Westpac rules out funding new coal basins in Australia

includes the Carmichael megamine - getting active works!

1 - 2 of 2 posts

robert99 Sweden • Posts: 1360

1 28 Apr 2017

see http://www.sbs.com.au/news/article/2017/04/28/westpac-coal-refusals-blow-adani
Westpac appears to have ruled out funding the controversial Adani mine with a new climate change action plan that will limit its exposure to thermal coal projects.

Australia's oldest bank said on Friday it would limit thermal coal project lending to those sited in already-producing basins, and where the coal quality is highest.

The bank said the move, which seemingly ends the possibility of any big four bank funding for the Indian mining giant's project, demonstrated support for the transition to a zero-emissions economy.

"Westpac recognises that climate change is an economic issue as well as an environmental issue, and banks have an important role to play in assisting the Australian economy to transition to a net zero-emissions economy," chief executive Brian Hartzer said in a statement.

From Greenpeace Australia Pacific -
Amazing news! Today, Westpac announced it will rule out funding new coal basins in Australia: that includes the Carmichael megamine. Thanks to huge community pressure, big banks are choosing the Reef over coal. But Australia’s biggest bank is still funding fossil fuels and holding us back from a clean energy future.

Last year the Commonwealth Bank lent a whopping $3.9 billion to polluting fossil fuels. If Westpac can ditch dirty coal projects, the Commonwealth Bank can too. Today’s news shows that with enough public pressure, we can push the big banks over the line. CommBank will be feeling the heat, and we need to build on this momentum.
...
Today’s announcement from Westpac to stop funding new coal basin projects is a huge win for people power. For months, people around Australia have been putting pressure on the bank. I want to send a big congratulations to everyone who made this happen including our friends at 350.org Australia, Market Forces, Australian Youth Climate Coalition, GetUp!, Australian Conservation Foundation and Australian Marine Conservation Society.

see also thread at http://www.unleashed.org.au/community/forum/topic.php?t=12499

robert99 Sweden • Posts: 1360

2 8 May 2017

Westpac chief Brian Hartzer bats away Adani 'wimps' tag
http://www.smh.com.au/business/mining-and-resources/westpac-chief-brian-hartzer-bats-away-adani-wimps-tag-20170508-gw04nv.html

Westpac Banking Corp has hit back at a federal minister's criticisms of its new climate change policies that will restrict its lending to new coal mines.

Last month the bank updated its position statement on climate change which included a policy that it would not lend to any to any new coal project supplying power stations that fell below the top 15 per cent of global energy quality.

New mines producing coal will less than 6300 kilocalories per kilogram won't get Westpac finance, a level that is a quarter above the roughly 5000 kCal/kg energy content of coal expected to be produced by the $16 billion Carmichael mine Adani plans for the Galilee Basin.

That move sparked an angry reaction from resources and Northern Australia minister Matt Canavan who labelled the bank "wimps" and called for a customer boycott.