5 May 2020
Westpac climate policy leaves governments in the dust
The Nature Conservation Council welcomes Westpac’s commitment to stop funding thermal coal mines and power stations by 2030 and urges the federal government to match the bank’s level of ambition.
Westpac is reportedly the 30th major international financial institution this year to declare it was abandoning coal. The company also aims to provide $3.5 billion of new finance for climate change solutions over three years so its own operations have net zero emissions by 2025. [1]
“If Westpac can quit thermal coal by 2030, then the federal government can also quit coal by 2030,” Nature Conservation Council Chief Executive Chris Gambian said.
“NSW still burns coal for 80% of its electricity and the federal government is stuck in the past without a plan to transition to clean energy. This can and must change.”
Westpac joins CommBank and Australia’s three major insurers in committing to quit thermal coal by 2030 or earlier.
“The big banks and insurers are moving because it is in their shareholders’ interests. The federal government must also act because it is in the interests of all Australian citizens to quit coal.
“In the post coronavirus world, investing in clean energy will be the best way to drive economic recovery and create a sustainable society.”
[1] Westpac abandons funding for thermal coal mining, SMH-Age, 5-5-20
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