ANZ has secret plans to drastically slash its lending to thermal coal mining, according to a leaked document seen by the ABC.
It will shed more than $700 million of thermal coal loans by 2024 — a reduction of 75 per cent — an internal email from July shows.
The bank is also on the look out for opportunities to "accelerate this timetable" to cut lending to the fossil fuel sector even faster.
The move is part of an "orderly thermal coal mining reduction strategy", approved by the bank's Credit and Market Risk Committee.
(Image by Bru-nO from PixaBay)