New Hope is an Australian-based undiversified coal mining company deriving more than 95% of revenue from the sale of thermal coal. Despite there being no room for new or expanded coal mines if we’re to achieve the climate goals of the Paris Agreement or net zero emissions by 2050, New Hope is pursuing a major expansion of its New Acland coal mine on some of Queensland’s best farming land. According to the International Energy Agency (IEA), reaching net zero emissions by 2050 means no new coal mines or expansions can proceed. Meanwhile, scientists are clear that limiting global warming to 1.5ºC means 95% of Australia’s coal must stay in the ground.
New Hope was funded by a group of five Australian and international banks via a $600 million loan in 2018. Most of Australia’s top 40 super funds are also yet to rule out investment in New Hope. Many of these financial institutions claim to support the Paris Agreement and goal of net zero emissions by 2050 yet have continued to support a company pursuing new coal projects inconsistent with these goals. As the latest climate science makes clear, there is no time to waste. It’s time for these banks and super funds to walk away from New Hope.
• See which banks have loaned to New Hope
• See if your super fund has ruled out New Hope