“The Queensland government is at a cross-roads, and this latest policy announcement by another of Australia’s Big Four Banks to turn away from fossil fuel investments should be read as a clear warning sign,” said Greenpeace climate and energy campaigner, Shani Tager.
“Investing and financing major coal mines, coal-fired power stations, or their infrastructure would be inconsistent with Westpac’s new policy, and for Queensland that means not financing the Galilee Basin, the proposed Carmichael coal mine and the expansion of Abbot Point port,” said Ms Tager.
“Westpac’s policy puts them in line with other banks committing to a two degree Celsius warming limit, a position gaining traction with investors globally as the world moves away from fossil fuels. It’s a sensible decision,” said Ms Tager.
Westpac’s announcement comes just weeks before the federal environment minister Greg Hunt is expected to give his approval for dredging within the Great Barrier Reef World Heritage Area to expand the coal port at Abbot Point for the Carmichael mine.
“Financial institutions are inching ahead of the Queensland government when it comes to protecting the environment,” said Ms Tager. “Greenpeace is calling on the Queensland mines minister, Anthony Lyneham, to cut up the approval for dredging at Abbot Point when it is handed down.”
“The Carmichael mine is financially unviable and environmentally destructive - that’s why no banks are willing to go near it. It makes no sense for the Queensland Government to dredge in the Great Barrier Reef World Heritage Area to expand a port for a mine that should not be built.”
Westpac today promised to adopt a policy of investment that would aim to keep average global temperature increase to 2 degrees Celsius, the limit the United Nations has put as the maximum rise allowable to avoid the most dangerous levels of climate change.
Greenpeace said Westpac’s fossil fuel policy was a step in the right direction and that they would keep a close watch on the projects that Westpac finances to ensure that the policy is properly implemented.
Carmichael would be Australia’s largest coal mine and one of the biggest in the world. On the doorstep of the Great Barrier Reef, its port expansion would require massive seafloor dredging, resulting in hundreds more coal ships through Reef waters. At 28,000 hectares, it would also produce 121 million tonnes of carbon dioxide emissions yearly at maximum production, driving climate change - the greatest threat to the Reef.