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No support for Adani from Westpac

Westpac appears to have ruled out funding the controversial Adani mine by limiting lending to basins that are already producing thermal coal.

Australia’s oldest bank on Friday published a climate change action plan in which it said it would limit thermal coal project lending to producing basins where the coal quality is highest – a move the bank said demonstrated support for the transition to a zero-emissions economy.

“Westpac recognises that climate change is an economic issue as well as an environmental issue, and banks have an important role to play in assisting the Australian economy to transition to a net zero-emissions economy,” chief executive Brian Hartzer said in a statement.

“Limiting global warming will require a collaborative effort as we transition to lower emissions sectors, while also taking steps to help the economy and our communities become more resilient.”

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