Westpac rules out funding controversial coal mine

350.org and 350 Aotearoa commend Westpac for climate change leadership that rules out new coal basin investment following strong community pressure

FOR IMMEDIATE RELEASE

Trans-tasman campaigning results in huge blow to Queensland mine project

AUCKLAND, 28 April 2017 -- 350.org, 350 Australia, 350 Aotearoa and the Australian Youth Climate Coalition have hailed Westpac’s new climate change policy -- which includes a ban on funding for any new coal basin projects -- as a massive blow for Adani’s new coal mine and the coal industry in Australia.

“Westpac’s new climate change policy and decision to rule out funding for new coal basins -- including the Adani mega mine -- is an enormous blow to this project and the future of coal in Australia after sustained community pressure from around the country,” 350 Australia's CEO Blair Palese, said.

“After months of community pressure from Australia and New Zealand, Westpac’s announcement is a strong indication that people everywhere are ready to stop this climate disaster in its tracks and that Adani and the Australian Federal and Queensland Governments ignore them at their peril.”

350 Aotearoa Executive Director Niamh O’Flynn said that Westpac’s move is “A win for people power across the Tasman.

“Westpac has finally caught up with the reality of climate change by ruling out the worst of the climate offenders in their new policy.

“While we commend Westpac for this move, we still need to come together to push for concrete policies that see a rapid divestment from fossil fuels and a reorientation toward investment in clean energy.

“350 Aotearoa is calling on our universities, banks, churches and all institutions with investment in fossil fuels to get our money out of the ground and into the future.”

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