AUSTRALIA STOPS COAL
PLATTS - National Australia Bank announced Thursday it will no longer provide financing for new thermal coal projects.
"While we will continue to support our existing customers across the mining and energy sectors, including those with existing coal assets, NAB will no longer finance new thermal coal mining projects," the company said in a statement.
NAB, one of Australia's four major banks, said it has an important role to play in the transition to a low carbon economy.
"An orderly approach to the low carbon transition is critical to ensure Australians can continue to have access to secure, reliable and affordable energy and support our economy," NAB said.
The announcement come after the state government of Queensland earlier this week asked the national government to veto a federal loan worth A$900 million ($681 million) to fund infrastructure to advance Adani's 60 million mt/year Carmichael thermal coal project in the state.
A number of Chinese banks have also recently announced they will not finance the Carmichael project.
Another of Australia's four major banks, the Commonwealth Bank, announced in mid-November that it intends to reduce financing to coal projects, S&P Global Platts reported earlier.
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