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Climate risk sees ANZ divest from Port of Newcastle, the largest thermal coal terminal in the world – ABC News
The ANZ bank has pulled nearly $1 billion funding in Port of Newcastle, interpreted as a significant rebuke of coal and its fear of shareholders’ exposure to climate…
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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