Westpac says it will stop funding mining projects for coal to be used for power generation by 2030, as part of a broader commitment to reach a net-zero emissions business model by 2050.
It will also ensure that the emissions produced by the energy production projects it does finance are dramatically reduced by 2030.
In a statement, Westpac said it recognised that climate change was one of the most significant issues facing the “global economy and our way of life” and said it believed economic growth and emissions reductions were complementary goals.
According to Tim Buckley, a coal analyst with the Institute for Energy Economics and Financial Analysis, which supports a shift to a decarbonised economy, Westpac is the 30th major international financial institution this year to declare it was abandoning coal.
Read the story from The Age by Nick O’Malley - “Westpac abandons funding for thermal coal mining.”
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