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Big four banks distance themselves from Adani coalmine as Westpac rules out loan

Author: Joshua Robertson, The Guardian (UK), Published on: 28 April 2017

Australia's big four banks have all ruled out funding or withdrawn from Adani's Queensland coal project, after...Westpac the country's second-largest bank, released a new climate policy on Friday, saying it would limit lending for new thermal coal projects to "only existing coal producing basins". Canavan...the minister for northern Australia, invited Queenslanders seeking home loans or term deposits to boycott Westpac as a result of its decision...National Australia Bank ruled out funding the Carmichael project in September 2015, a month after Commonwealth Bank parted ways with Adani as project finance adviser. The CEO of ANZ, Shayne Elliott, in effect ruled out financing the mine last December when he predicted a downward shift in the bank's exposure to coalmining would continue for the foreseeable future...The Adani spokesman said the company was "fervently committed" to the project "despite Westpac and other Australian financial houses choosing to ignore the opportunity to invest"."The financial houses have, instead, chosen to bow to environmental activists," he said. "

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Related companies: Adani Group ANZ Bank Commonwealth Bank National Australia Bank Westpac