Four Big Australian banks reject funding for coal project « Mining Blog

Four Big Australian banks reject funding for coal project

25. May 2011,

Australia’s four major banks have rejected funding a coal-fuelled power plant proposed for Victoria, raising doubts about its viability despite its controversial approval by the Environment Protection Authority.

The Authority had cleared the way for Melbourne coal technology company HRL to build what would be the state’s first new coal plant in nearly 20 years which, it was claimed, would employ new gasification technology, thus reducing greenhouse gas emissions from brown coal power by about a third, to “roughly the level of modern black coal stations” – as if this could possibly be classified as in any way combating adverse climate change.
According to The Saturday Age newspaper, . ANZ, Westpac, the Commonwealth, and National Australia Bank have each stated they would not contribute funds to the plant
Westpac spokeswoman Jane Counsel indicated the bank did not consider it a clean coal project, but went on to say that the bank. ‘will continue to consider financing coal projects in the future” though “ our focus is very much on supporting those projects that use cleaner and more efficient technologies and are making the transition to a carbon-constrained operating environment’
And a report by consultants Deloittes released this week by Energy Minister Martin Ferguson found no major financial institutions were investing in new coal power projects in Australia, beyond some refurbishments in Western Australia.

Source: http://www.theage.com.au/national/big-banks-no-to-coal-plant-20110520-1ewxj.html#ixzz1MzSiww4c

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1 Comment

  1. The call to reduce the use of coals is valid for western countries but unfortunately, coal statistics show developing economies are more likely to increase their use of coal in coming years because of its affordability and to meet increasing demands for electricity and steel for the coal industry. http://www.coalportal.com

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