ANZ's abandoning Port of Newcastle is a disgrace

I have recently purchased AZJ. I am proud that it facilitates the conveyance of many products by rail, including numerous minerals such as thermal and coking coal.

The ANZ's abandonment of the huge Port of Newcastle, highlighted by 'The Australian' on Tuesday 9 February 2021,, shows what a woke bank the ANZ is. Asian nations don't agree with this sort of rubbish from ANZ. Look at mainland China's actions in continually investing in new coal fired power stations rather than Xi's lofty words about 'zero emissions'.

Why do some in Australia want to criticise and inhibit what is normally our second largest export earner, way ahead of sectors like tourism? Our coal by and large is high quality. Do these malcontents want to see lower quality, highly emitting Indonesian coal used even more?

The world needs our coal, so I'm glad to have shares in NAB (and AZJ) not ANZ.

'ANZ has abandoned the world’s largest coal export port at Newcastle after refusing to keep funding the mega-facility under its new climate change policy that all but bans loans to the coal sector.

The resources industry is viewing the bank’s move to ditch the major economic hub north of Sydney as a test case of the new anti-coal and net zero emissions policies of the big four banks.

It has also triggered a strategic contest between the major lenders over the future of the coal industry, with the NSW Hunter Valley economy relying heavily on jobs in coal mines and at the Port of Newcastle.

Rival lender National Australia Bank, which has also adopted an aggressive climate change strategy, will now step in to help underwrite the port, which contributes $1.5bn to GDP and supports 9000 jobs, on the promise of a transition program to “diversified” and sustainable operations.

The ramping up of corporate lending threats against high emissions industries comes as the Morrison government is set to consider exempting trade exposed sectors from its net zero emissions goals.

Although the port could have gone to its Chinese backers — which co-own the facility — sources said this might have triggered national security concerns around the ownership of critical infrastructure. The Port of Newcastle on Monday warned that without “competitive funding” to support its diversification plans, the resilience of the Hunter Valley economy would be damaged.

The refinancing, which will involve NAB and other lenders, is part of a long-term process to support the rollout of the port’s environmental social and governance strategy and long-term shift into non-coal operations, including an automated, multipurpose deepwater container terminal...'