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n1 writes:

The controversial Adani coal mine in Queensland is unlikely to get funding from Australia's big four banks after the second biggest, Westpac, tightened its funding criteria.

Westpac released its third Climate Change Action Plan today, which has a $10 billion target for lending to climate change solutions by 2020 and $25 billion by 2030.

[...] The bank's tougher criteria rule out Adani's new $16 billion Carmichael coal mine in Queensland's Galilee Basin to supply the Indian market.

[...] But Westpac's new environmental policy has infuriated Queensland LNP senator and resources minister Matt Canavan, who accused the company of being "unAustralian" before turning to Twitter to say Westpac had "turned its back" on the state.

Canavan said Westpac's decision was ridiculous, nonsensical and "Pythonesque"

"Adani itself hasn't asked Westpac for a loan. It seems to me that some corporations today are whimps in regard to standing up to these activists. You know, a few people that angrily turned up to a Westpac dinner and apparently changed the world," he said.

"I'm confident that the development in the Galilee Basin makes sense in terms of the world's energy needs."

Source: Business Insider Australia

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