ANZ to stop lending to Australia's biggest coal port over its exposure to fossil fuels

NAB to step in to help Port of Newcastle refinance under agreement reported to bind it to reducing carbon emissions

ANZ has decided to stop lending money to Australia's biggest coal port, the Port of Newcastle, after adopting new policies last year that prohibit it entering new finance deals for customers with significant exposure to the fossil fuel.

The bank, which had been part of a syndicate of lenders, decided not to participate in the refinancing of hundreds of millions of dollars owed by the port, Guardian Australia has confirmed.