Lending to coal mines
Australia is the world’s biggest coal exporter, digging up hundreds of millions of tonnes each year. If our national carbon footprint were calculated to include emissions from exported coal, it would more than double.
As well as driving dangerous global warming, coal mining also causes local environmental havoc, including the destruction of forests and farmland, reduced water availability and quality, and toxic air pollution.
Leading technical experts and investor groups agree that, if we’re to keep global temperature rise to no more than 1.5ºC above pre-industrial levels, OECD countries like Australia must stop burning coal for electricity by 2030. Both Commonwealth Bank and Westpac acted on this information by publicly announcing its plans to exit thermal coal by 2030, while ANZ and NAB are yet to do the same.
Top 20 lenders to coal mining in Australia 1 Jan 2016 – 31 Dec 2019
Is your bank on the list?
Tell them if they continue to choose fossil fuels, you’ll choose a new bank.