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The biggest buyers of Australian thermal coal have committed to net-zero emissions ANZ, Australia’s third largest bank, has decided to stop lending to the Port of Newcastle, the world’s largest thermal coal export terminal, under its new climate change policy to cut funding to the coal sector, including the associated infrastructure and service providers. To look at the background to the bank’s divestment, Barometer’s Des Lawrence spoke with IEEFA’s Tim Buckley, Director of Energy Finance, Australia/South Asia. Buckley says ANZ made an “entirely pragmatic decision” due to concerns that the port’s legal constraint, imposed by the NSW Premier, prevents it from diversifying – such that the port will become a stranded asset as the world rapidly moves away from thermal coal. A point that was made abundantly clear when the biggest buyers of Australian thermal coal, Japan, China and South Korea, committed to net-zero emissions last year.

Port of newcastleNew south walesSouth koreaSouth australiaTim buckleyInstitute for energy economicsEnergy economicsDes lawrenceEnergy financeRadio adelaideபோர்த் ஆஃப் நியூகேஸில்புதியது தெற்கு வேல்ஸ்தெற்கு கொரியாதெற்கு ஆஸ்திரேலியாநேரம் பக்லிநிறுவனம் க்கு ஆற்றல் பொருளாதாரம்