Banks urged not to fund coal power as government moves to underwrite projects

Activist groups warn providing finance for coal-fired power stations is inconsistent with banks' commitments to Paris agreement

Environmental and progressive activist groups are urging Australia's major banks and financial institutions not to fund new coal projects now that the Morrison government has flagged taxpayer assistance for power generation.

The Australian Conservation Foundation, GetUp, Greenpeace, Environment Victoria, the Australian Youth Climate Coalition, the Australian Centre for Corporate Responsibility and the Australia Institute wrote on Thursday to chief executives of the major lenders, warning the provision of finance for new coal, or retrofits of old coal-fired power stations, would be inconsistent with their public commitments to the Paris agreement.