Saturday, April 29, 2017

Political Fury As Australia's Second Largest Bank Refuses To Fund Adani's Mega Coal Mine

There's a lot of love for Westpac this Friday, and plenty of anger too. It's all because Australia's second largest bank has overhauled its policy of lending to coal mining projects.
An announcement by Westpac overnight effectively killed off any potential commitment by the bank to help fund Indian mining giant Adani's proposed Carmichael "mega coal mine" in Queensland.

The backflip means Westpac will pay more than lip service to its long-stated commitment to combating climate change, and can be interpreted as a direct response to intense public pressure.

But senior Turnbull government figures are furious. Queensland Senator Matthew Canavan, who has long cast the potential mine as an issue about jobs, jobs and jobs, accused the bank of turning its back on Queensland.

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