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ANZ to stop lending to Australia’s biggest coal port

by Ivana Gazibara, Mar 3
1 minute read

Australia’s third biggest bank, ANZ, has pulled out of funding the Port of Newcastle, the world’s largest thermal coal terminal, because of its exposure to fossil fuels. The bank said the investment was too risky and is worried it could become a stranded asset as global decarbonization gathers speed. Australia’s fourth biggest bank, NAB, has agreed to step in to make up the financing gap.

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by Ivana Gazibara Spotted 9 signals

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