3 Reasons Why Westpac is Wrong on Coal

Westpac’s new Climate Change Action Plan limits new thermal coal lending to existing basins and to projects with an energy content of at least 6,300kCal/kg23.

If adopted by all financial institutions and applied to current projects, most of Australia’s current coal-fired power generators and energy coal export mines would need to bank overseas.

Rather than setting artificial benchmarks that would damage the Australian economy, financial institutions and policy makers should remain open to technological developments that will allow the more efficient generation of coal-fired electricity.

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