Money
The catch to NAB financing the world’s largest coal export terminal
National Australia Bank has agreed to finance the world’s largest coal export terminal …but it must meet a new set of environmental goals.
Last year ANZ withdrew its funding for the Port of Newcastle under its emissions action plan.
There were fears the port could become a burden as the world moves away from fossil fuels.
NAB has stepped in with “sustainability linked” loans … now to the value of $565 million.
But the catch is… the port must reduce its emissions that come from its operations and electricity.
Social goals must be met too., NAB wants the Port to screen suppliers for modern slavery risks and take action.