Westpac have released their climate change Position statement and 2020 action Plan. This effectively rules out any funding of Adani for the Carmichael coal project.
Westpac becomes the 4th and last of the big 4 Australian banks to rule out financing the Adani project, and makes it the 19th bank globally to have either ruled out funding Galilee Basin coal export projects directly, or through the introduction of a new policy.
Westpac came under intense pressure from community organisations to rule out funding for Adani, with numerous protests outside bank branches, questions at AGMs, and a campaign urging customers to divest. Without this community social pressure Westpac's climate change position may have been much less rigorous.
