Quote:
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 updated its 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 had long been targeted by protesters over its failure to follow its rivals in ruling out funding for the $20 billion Adani mine in Queensland's Galilee Basin, which critics say would severely jeopardise the state of the Great Barrier Reef and destroy indigenous land rights.
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Source:
http://au.pressfrom.com/news/money/-...ani-coal-mine/
What this didn't mention is that the government planned to spend a billion of tax payers dollars to build a railway to service this mine, something Adani could have payed for themselves.
More so, India plans to greatly improve use of renewable energy by the end of this year. This railway would never pay for itself and at the risk of the Great Barrier Reef.
Westpac are the sixteenth lending institution to turn Adani down.
In 2016 84% of Queensland was in a drought and the government thinks it’s a good idea to give free groundwater to a coal mine, while farmers have to pay.
According to a supplementary environmental impact statement, the mine will draw 26 million litres of water per day from its pits by 2029.