Westpac to withdraw support for thermal coal mining by 2030

The Australian bank says it has increased the share of renewables in its lending to the electricity generation sector from 59% to 75% since 2016

Westpac has announced plans to cease financing thermal coal mining by 2030, joining other major financial organisations that have already committed to divest from the fossil fuel industry.

The Australian bank says it has increased the share of renewables in its lending to the electricity generation sector from 59% to 75% since 2016.

The firm has unveiled its fourth climate action plan, which includes its commitment to source the equivalent of 100% of its global electricity consumption from renewable sources by 2025 and reduce its carbon dioxide emissions by 90% by 2030.

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