Whitehaven

Whitehaven Coal is the biggest undiversified coal mining company on the Australian share market. Whitehaven’s plans to massively expand the coal industry are completely at odds with the Paris Agreement goal of limiting global warming to 1.5ºC. To justify its business plans, Whitehaven refers to coal demand scenarios consistent with a catastrophic 3ºC of global […]
Banks and super funds to walk away from Whitehaven

About

Whitehaven Coal is the biggest undiversified coal mining company on the Australian share market. Whitehaven’s plans to massively expand the coal industry are completely at odds with the Paris Agreement goal of limiting global warming to 1.5ºC. To justify its business plans, Whitehaven refers to coal demand scenarios consistent with a catastrophic 3ºC of global warming. Whitehaven is funded by at least 13 Australian and international banks, including NAB and Westpac. Most of Australia’s top 40 super funds are also yet to rule out investment in Whitehaven. 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 Whitehaven.
• See which banks have loaned to Whitehaven
• See if your super fund has ruled out Whitehaven

Note: This descriptive text was copied from the Campaign's website. Some website links may no longer be active.

Campaign Details

Group Leading this Campaign: Market Forces

Campaign Target Type:

Who this Campaign is Targeting: Banks and super funds

Main Issue of the Campaign:

Campaign Ran From: 2022 to 2023

Campaign Outcome:

Outcome Evidence: Market Forces reported in July 2023 that 'In a win that’s been a long time coming, news broke this week that Australia’s largest independent coal miner Whitehaven Coal is currently unbankable.' In addition, some super funds are stopping funding to thermal coal, as reported by Renew Economy in May 2024 'The Australian Retirement Trust (ART), which looks after more than $280 billion worth of savings, has become the nation’s largest super fund to exclude thermal coal.' However, some international banks and funds are still considering investing in Whitehaven, and therefore the campaign continues. (Ascertained June 2024)

Year Outcome Assessed:

Geographic Range of Activity:

Weblinks

Whitehaven

Issue

States/Territories