Morrison’s carbon loons freak over ANZ push

We have this at Bloomie:

Financing options open to Australia’s coal operators dwindled further after another of the country’s largest banks said it would end almost all investment in thermal mines and power stations by 2030.

The move by Australia and New Zealand Banking Group Ltd. will add to the increasing difficulty miners face in funding new operations or expanding their existing assets in the nation, the world’s second-biggest exporter of thermal coal.

Followed by this from Loonie:

ANZ is based in Melbourne not Pitt St. Moreover, it was the big coal lender among the banks so where are the carbon-culters going to go?

Banks are simply doing what everyone outside of the carbon cult is doing: reading the science and preparing for the end. At Domain:

Prime Minister Scott Morrison says he will not be dictated to by other governments’ climate change goals, declaring he is not worried about the future of Australia’s exports despite four of the country’s top trading partners adopting net-zero emissions targets.

China, Japan, Britain and South Korea, which account for more than $310 billion in Australian annual trade between them, have all now adopted the emissions target by 2050 or 2060, ramping up pressure on Australia’s fossil fuel industry. Coal and natural gas alone are worth more than 25 per cent of Australia’s exports, or $110 billion each year.

“I am not concerned about our future exports,” Mr Morrison said on Wednesday. “Australia will set our policies here. Our policies won’t be set in the United Kingdom, they won’t be set in Brussels, they won’t be set in any part of the world other than here.”

They will be set elsewhere when the carbon tariffs begin. ANZ is right to dodge that. Shame about the country. The people know, at Seven:

A gas-led economic recovery from the COVID-19 pandemic is not what the majority of Australians want, a new survey has found.

The 2020 Climate of the Nation report, released on Wednesday, found that two in three Australians would prefer the government choose renewables as the pathway out of recession.

Almost 2000 Australians took part in the annual survey, which has tracked the public’s attitude towards climate change for more than a decade.

Think-tank The Australia Institute has conducted the survey for the past few years after being handed the reins from the Climate Institute when it closed.

The report also found only 12 per cent of Australians sided with the federal government, saying they support Australia’s economic recovery being primarily powered by investment in gas.

Only the bought and paid for carbon-culters in Canberra do not.

David Llewellyn-Smith
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Comments

  1. happy valleyMEMBER

    Clearly, ANZ is not reading closely enough the memos from Josh Rainbowberg about irresponsible lending (in whatever form?) coming to all banks, in their back to the future moments?

  2. “Banks are not and should not try to become society’s moral compass and arbiter – the Australian people decide that by who they elect”

    I was clearly a bit confused about who had responsibility for my personal sense of values and morals, I’m glad that clears it up.

    So Liberals, as the self-elected arbiter of society’s morals, what does the Liberal moral compass tell us is the “right” thing to do today?

    • For RWNJs like Littlebrain, the right thing to do is always a function of doing right by whoever is greasing the palms most generously.

      • Well tbh he wasn’t, but he is now.

        I have been re-educated and my morals realigned because DP said so. And what he says must go because I (someone else) elected him/them.

        You know it makes sense.

  3. happy valleyMEMBER

    So, is Littleproud de facto threatening to pull deposit guarantees? Well, I guess that they are essentially worthless despite the selling con job done on them by the gubmint and banks?

  4. There is such a clear path to The Lodge from Albodross/whomever replaces him it’s not even funny.

  5. Man there are some odious characters in the LNP and he is right up there
    Canavanni
    Pitt
    Colbeck
    Taylor
    Porter
    Cash
    Frydentennis
    Scrotum
    Hawke
    Wilson
    Sukkar
    Man I better stop or my fingers will get sore
    they’re all pus. Just pus.

    • Tudge
      The member for Manila
      Craig Kelly
      Eric Abetz
      Kevin Andrews
      Gladys Liu
      Kelly O’Dwyer
      Michael McCormack
      Barnacles
      Alex Hawke

      and the list of corrupt lunatic muppets goes on and on and on

      Is anyone starting to see the problem here?

  6. It’s not even news – so ANZ won’t fund debt at coal mines. If those mines are profitable someone will. The returns will be higher.

    Think of it like Investment Properties. Some banks say they won’t loan to IPs – it’s not like those houses won’t be built by developers – prices might be lower – but they will still be built.

    I reckon there will be lots of profits to be made in the final years of the carbon economy as the do-gooders leave the scene.

    • Newsflash: the smart money is getting out of coal. You’d have to be pretty damned stupid to think otherwise.

      • Newsflash: if there’s money to be made someone will fund it — just because straya is one of the most backward of the Western countries for project funding is irrelevant. In most other countries, big projects are like these are not funded by the local bank.

      • Newsflash- I’m sure China India, Japan and India will stop buying it because you say so. I wonder if they have any banks.

        • Because China, India, and Japan have all publically announced that they plan to stop buying Australian coal.

  7. Two thirds of the respondents aren’t the ones pouring money into the LNP with promises of post parliament jobs.

  8. TheLambKingMEMBER

    This has NOTHING to do with moral compass! With our main buyers of coal & gas stating their intent to get out of the market, this is all about not wanting to own or fund any stranded assets!

    The LNP are trying to use the Brexit playbook of ‘we make our own decisions’ (even if the decisions are completely nuts – like Brexit)

    • Yes, the irony of We make our own decisions BoJO being told to p…off by We make our own decisions (on climate) by Scomo.
      Perhaps Rup and the boy will need to take them behind the school shed and teach them how to sing together to the RupNews hymn sheet?

  9. “I am not concerned about our future exports,” Mr Morrison said on Wednesday. “Australia will set our policies here..”

    LOL, what a silly statement.

    “We’re not going to listen to our trading partners. You know, the ones that actually buy our exports. We’re going to set out own agenda here! The world will keep buying our coal because we say so!”

  10. Morrison has had a good pandemic, but he has not had a good fortnight.
    His blowup over the Holgate watches, apparently related to celebrating a revenue positive deal for Post, was absurd, but even if that justification is wrong, it’s still much smaller than the West Sydney land deal and the ASIC problems.
    And not being worried about exports is absurd. To the extent that we want to sell things to others, our terms have to be acceptable to buyers, and being out of step with buyers just creates a negotiating point to be used against us.
    He just wants to kick the carbon can down the road, and let his successors deal with it.
    His real risk is that getting a fourth win in a row for the Coalition is historically difficult. Shorten and big target strategy gifted Libs the election in 2019 and they won’t be that lucky again. He needs Jobkeeper and the economy to go right in 2021.