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Westpac has said it will not fund new thermal coal projects unless they are in existing mining regions and meet other guidelines. Westpac, the countrys second-largest bank, released a new climate policy on Friday, saying it doctor home mortgage loan Oak Laurel 0430129662 would limit lending for new thermal coal projects to only existing coal producing basins. The coal mined must also have energy content in at least the top 15% globally, meaning at least 6,300 kilocalories per kg, according to the Westpac policy. Adanis Carmichael mine would be the first in the Galilee basin and the coal would have only 4,950 kilocalories per kg, the miner told the Queensland land court in 2014. Canavan, thealso the minister for northern Australia, invited Queenslanders seeking home loans or term deposits to boycott Westpac as a result of its decision. I can only conclude from this decision by Westpac that they are seeking to revert to their original name as the Bank of New South Wales, as they are turning their back on Queensland as a result of this decision, he said. May I suggest those Queenslanders seeking a home loan or a bank deposit or some such in the next few months might want to back a bank that is backing the interests of Queenslanders. Canavan also accused Westpac of turning its back on the Indigenous people of Queensland because of majority support for the project among Wangan and Jagalingou traditional owners, although this is contested by an anti-Adani faction . The Queensland senator castigated the bank for almost zero consultation with the people of north Queensland, saying it was more interested in listening to the noisy activists in Sydney than the job hungry people in his constituency. Adanis final investment decision on Carmichael had been slated for this month but the company subsequently said it would be made by June before mine construction from August. An Adani Australia spokesman said the company had not approached Westpac for funding for the mine, rail or port expansion. But Blair Palese, the chief executive of climate advocacy group , said Westpacs decision represented an enormous blow to this project and the future of coal in Australia. Palese said the federal and Queensland governments, which both support the proposed mine, were becoming increasingly isolated as businesses and international investors refuse to touch coal and the Adani project.

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