Friday, April 28, 2017

Westpac’s new climate change policy is bad news for Adani's Carmichael mine in Queensland

Westpac has effectively ruled out financing Adani Group's controversial, giant coal mine in Queensland's Galilee Basin under a new climate change policy.
Westpac's decision effectively blocks it
from funding the Carmichael mine.
The bank's "new climate change position statement and action plan" restricts lending to projects which use "the highest quality coal in advanced power generation technologies”.

"Our lending to customers in the thermal coal sector is limited to those that have a calorific value which ranks in the top quartile globally," the new position statement said.

That effectively would prohibit lending to ventures using coal from Australia's last untapped resource in Queensland's Galilee Basin.

Westpac is restricting finance for new mines to those using resources in the top 15 per cent of coal quality globally.

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