Adani coalmine: ANZ revokes funding for Carmichael project

Australia and New Zealand banking group chief has revoked the financial assistance for Adani group's proposed multibillion-dollar Carmicheal coal mine project in Queensland, Australia.

Adani coalmine: ANZ revokes funding for Carmichael project

Australia and New Zealand banking group chief has revoked the financial assistance for Adani group's proposed multibillion-dollar Carmicheal coal mine project in Queensland, Australia.

According to Weekend Australian report, Shayne Elliott, ANZ chief executive, had said the bank’s exposure to coal mining had halved to about $1.5bn over the past two years and that he foresaw that downward trend continuing.


“It’s pretty small and trending down and I can’t see a time where we’d suddenly see that trend shift, to be honest.”

ANZ held its annual executive meeting in Melbourne and ruled out funding for Carmicheal. But ANZ’s 2016 corporate sustainability review addressed the need to move away from coal and expressed support for new electricity generation projects.

“Our customers mining for coal, oil and gas, as well as those in coal-fired electricity generation, and related industries, are increasingly exposed and may experience transition risk as a result of decreasing demand for fossil fuels and increasing demand for clean energy. We encourage customers in these sectors to plan for, and start making, the necessary changes for climate adaptation.”

ANZ had not directly funded any new coal-fired power generation projects in 2016. National Australia Bank ruled out financing the Carmicheal mine in September last year.