Activists forced the big four to ditch thermal coal. Don’t expect a repeat on oil and gas, with banks committed to keeping the lights – and their profits – running.
Four bank annual meetings, each more than four hours long, all dominated by questions about oil and gas policy would have left even the most avid supporter of climate action questioning their commitment to the cause as 2022 ground to a close.
Even before Russia’s invasion of Ukraine, it was clear the banks were not going to rush for the exits again, as gas was seen as a transition fuel and critical export earner, and due to the need to ensure the lights stay on and for a “just” transition for all Australians.
The challenge is urgent, says Whitton, and the banks don’t have the luxury of business as usual while they wait. “I think we’ve financed in Asia Pacific more than 55 projects over the last few years and what we see in Europe is that with all the offshore wind, all the offshore projects are extremely big, billions of dollars, and we are seeing that trend, of course, in Australia.
“Policies in Australia and our trading partners are moving against fossil fuels, which is a direct risk to project cashflows. The emissions from any new gas and oil production also increases instability and risk to the overall economy,” says an IGCC spokesperson.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
What is a Fitzroy garage party and why has it been going for days?A fairly ordinary party in an inner-Melbourne suburb has somehow become grist for the global discourse mill. So why is everyone so upset?
Read more »
Why this inheritance trick is not just for the richWant to provide income to your grandkids or worried your child’s partner will walk off with part of your estate? This is what to do.
Read more »
The history of Australia's 'ethnic clubs' and why their survival matters todayThe Cyprus Club, The Polish Club ... Social clubs established by migrant groups have been a mainstay of Australian life for over a century, but many are now having to reinvent themselves in order to survive.
Read more »
Shifting gears: why US cities are falling out of love with the parking lotCities are loosening rules on building parking spots with new buildings: ‘It’s about the climate, it’s about walkability’
Read more »
Why Putin must lose quicklyVladimir Putin is banking on the weaponisation of Russian gas during the northern winter to trigger a democratic capitulation. That’s why we need to put our foot on the accelerator of military aid to Ukraine, writes Misha Zelinsky.
Read more »
A voice like no other: Why Whitney herself took centrestage in new biopicDescribed as 'the greatest voice of her generation', it goes without saying that Whitney Houston's original vocals just had to be heard in newly opened biopic I Wanna Dance with Somebody, writes Mawunyo Gbogbo.
Read more »