Climate risk sees ANZ divest from Port of Newcastle, the largest thermal coal terminal in the world – ABC News

The ANZ bank has pulled out of funding the Port of Newcastle in what is being interpreted as a significant rebuke of the coal industry and its exposure to climate risk.
Key points:

• ANZ divested from the port over concerns it could become a stranded asset
• Other investors including NAB have continued to underwrite the port to assist it in diversifying
• The NSW Government implemented laws that would restrict container traffic through Newcastle for 50 years

The port is the largest thermal coal terminal…

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