Week starting 9.12.2019

ANZ’s secret plan to cut thermal coal leaves Westpac now out in the cold

ANZ has internal plans to cut thermal coal mining exposure by 75% by March 2024. While this is a welcome ambition, ANZ has not confirmed the targeted 75% reduction officially in public policy.

Take a moment to tell ANZ to publicly confirm its secret plans to phase down thermal coal mining and to go further and align itself with the climate goals of the Paris Agreement.

Pending a material commitment from ANZ, Westpac is the only major Australian bank without a publicly revealed strategy to phase down exposure to thermal coal.

Unfortunately ANZ’s internal strategy isn’t all good news. It also plans to increase metallurgical coal mining exposure despite the need for industrial emissions to fall substantially over the coming decades in line with the Paris Agreement.

Click here to email responses to Westpac and ANZ.

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