National Australia Bank stops all lending for new thermal coal projects
by Gabrielle Jackson from Environment | The Guardian on (#3ANG4)
Move makes NAB the first major Australian bank to phase out support for industry but it will continue to finance projects already on its books
National Australia Bank says it will halt all lending for new thermal coal mining projects, becoming the first major Australian bank to phase out support of thermal coal mining.
While the bank will continue providing finance for coal projects already on its books, NAB said an orderly transition to a low-carbon Australia was critical for the economy and for continued access to secure and affordable energy.