ANZ Banking Group will set strict rules on lending to the coal industry to bring the bank’s business into line with the growing momentum across the corporate world of reducing carbon emissions.
ANZ’s new climate change commitments include $10 billion in new lending for greenhouse gas reductions over five years and a ban on lending to new coal plant that does not use the latest clean coal technology.
…”we will continue to support our natural resources and energy customers during the transition, provided they meet our new, tougher lending policies and standards.”
From the AFR:
ANZ will continue to lend to coal miners but will restrict lending to power plants with only the lowest emissions. It will not much effect new plants given they qualify but will make it harder for old plants to get finance unless their emissions are reduced.
