross McEwan telling him that he can’t break his bank's promise without the community knowing about it and his credibility is on the line, we could see the bank pull out of the deal.

We’ve drafted an email for you to send, but please make it your own by adding where you live, why you care and if you’re a NAB customer.

Write to Ross

Dear Ross McEwan,

I write to you today as a concerned citizen. I have just learned about NAB’s involvement in a 2020 lending syndicate for Santos that they are currently looking to increase to $1 billion USD with your support, for the explicit purpose of opening up greenfield gas wells in the Northern Territory (the Barossa gas project).

I was pleased to see comments from your board chair Phil Chronican yesterday: "how much new gas development can we really afford to be doing in the next five to 10 years, if we’re going to be at minimal levels of gas extraction by 2050? Because many of these projects... that will be a real economic problem.”

I hope this means that you will direct your institutional lenders to exit the upcoming Santos lending syndicate that is being arranged by CommBank, ANZ and MUFG.

Given your 2021 oil and gas lending policy update that we were pleased to see, NAB committed to no new greenfield oil and gas lending. Santos has no intention of aligning their business model with the IEA Net Zero Emissions Scenario.

Santos’ Barossa field is a greenfield gas project that does not have all of its approvals in place and there is nothing in this export project that indicates it will play a role in national energy security.

The IEA NZE 2050 scenario is explicit that new fossil fuel projects, like Barossa, are incompatible with their pathway. These two factors put it clearly at odds with your oil and gas policy.

We also encourage you to update your policy position to explicitly rule out these sorts of corporate lending facilities to fossil fuel companies that use the funds to expand oil and gas projects. The Oxford Sustainable Finance Group has suggested policy language on this front for financial institutions to align with the IEA NZE 2050 scenario.

Thank you for your time,

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Email NAB CEO - no more Santos lending

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