The Australian bank, Westpac, will "not rule out" investing in coal projects, according to a report in The Guardian.
The bank’s chairman, Lindsay Maxsted, recently told the bank's annual general meeting "we will support coal or any industry" and "will judge each project on merit."
Westpac has agreed to adhere to the UN’s climate change targets when it considers investments. However, the Chairman was quoted in the story saying: “It’s very hard to see how scientists could say one particular project could push us over two degrees."
“We believe in the science of climate change and we absolutely believe in trying to limit global warming to two degrees, that is a given ... [but] it’s very difficult for us to conceive of a situation where a scientist would say: ‘That particular project will take us over the edge.’ ”
However, Westpac could take the lead in Australian banking and reject all fossil fuel investments - or at least set a timetable to stop investing in sectors like coal.
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