NAB rule out new thermal coal mines
December 14, 2017: Australia’s dirtiest industry has been dealt another blow with the second of the “Big Four” banks ruling out funding for new thermal coal mines.
National Australia Bank today issued their latest risk appetite statement which prohibits the funding of any new thermal coal mines.
“This is a market-leading position for an Australian bank and is even stronger than the position taken by Commonwealth Bank last month because it is formal policy,” Greenpeace campaigner Jonathan Moylan said.
“All over the world financial institutions are turning their backs on coal after realising its contribution to climate change and the damage it does to the health of communities and the planet.”
Moylan said the announcement shows Australian banks were now joining other world financial institutions who are moving to abandon the most polluting of all fossil fuels, with ING promising this week to phase out coal within a decade and commiting to stop funding any utility company which relies on coal for more than 5 percent of its energy.
The World Bank also announced it will “no longer finance upstream oil and gas, after 2019″ in an effort to be consistent with the Paris Agreement goal of limiting warming to 1.5 degrees C.
“NAB’s decision to abandon coal shows Australian banks realise they cannot continue to ignore the very real damage every mine and every coal-fired power plant is doing to the health of the communities that surround them, and the contribution their fossil fuel financing makes to climate change,” Moylan said.
“It’s time for ANZ and Westpac to do the same and rule out investing in new coal projects.”
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