Australia’s banks stop funding coal as trading partners decarbonise

ANZ Bank has become the last of the Australia’s “big four” banks to say it will stop financing new thermal coal projects, the Financial Times reports, adding that the move will force mining projects in the country to turn to foreign lenders.

ANZ will immediately cease funding new projects, the FT says, with lending to existing coal plants and mines ending by 2030.

The Guardian reports the news and adds that Australia’s deputy prime minister Michael McCormack criticised the decision as “virtue signalling”. Bloomberg also has the story. The Guardian reports in an “exclusive” that a private investigator for Adani, the firm hoping to build a giant coal mine in Queensland, had “surveilled and followed anti-Adani activist Ben Pennings’ wife and daughter”.

In other coal developments, Climate Home News reports that the Philippines has declared a moratorium on new coal-fired power stations, saying that the move “could scrap 8GW [gigawatts]” of capacity that has yet to receive full approval, meaning only a third of the 12GW pipeline would be able to move forward.

Miningmx reports that the state-owned Industrial Development Corporation of South Africa has pulled its support for a thermal coal mine in the country, citing “market conditions” for the fuel having “deteriorated materially”. Reuters reports that Banks Mining in the UK will not challenge a government decision to reject its plans for a new coal mine at Druridge Bay in northeast England.