Westpac embraces climate change action

From the AFR:

Westpac Bank will find it hard to justify lending to new fossil fuel projects after it commits on Friday to running its business to support an economy that limits global warming to below 2 degrees.

The new pledge will take Westpac well beyond the “support” offered by the three other big Australian banks for the global 2 degrees target, currently being debated in climate talks in Paris.

Instead, sources say, the bank will use its annual general meeting to make a formal commitment to “operating both directly and indirectly in a manner consistent with supporting an economy that limits global warming to below 2 degrees”.

David Llewellyn-Smith

Comments

      • Civility will take you a lot further in life than abuse pal, although it seems like it’s too late for you to learn that lesson.

        I concur that ethics in business is to be encouraged. For example, I’m a member of Engineers Australia, and I abide by their code of ethics.

        But this is just an example of an inherently rapacious and corrupt organisation that (with the other big banks) does everything it can to screw over the people of this country for profit. I have no reason to believe that this measure is anything other than some deceptive hand-waving and meaningless words dreamed up by their marketing crew and aimed at stealing more money from chumps under the guise of being “green”.

        It’d be great if I was wrong, but I don’t think I am.

      • Civility will take you a lot further in life than abuse pal

        Whats “civil” about calling a thoughtful, ethical decision by a bank “wankage”?

        And how is it going to “steal more money” from “chumps”?

        Getting hot inside your aluminium foil helmet? 😆

    • Agree. Amounts to nothing in the new era of commodity collapse in any case. Empty rhetoric. Blah blah blah. Thank god COP is nearly over.

    • When corporations got the legal rights of humans they exposed them selves to mortality.
      No one wants to die.
      Westpac ,and other multi nationals can see death staring them in the face thru Climate Change.
      I believe that it will be the big corporations, not Governments, that will take the lead in combating rising CO2 levels.

  1. They are going to stop lending all together are they ? Nobody is prepared to accept reality yet, a lot more pain will be needed.

    http://www.postcarbon.org/can-we-have-our-climate-and-eat-it-too/

    There should be a huge depression sometime in the next 10-20 years. The measures needed might be accepted as a way out of such a thing, but the destruction of the present capital structure is needed first. The big boys are believed to be planning on a basis of + 4 degrees.

    • There should be a huge depression sometime in the next 10-20 years

      Agree. I am absolutely certain of it. And the depression will go on for, well, almost forever. Kunstler called it “The Long Emergency” 😯