Climate-wrecking coal company Whitehaven Coal is the largest pure coal mining company in Australia. The company currently operates four giant mines and plans to invest around $2 billion developing three new coal mines and expansions. If constructed, these three mines would unleash almost 1.1 billion tonnes of carbon emissions over their lifetimes, the equivalent of almost twice Australia’s annual emissions.
Whitehaven Coal received a $1 billion loan in February 2020 from a group of major banks, including European investment bank Credit Suisse. But, late last year, Credit Suisse updated its policy on thermal coal mining, clearly excluding Whitehaven from any further funding. This makes Credit Suisse the first bank in Whitehaven’s recent lending group to rule out further funding to the company, raising the question of when other banks like Deutsche Bank, NAB and Westpac will follow suit.
This is another blow to Whitehaven Coal who are struggling to secure enough finances for their climate-wrecking plans.
Take action – @HSBC doesn't just work with Russian oil and gas companies – it owns them.
— Bank On Our Future (@bankonourfuture) March 2, 2022