Big four banks forced to defend thermal coal exit
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The country’s largest banks have been forced to defend moves to phase out thermal coal lending amid a government inquiry on investment exclusions after new corporate policies on climate change prompted outrage from some federal politicians.
Commonwealth Bank, Westpac, ANZ and National Australia Bank have all committed to leaving thermal coal by 2030 and pledged alignment with the Paris Climate Agreement as the finance industry plays a greater role in reducing emissions and adjusting business models to avoid financial risks associated with climate change.
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