Westpac’s commitment to help limit global warming to less than 2C does not mean it is going to stop investing in coal projects soon.
Australia’s oldest bank has agreed to judge lending
proposals according to how they conform to the UN’s climate change target of
restricting global temperatures, but will not rule out investment in individual
sectors.
“It’s very hard to see how scientists could say one
particular project could push us over two degrees,” Westpac’s chairman, Lindsay
Maxsted, said at Friday’s annual general meeting in Sydney.
Read The Guardian
story - “Westpac will not rule out investing in coal projects 'if they fit our criteria’.”
(Westpac’s pledge to
limit global warming to less 2C sounds wonderful, but is hollow and as profit and
growth, the mantra of all the world’s corporations, is unquestionably the sole determinate
of any decisions it makes regarding future investments in the coal industry – Robert McLean).
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