(13 April 2018 – Australia) NABs chief customer officer for institutional banking has highlighted the “tipping point” the industry finds itself in regarding renewable energy investment.
Mike Baird said the lender’s balance sheet reflected the “exponential” growth in renewable energy financing, which he viewed as a ‘huge opportunity” following NABs decision last year to become the first major Australian bank to stop lending for new thermal coal mines.
NABs move to stop lending for new coal mines did not extend to the electricity sector with the bank funding electricity generation from fossil-fuel on a “case by case” basis.
The comments from Mr Baird highlight that for all the ongoing political debate over climate change policy and electricity generation in recent years, global markets are moving large sums of money into the renewable and sustainable sector. Macquarie Group has also been outspoken in identifying renewable energy as one of its top growth opportunities.