Mine backlash on bank Boycott urged after Westpac rejects coal loans

CUSTOMERS have been urged to boycott Westpac after the bank ruled out any finance for the massive Adani coal mine in central Queensland.

Northern Australia Minister and Queensland Senator Matt Canavan yesterday branded the bank “wimps’’ and unAustralian over the move which follows vigorous campaigning by environmental groups opposed to the multibillion- dollar project.

“I can only conclude from this decision by Westpac that they are seeking to revert to their original name as the Bank of New South Wales because they are turning their back on Queensland,’’ he said.

“May I suggest those Queenslanders who are seeking a home loan or a long- term bank deposit or some such in the next few months might want to back a bank that is backing the interests of Queenslanders.”

Westpac has announced a revised climate change action plan, which includes a ban on financing thermal coal projects in undeveloped coal basins such as the Galilee.

Green groups claimed it meant approving government loans to a Galilee rail line would be “near impossible” while the Queensland Resources Council said it was extraordinary a bank would be “judge, jury and executioner” on the viability of opening the Galilee coal province.

Westpac said financing for new thermal coal projects would be limited to existing coal producing basins and where the calorific value of coal ranked in the top 15 per cent globally.

Adani’s Carmichael mine, 160km northeast of Clermont, is among half a dozen new coal projects in the untapped Galilee province.

In a statement, Adani Australia said it remained fervently committed to developing Aus- tralia’s next generation high quality thermal coal resource in the Galilee Basin.

“The Carmichael mine will produce thermal coal that easily meets the emissions standards announced by Westpac Bank,” it said.

QRC chief executive Ian Macfarlane said Westpac’s statement was ridiculous when it came to such an integral part of the economy.

“I think it’s extraordinary that a bank like Westpac who, along with the other three majors, recently pleaded with the Federal Government not to have a royal commission into their operations, would now be judge, jury and executioner on whether something is economically viable and sustainable in a new basin such as the Galilee,” Mr Macfarlane said.

Environmental Justice Australia’s David Barnden said Westpac’s move would likely make it impossible for the Government’s Northern Australia Infrastructure Facility to provide a $ 900 million loan for the project’s rail line.