Australia’s dirtiest industry dealt another blow as Commonwealth Bank rule out new coal projects

Greenpeace welcomes the announcement today by the Commonwealth Bank that the bank would distance itself from coal projects.

In a statement released to the ASX ahead of the bank’s annual general meeting shareholders were informed that they “should note that our coal funding is comparatively small and has been trending down for some time. We expect that trend to continue over time as we help finance the transition to a low carbon economy”.

“Commonwealth Bank have today set a new standard for financial investment in Australia,” Greenpeace campaigner Jonathan Moylan said.

“By ruling out future investments in coal they have shown they are willing to literally put their money where their mouth is on fossil fuel investment.

“Westpac, ANZ, and National Australia Bank must immediately follow suit and show the rest of the world Australian financial institutions are serious about combating climate change and protecting coal affected communities.”

Moylan said the announcement shows Australia was now joining other world economies who are moving away from the most polluting of all fossil fuels.

“Around the world financial institutions are turning their backs on coal,” Moylan said.

“But we cannot be complacent and ignore the very real damage every mine and every coal-fired power plant is doing to the environment, the communities that surround them, and the planet.”