National Australia Bank to Stop Lending to Thermal Coal Mining

Image Source: static9

The National Australia Bank said last week that it will take no new thermal coal mining customers and wind down lending to existing customers to zero by 2035. The bank's exposure to thermal coal mining stands at AUD 762 million, which would be phased down to about half by 2028 and effectively zero by 2035. The bank would not fund new coal-fired power generation or expansions to existing plants unless there was technology in place to materially reduce emissions. By 2035, the only exposure the bank would have to thermal coal mining would be financing for environmental remediation of mines

The Commonwealth Bank has also announced plans to work towards exiting thermal coal by 2030, but subject to secure alternative sources of energy.

Source : Strategic Research Institute, SteelGuru