A further slowing in growth
This week NAB's 100th green energy project provides funding for the Crowlands Wind Farm project in Western Victoria.
NAB has helped finance a green revolution in Australia over the past 15 years. We’re the No. 1 arranger of clean energy loans in the Australian market(1). Globally we’ve provided AUD7.0 billion in finance since 2003 and this month we successfully provided our 100th green loan.
In Australia, our clean energy team has financed projects that once operational will provide enough electricity to power 2.1 million homes – that’s more than all the occupied private homes in Victoria (2). Globally, we’ve financed geothermal projects in New Zealand, offshore wind farms in the United Kingdom and solar parks in Hawaii.
NAB is focused on financing clean energy because we believe the financial sector has an important role to play in assisting the transition to a low carbon economy. We support shared value, which is about businesses finding commercial opportunities in helping solve societal problems – in this instance climate change.
For the first time last year, NAB’s electricity generation portfolio tilted to more than 50% renewables, with 58% of electricity generated by hydro, solar or wind energy. We will continue to use our strengths in clean energy financing to innovate and support low-carbon opportunities for our customers.
(1) Thomson Reuters, Project Finance International 2006-2017 Asia Pacific Initial Mandated Lead Arrangers League Tables – Mid-Year 2017 US$ Project Allocation, NAB ranking against four major Australian banks – cumulative volume as at 30 June 2017
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