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Australia’s ANZ bank to exit coal lending business by 2030

first_imgAustralia’s ANZ bank to exit coal lending business by 2030 FacebookTwitterLinkedInEmailPrint分享Argus Media:Australian bank ANZ will exit all lending to companies with exposure to thermal coal either through extraction or power plants by 2030, as part of its new lending criteria to support the 2015 Paris climate agreement target of net-zero greenhouse gas (GHG) emissions by 2050.ANZ, which is one of four banks that dominate the banking sector in Australia, will no longer finance any firms that have more than 10pc of their total revenue from thermal coal activities, the bank said.The Melbourne-based bank will only lend to renewable projects and low-carbon gas projects by 2030 and will discuss with its customers that have more than 50pc of their revenue from thermal coal about diversification strategies by 2025. “We will cap limits to customers that do not meet this expectation and reduce our exposure over time,” ANZ said.The tightening of the lending criteria to the thermal coal industry follows ANZ’s previous stance unveiled last year of lending only to new customers that have less than 50pc of their revenue from thermal coal and not financing the construction of any new conventional coal-fired power plants. It also marks a shift from when the bank first unveiled its thermal coal lending policy in 2015, when it said it would consider financing new coal-fired power stations only if advanced technology and higher-quality thermal coal were used.ANZ was the last of Australia’s four largest banks to commit to exiting lending to thermal coal activities, with fellow Australian bank Westpac pledging to neither lend money nor invest in the thermal coal mining industry from 2030.Australia is the world’s second-largest exporter of thermal coal. The sector faces more headwinds now that Australia’s four largest banks will no longer lend for new thermal coal mine developments or expansions of existing mines. Australia’s three largest coal customers have also all committed to net-zero emissions by 2050 for Japan and South Korea and 2060 for China. These three countries took around three-quarters of Australia’s thermal coal exports in calendar 2019.[Kevin Morrison]More: Australian bank ANZ to exit all coal lending by 2030last_img read more

Financial inclusion is a differentiator

first_img 8SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr continue reading » Making financial inclusion a priority at your credit union is not only a “feel-good” thing to do, it is an effective business strategy, says Scott Butterfield, principal at Your Credit Union Partner.“It is a differentiator,” he explains.Everybody in financial services is competing for prime borrowers, but you can make a real difference and profit serving those without flawless credit reports.Plus, it’s what credit unions were created to do, he notes. “It is in our DNA.”In order to be successful using a financial inclusion strategy to grow your credit union, Butterfield recommends linking:last_img

IMCA RaceSaver Sprint Car drivers chase awards from Precise Racing Products

first_imgBoth the national rookie of the year and the driver with the most 40-point feature wins as of Sept. 24 receive those big bonuses from the Bennington, Neb., high performance parts supplier and Hoosier race tire distributor.  Now in its ninth season as an IMCA sponsor, Precise also gives $50 gift cards to state and series champions in the divi­sion. Information about Precise products is available by calling 800 651-5164 and at the www.preciseracing.com website.  “Precise Racing Products is a great partner of our RaceSaver Sprint Car division and continues to support the racing efforts of those drivers through cash rewards,” noted IMCA Marketing Director Kevin Yoder. “We will certainly have a new rookie of the year this year, and time will tell as to which driver has an outstanding season and leads the nation in wins.” Drivers are required to display two Precise Racing Products decals on their race car to be eligible.  BENNINGTON, Neb. – Precise Racing Products rewards the accomplishments of IMCA RaceSaver Sprint Car drivers with a pair of $500 cash bonuses and more than $1,500 worth of gift cards again this season.  National champion Kevin Ramey of Fort Worth, Texas, collected 16 feature wins en route to earning the feature win bonus from Precise in 2018 while national rookie of the year honors went to Combine, Texas, sprinter Casey Burkham. last_img read more