Westpac appears to have ruled out funding the controversial Adani mine by limiting lending to basins that are already producing thermal coal.
Australia's oldest bank published a climate change action plan in which it said it would limit thermal coal project lending to producing basins where the coal quality was highest - a move the bank said demonstrated support for the transition to a zero-emissions economy.
"Westpac recognises that climate change is an economic issue as well as an environmental issue, and banks have an important role to play in assisting the Australian economy to transition to a net zero-emissions economy," chief executive Brian Hartzer said in a statement.
"Limiting global warming will require a collaborative effort as we transition to lower emissions sectors, while also taking steps to help the economy and our communities become more resilient."
Westpac had long been targeted by protesters over its failure to rule out funding for the $20 billion Adani mine in Queensland's Galilee Basin, which critics say would severely jeopardise the state of the Great Barrier Reef and destroy indigenous land rights.
National Australia Bank said in September 2015 that it would not finance the project by Indian mining giant Adani, while ANZ is scaling down its exposure to mining and Commonwealth Bank quit an advisory role on the project.
By AAP
