Hazelwood – Australia’s dirtiest power
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Hazelwood power station in Victoria’s Latrobe Valley has long been recognised as the dirtiest power plant in the country, and one of the least efficient in the world. Burning brown coal from its adjacent mine, Hazelwood emits more carbon per unit of energy produced than almost any other power station operating today. This single source accounts for around 3% of Australia’s total annual carbon emissions, and almost 15% of Victoria’s.
After many years of campaigning from a wide range of environmental and community organisations, it was announced in November 2016 that the dinosaur plant will close in March 2017. While this is great news for the environment, every effort must be made to ensure Hazelwood’s employees are supported to transition into work in sustainable industries.
Hazelwood Power Station
Credit: Greenpeace / Hunt
|Bank||Total loaned (AU$millions)||Number of deals|
|Bank of Tokyo-Mitsubishi UFJ||$215||2|
|Sumitomo Mitsui Banking Corporation||$158||1|
|Royal Bank of Scotland||$125||1|
|Bank of Scotland||$63||1|
|Bank of America||$35||1|
|United Overseas Bank||$27||1|
|Crédit Industriel et Commercial||$21||1|
|WestLB (now Portigon Financial Services)||$19||1|
Proudly supported by ANZ
Having been designed and commissioned in the 1960’s, the dirty brown coal plant should have been shut down years ago. But with the help of over $1.5 billion worth of loans since 2008, Hazelwood has been allowed to continue to pollute our air and contribute to climate change.
Westpac and CommBank have loaned $50m and $70m respectively, but ANZ is by far the biggest financial backer, having provided over $400 million worth of loans. The latest ANZ loan came just months after the toxic 2014 fire. Valued at $300m, the loan expired in June 2016.
Fire no deterrent
For 45 days during February and March 2014 the Hazelwood coal mine was on fire, the open pit having been ignited by bushfire embers. The fire spewed toxic smoke that engulfed the nearby town of Morwell, where particulate pollution was clocked at over twenty times times the safe limit.
Damningly, an inquiry into the fire linked it to a spike in deaths in the area. French owners Engie are facing a myriad of charges from both Worksafe and the EPA over the toxic fire.
And yet, just a few months later ANZ chipped in a massive $300m to a refinancing deal that enabled Hazelwood to continue operating. CommBank also contributed $72m to that deal.
Hazelwood coal mine fire, February 2014
Credit: CFA Communities & Communication