Micronesian Center for Sustainable Transport, College of the Marshall Islands

ANZ Pulls out of Newcastle Port Financing

 

The ANZ bank has pulled out of funding the Port of Newcastle in what is being interpreted as a significant rebuke of the coal industry and its exposure to climate risk.

  • ANZ divested from the port over concerns it could become a stranded asset
  • Other investors including NAB have continued to underwrite the port to assist it in diversifying
  • The NSW Government implemented laws that would restrict container traffic through Newcastle for 50 years

 

"The lasting negative implications for Newcastle and NSW are huge."

For additional details, please visit the link below:

https://www.abc.net.au/news/2021-02-09/climate-risk-sees-anz-divest-from-port-of-newcastle/13136462