McQuery has indicated that it will cut off funding for the coal project by 2024 in a symbolic move, coupled with intense political debate in Australia over the removal of banks from the sector.
Sydney-based investment bank said on Friday it was optimistic the product’s exposure would “continue” within three years, as it aligned its financial activities with a global commitment to implementing climate policy. Net-zero emissions by 2050. Macquarie will continue to fund oil and gas development.
“As countries move from zero to zero, we recognize that much of the world depends on oil and gas for the power economy and that these fuels will continue to play a key role in providing the necessary energy until new, commercially viable technologies are found,” the bank said.
The pressure from investors on the risks posed by climate change has encouraged more than that. 130 world donors The plan to exit the coal outline includes three Westpacks, ANZ Bank, the Commonwealth Bank of Australia and the Big Four of Australia. Indicate their purpose To stop coal financing, the result is a scramble of source alternative funding for projects.
For the fiscal year ended March, McQuey’s coal output fell by just one m 100 million (US $ 77.8 million), about half that of the previous year.
The Australian Parliament is investigating the treatment of the financial sector in the export industry, following Keith Pitt, Australia’s wealth minister, accused bank and pension fund “corporate activism”.
“It is of great concern to me that legitimate industries such as coal mining, which make a significant contribution to the national economy and employ thousands of Australians, have been left behind,” he said.
Several coal miners have warned the committee They have suffered This is because there has been a significant shift in perceptions by Australian donors and insurance providers which has made their business increasingly difficult. Centennial Coal, which operates mines in New South Wales, said Asian donors were less likely to fill the gap because they would have generally contributed to Australian financing if local banks had been involved.
“Their view is that Australian banks will know Australian mining resources better than they do. Without Australian banks participating, it would be highly impossible for Asian banks to fill the void, ”the centenarian said in a statement.
The Port of Newcastle New South Wales, the world’s largest coal terminal, received a 15 515 million lifeline from the National Bank of Australia when its existing donor ANZ leaned towards debt refinancing last year.
Macquarie made its announcement on climate financing as it reported that annual profits rose 10% year-on-year in March to a record 3.02bn, driven by a Encouragement in activities In its product section. The bank said it would promise to reach net-zero operational emissions by 2022.
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