Inquiry into common sense, not banks going green
Letter to the Editor – Contributed by Tony Fontes, Airlie Beach
More and more banks and insurance companies are moving away from investments in fossil fuels, especially coal, due to climate change impacts.
In fact, all four major Australian banks have signalled they will align their portfolios to a target of net zero emissions by 2050, with most aiming to cease lending to thermal coal companies by 2030.
This is a commonsense move based on economics – banks and insurance companies don’t like losing money.
But not everyone seems to share the same common sense.
The financial institution’s moves have prompted a backlash from a number of Federal MPs
Just before Christmas, treasurer Josh Frydenberg signed up to a plan put forward by Liberal National MP George Christensen to launch an inquiry to grill financial regulators and banks over plans to pull back on lending or insuring mining projects because of climate change.
It is hard to believe that as the financial world moves away from fossil fuels like coal, we have politicians like Josh Frydenberg, George Christensen, Matt Canavan and many others still promoting new coal mines and even new coal-fired power stations.
Can you imagine anyone actually building a new coal-fired power station at the same time as Australia’s newest coal-fired power station, Bluewaters Power Plant in Western Australia, has been deemed worthless by its owners, who have now written off their investment.
Yes, we need an inquiry, not into why the banks won’t support coal projects, but into why many of our politicians seemed to have lost their common sense.