Name: Westpac abandons funding for thermal coal mining
Brand: watoday.com.au
SKU: watoday-com-au-2
Availability: OnlineOnly

critic

Westpac abandons funding for thermal coal mining

preview

Westpac abandons funding for thermal coal miningWe’re sorry, this feature is currently unavailable. We’re working to restore it. Please try again later.DismisscloseAdvertisementBy Log in, or to save articles for later.Normal text sizeLarger text sizeVery large text sizeAdvertisementWestpac says it will stop funding mining projects for coal to be used for power generation by 2030, as part of a broader commitment to reach a net-zero emissions business model by 2050.It will also ensure that the emissions produced by the energy production projects it does finance are dramatically reduced by 2030.In a statement, Westpac said it recognised that climate change was one of the most significant issues facing the “global economy and our way of life” and said it believed economic growth and emissions reductions were complementary goals.According to Tim Buckley, a coal analyst with the Institute for Energy Economics and Financial Analysis, which supports a shift to a decarbonised economy, Westpac is the 30th major international financial institution this year to declare it was abandoning coal.Julien Vincent, the executive director of Market Forces, which lobbies for climate change action by financial institutions, said he believed the signals in Westpac’s statement about power production were perhaps more significant than its clear statement about coal mining.At present the power production projects the bank finances emit 260 kilograms of greenhouse gas per megawatt hour of electricity produced on average. Under the plan announced on Monday that would be reduced to 230 kilograms across its portfolio by 2025 and by 2030 to 180 kilograms.At present in Australia coal fired power plants produce around 900 kilograms per megawatt hour and gas around 400 kilograms per megawatt hour.In simple terms, says Mr Vincent, Westpac’s goal would see it decline to fund not only new coal plants but also new gas plants.He said this was a particularly important message to send to the federal government, which has voiced its support for using gas to help stimulate the economy as it emerges from the coronavirus crisis.“Westpac’s policy is another nail in the coffin of the thermal coal industry and a stark warning to a federal government trying to leverage the COVID-19 pandemic to give the fossil fuel industry a leg up. This plan shows it won’t be happening with Westpac’s cooperation,” he said.AdvertisementWestpac also announced it aims to provide $3.5 billion of new lending to climate change solutions over the next three years and ensure that its own operations created net zero emissions by 2025.In January the world’s last fund manager, BlackRock, which has nearly US$7 trillion in funds under management, announced it would place climate change at the centre of its financial decision making processes. "I believe we are on the edge of a fundamental reshaping of finance," it’s chief executive, Larry Fink wrote in a letter to investors."Investors are increasingly reckoning with these questions and [recognising] that climate risk is investment risk.”Log in, or to save articles for later.Advertisement

Westpac abandons funding for thermal coal miningWe’re sorry, this feature is currently unavailable. We’re working to restore it. Please try again later.DismisscloseAdvertisementBy Log in, or to save articles for later.Normal text sizeLarger text sizeVery large text sizeAdvertisementWestpac says it will stop funding mining projects for coal to be used for power generation by 2030, as part of a broader commitment to reach a net-zero emissions business model by 2050.It will also ensure that the emissions produced by the energy production projects it does finance are dramatically reduced by...

public

Nick O'Malley

watoday.com.au

Credible

Speculation

Anecdotal Evidence

Generalization

Stacking the Deck

Appeal to Authority

Straw Man

Slippery Slope

Emotional Appeal

Red Herring

False Dilemma

Illogical

Moral Equivalency

Ad Hominem

Correlation w/o Causation

Semantics

Begging the Question

Faulty Analogy

Non Sequitur

Bandwagon

Dogmatism

Failing Occam's Razor

Biased

Pure Opinion

Hit Piece

Racial Bias

National Bias

Religious Bias

Financial Incentive

Political Agenda

Gender Bias

Misused Image/Video

Study Misinterpreted

Mistake

Misused Term

Science Misrepresented

Factual Error

Satire

Surface Level

Lack of Reliable Sources

Sensational

Not Credible

Investigative

Balanced

Well Sourced

Great Context

sports

entertainment

U.S.

international

business

technology

science

culture

politics

media

health

Westpac abandons funding for thermal coal mining

No article scores yet.

CRITIC REVIEWS

PUBLIC REVIEWS