Following on from Citigroup's announcement yesterday, ANZ bank has also now pledged not to finance traditional coal mining projects, and says it will provide at least $10bn in funding towards renewable energy, reforestation, low-emissions transport, and carbon capture and storage (CCS)﻿. This is seen as the most significant step by one of Australia's big banks on climate change, and follows accusations by climate activists over the bank's original position as Australia's largest lender to fossil fuel projects, especially after it backed the controversial New South Wales mine in Maules Creek.
Following on from Citigroup's announcement yesterday, ANZ bank has also now pledged not to finance traditional coal mining projects, and says it will provide at least $10bn in funding towards renewable energy, reforestation, low-emissions transport, and carbon capture and storage (CCS)﻿. This is seen as the most significant step by one of Australia's big banks on climate change, and follows accusations by climate activists over the bank's original position as Australia's largest lender to fossil fuel projects, especially after it backed the controversial Maules Creek mine in New South Wales.