ANZ finance the purchase of Rio’s last coal mine

5 April 2018 ANZ has contributed to a US$1.7 billion (AU$2.2 b) deal to finance the purchase of Rio Tinto’s last coal asset by Indonesian coal miner Adaro Energy and private equity manager EMR Capital. The deal comes despite ANZ’s repeated claims that the bank’s lending to coal is on its way … Read More

Australian bank policies still lag international peers

The fossil fuel lending policies of Australia’s big four banks have once again been found to fall short of international expectations. In the latest Banking on Climate Change Fossil Fuel Finance Report Card, only NAB’s coal mining policy, announced last year, scored higher than a C-. While it’s worth acknowledging … Read More

Westpac rules out Abbot Point terminal

8 December 2017 Westpac today all but confirmed it would not refinance the Abbot Point coal terminal, striking another blow to the crippled Adani coal mine. Climate related questions dominated the opening of question time at the bank’s annual general meeting in Sydney, revealing a lack of awareness around its … Read More

Westpac out of Adani Abbot Point refinancing?

Westpac CEO Brian Hartzer today confirmed that the bank’s coal lending restrictions would, in theory, apply to restrict finance for infrastructure projects that are directly linked to new coal basin developments. That looks like a pretty good indication that Westpac won’t contribute to a refinancing deal for Adani’s Abbot Point … Read More

Big banks still supporting Whitehaven’s dirty coal operations

Whitehaven Coal’s Maules Creek mine was recently upgraded to the EPA’s highest environmental risk category, making it one of NSW’s three dirtiest mines. The company is also planning to expand its Vickery coal mine, which the local community is resisting due to grave concerns over environmental impacts. Despite Whitehaven’s appalling … Read More

Tell the big banks: Don’t cave on dirty coal finance!

18 September, 2017 News this morning has highlighted the utter lunacy of the current state of the energy ‘debate’ in Australia, with Trevor St Baker, Chairman of Delta Electricity, calling on the government to pressure banks to keep lending to dirty power stations like the ones he owns. We need … Read More

Two degrees scorecard update

In December 2015, the Paris climate talks saw 195 nations agree to limit global warming to well below 2°C, compared with pre-industrial levels. In the lead up to Paris, ANZ, CommBank, NAB and Westpac all publicly championed the two degree limit, committing to support the transition to a low carbon … Read More

Big 4 STILL financing fossil fuel expansion

On 22 June 2017, some 18 months after committing to support the aims of the Paris Agreement, Australia’s big four banks all contributed to a deal to finance more oil and gas exploration and production. Clearly, ANZ, CommBank, NAB and Westpac are yet to come to terms with exactly what … Read More

CommBank’s climate fail

Commonwealth Bank has been given FAIL grades in all four categories of a new study into international banks’ fossil fuel lending policies. With no publicly disclosed policies to restrict coal mining, coal power, LNG exports or extreme oil, Commonwealth Bank found itself at the bottom of a pile of 37 … Read More