Climate of change puts business and Coalition at odds

The energy analyst Tim Buckley keeps a working folder on his computer in which he tracks announcements made by major financial institutions that are no longer insuring, lending to, or investing in, companies that are heavily engaged in coal.

Energy analyst Tim Buckley has charted the number of financial institutions who no longer back companies involved in the coal industry. Anna Skarbek is a former investment banker who is now executive director of the non-profit climate change advisory ClimateWorks Australia. Skarbek says she has detected a shift in culture and perspective from Australian boardrooms this year.

An act like that would now be unthinkable, she says. Similarly the community has increasingly come to view a “net-zero” future as “the only safe future” and companies and investors are now responding to that. Resources Minister Keith Pitt backed the inquiry, arguing strong demand for international coal would continue and criticising the situation which had emerged where mining-related businesses like ports, engineering and mechanical can’t get “indemnity insurance because you might work in a coal mine for part of your work”.

Financial support for coal in particular has become a flashpoint in Canberra in recent months, particularly after ANZ’s October climate policy announcement. Senator Matt Canavan and New England MP Barnaby Joyce promoted government support for coal when they toured the Hunter Valley in November. They also criticised the NSW government’s energy road map to dramatically boost renewable energy generation ahead of the planned rolling closures of coal plants starting with the Liddell power station.

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