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Commonwealth Bank to Exit Thermal Coal by 2030

Coal News - Published on Tue, 13 Aug 2019

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The Commonwealth Bank has announced it will divest from thermal coal by 2030, after being one of the heaviest lenders to coal, oil, and gas. The Commonwealth Bank said it would continue to reduce its thermal coal mining and coal-fired power generation exposures with a view to exiting the sector by 2030, subject to Australia having a secure energy platform.

The bank has made a ‘dramatic turnaround’ after it loaned at least AUD 7.2 billion to coal, oil, and gas companies and projects two years after the Paris Agreement.

The announcement follows commitments by insurers QBE and Suncorp to exit the sector by 2030 and 2025, respectively.

BankCoal PowerThermal coal mining
CommBankZero exposure by 2030Zero exposure by 2030
ANZExcludes projects of more than 0.8 tonnes CO2 / MWhExcludes new to bank customers with more than 50% of revenue from coal
NABNo policy restrictionsWill not finance new thermal coal mines or extensions
WestpacTarget of average power sector emissions intensity of 0.3 tonnes CO2 / MWh by 2020Will not finance new thermal coal basins or projects with energy content less than 6,300 kCal / tonne

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Posted By : Rabi Wangkhem on Tue, 13 Aug 2019
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