Positive Future #26 (Feature photo – Coal miners going home – photo U.S. government)
Recently, some weird news came out of Australia: Here is the background:
- Australia is one of the world’s largest producers of coal.
- Australia is the world’s largest exporter of coal.
- Every state in Australia mines and sells coal.
- One of Australia’s largest banks – National Australia Bank – just announced that it was ceasing all lending to new thermal coal mining projects.
- The National Australia Bank is one of the world’s mega banks with almost $1 trillion in assets.
While on the surface, it may appear the National Australia Bank is taking a bold move. However, China, Australia’s largest coal customer, is under pressure to clean its air and reduce coal use. In addition, coal assets around the world are under siege – losing billions of dollars of market value due to changing global preferences for energy.
Are the actions by the National Australia Bank but one domino in a whole line of toppling dominoes when it comes to coal?