News: NAB UPDATE 1-World's biggest coal port loan price linked to social, emissions goals, page-2

While not as bad as ANZ, NAB again showcased its disturbing policy of making it difficult for our wonderful export-generating quality coal miners to obtain funding, scared as they are of being opposed by 'woke' investors:

(from 'The Australian' online of Wednesday 28 July 2021 re Tuesday 27's House of Representatives Standing Committee on Trade and Investment chaired by the excellent Nationals MP George Christensen):

"...NAB group executive of corporate and institutional banking David Gall said ESG issues, including climate change, global slavery and human rights, had become a strong investment focus for global institutions...

“It has gained momentum over the past 18 months and is often the first question that overseas investors ask (about lending policies),” he said..."


This was in the same report - shocking!

"...One of the nation’s largest privately-owned building companies was denied cover by its international insurance broker for its work on the Carmichael Rail Network that will carry coal to Abbot Point in North Queensland.

But the committee heard that policies based on “ethical concerns” rather than on business viability could expose regional areas to mine closures and plummeting house prices and put jobs in the regions at risk.

Brisbane-based BMD Constructions, one of the nation’s largest privately owned building companies, said it was told last year by its international insurance broker that it would not be able to obtain public liability, environmental protection and director insurance for its work on the Carmichael Rail Network.

While BMD was able to obtain insurance cover for the balance of its business, the Carmichael projects were expressly excluded from the policy.

BMD, which has been targeted by climate change activists because of the work, said the inability to obtain insurance placed it in breach of its contracts for the projects.

“BMD’s inability to obtain these insurances put in jeopardy not only its ability to claim over $20m a month of progress payments but also its ability to continue to deliver the projects which collectively employ over 600 workers,” BMD said in a written submission..."