The National Party of Australia, led by Matt Canavan, is calling for major Australian banks to remove Environmental, Social and Governance (ESG) lending policies that it says have discouraged investment in coal, gas and oil projects. The call follows concerns that a businessman seeking to build a diesel refinery in Gladstone was reportedly denied banking services in 2018. Senator Canavan argued that supporting such projects earlier could have strengthened Australia's fuel security during the current oil supply challenges. Senator McDonald said Australia should expand domestic exploration and refining rather than relying on overseas fuel and fertiliser supplies. She criticised the federal government's renewable energy policies and suggested greater support for traditional energy industries. Mr Hogan said the government should ensure banks make lending decisions based on commercial viability rather than ideological considerations, and indicated legislative changes could be considered if banks do not alter their policies. The announcement forms part of the Coalition's broader push to increase Australia's energy independence and strengthen domestic fuel production amid rising geopolitical uncertainty.
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Nationals demand banks abandon ESG policies to boost coal, gas and oil investment
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