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Greta, good news, you can give it away, ABC News has spoken and "The future of coal has already been decided"

Stop all the protests.

Cease research funding on climate change.

Disband the IPCC and stop the annual climate-fest junkets.

It's all just wasted money.

Australia's taxpayer funded ABC News reports just "The Facts".

And according to the ABC, the fact is "The Future Of Coal Has Already Been Decided".

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It was a story that raised a few hackles, particularly in Canberra, but one largely overlooked as the unfolding disaster gripped the nation.

Early last month, as fire swept across large parts of the east coast and South Australia but before the Christmas conflagration, secret internal documents detailing ANZ's rapid retreat from coal hit the news.

Contrary to its public statements before Parliament just a few weeks before, the bank had formulated a plan to shed more than $700 million in thermal coal loans within the next four years: a 75 per cent reduction.

This was a major shift for ANZ, the country's biggest lender to the coal industry, and one that would bring it into line with the Commonwealth Bank and the National Australia Bank.

A few weeks later, investment bank Goldman Sachs, in one of the strongest positions from any American financier, ruled out future thermal coal financing, either for new mines or power stations globally.

Then, a fortnight ago, the world's biggest investment house Blackrock, announced it was drastically reducing its exposure to thermal coal.

United in the unbridled pursuit of profit

These weren't knee-jerk reactions to the horror, the wholesale destruction and tragic loss of life across rural Australia, unfolding on television screens around the world.

Nor were they the actions of the "green left".

These were considered, long-term, strategic decisions made individually by disparate groups united by a single cause — the unbridled pursuit of profit.

The message each is broadcasting is clear. When it comes to investment, coal, particularly thermal coal for electricity generation, has little, if any, future.

 

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