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ANZ to Reduce Coal Funding in Australia

Coal News - Published on Tue, 10 Dec 2019

Image Source: ANZ Coal Funding
ABC reported that ANZ has secret plans to drastically slash its lending to thermal coal mining. The document marked not for public disclosure notes the banks recognises the time has come to make the transition. An internal email said “It will shed more than AUD 700 million of thermal coal loans by 2024, a reduction of 75 per cent. The bank is also on the look out for opportunities to accelerate this timetable to cut lending to the fossil fuel sector even faster. The move is part of an "orderly thermal coal mining reduction strategy.”

ANZ is the biggest lender to coal mining in Australia

The revelation follows previous declarations by both the Commonwealth Bank and NAB to exit the industry by 2030 and 2035 respectively.

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Posted By : Yogender Pancholi on Tue, 10 Dec 2019
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