Last week, Westpac Bank announced that it would only finance thermal coal projects in existing coal producing basins.
Not just the proposed Adani coal mine in Queensland, but all projects in the Galilee basin where the Carmichael Project is located.
Imagine how our economic development and standard of living would have been negatively impacted if similar decisions about other resource developments had been taken in the past.
This is the latest example of corporate Australia caving into the demands of a noisy, radical minority. A beer company ran away from a respectful debate between two of my colleagues about marriage because of the noisy minority on social media.
It seems trendy for many major companies these days to bow to the latest left wing agenda than tackle issues facing the Australian economy. Where is the voice of Westpac for example on the various Productivity Commission reports for improving our productivity, such as streamlining workplace relations?
If Westpac really believes its rhetoric, it should start looking in its own backyard. It has been revealed that the bank produces more carbon dioxide emissions than many major manufacturing companies, including Arnott’s Biscuits, Fosters, McCain and the dairy producer Parmalat.
But why ban investment in a reliable, cheap power source? In decade’s time, coal will still be the major source of power in the world. Elsewhere, including our competitor nations, new generation coal power stations are being constructed regularly.
Instead of tackling the hard issues, many of the current generation of business leaders prefer to avoid any public criticism and cave-in to the radical left.
Many Australians question why an organisation such as Westpac, which is the beneficiary of significant public policy benefits, won’t even stand up to the irrational radicals and make the case for national economic development?