National Australia Bank will continue to finance fossil fuels projects and there is little if any change in the bank's position in its annual report on corporate social responsibility, released yesterday.Friends of the Earth seized on some "important new language" in the bank's "Dig Deeper" sustainability report that it said (in the guise of its "Markets Forces" campaign) committed NAB "to drastically constrain fossil fuel investment, resulting in a rapid transformation of the bank's loan book towards clean, renewable energy."NAB clarified that's FOTE's take was incorrect.A NAB spokesperson wrote in an email that "we continue to support the energy sector and are committed to playing an active role in the orderly transition from fossil fuel-based to low-carbon and renewable energy in both our operations and business activities. "This transition needs to take place in an orderly way ... while the necessary market frameworks and policies for a low-carbon economy are further developed."NAB said addressing climate change required a "material decrease in the use of fossil fuel-based energy and a corresponding increase in renewable energy" along with "a recognition of the important role that 'carbon budgets' play in guiding action."It added that the bank was "committed to playing an active role in this transition" and that it "affects the bank's 'operations and financing activities'."NAB set out in the report that its global portfolio of renewable energy generation projects represented a total generation capacity of 2,594 MW. "In 2016, we provided A$739 million, measured as exposure at default at September 2016, for renewable energy projects. NAB has provided $4.9 billion in project finance for renewable energy projects since 2003. "In December 2015, we set ourselves a new commitment to finance $18 billion over the next seven years (to September 2022) to help our customers who are engaged in climate change mitigation and climate change adaptation activities."