Australian banks give coal the cold shoulder

The coal sector feels the heat, with leading domestic and international banks increasingly reluctant to lend

After a four-year legal battle, Indian energy giant Adani is getting closer to finally winning approval for its Carmichael coal mine in central Australia. The company could be forgiven for wondering whether it was worth the hassle. 

Appetite for lending to fossil fuels has weakened since the Indian company put forward the $16 billion project in 2010. There is speculation it may now be struggling to secure finance.

National Australia Bank and Commonwealth Bank of Australia publicly withdrew their support in 2015, and several other foreign banks have stated their intention not to fund the mine including Standard Chartered, HSBC and Deutsche Bank.

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