CCWA begins anti-ANZ campaign over coal

The Conservation Council of Western Australia has launched a campaign against the ANZ Bank, saying its ongoing investment in coal mining and coal-fired power stations is an investment liability.

CCWA director Piers Verstegen said that ANZ had played a leading role in financing the last coal-fired power station to be built in Australia - the Bluewaters 2 station near Collie.

"The demise of Western Australian company Griffin Energy, owners of Australia's most recently built coal fire power station Bluewaters 2, proves a poor investment track record by ANZ," Mr Verstegen said.

"Funding is currently being sought for the development of the Bluewaters 2&3 coal fire power stations.

"ANZ must declare it will not finance what is currently appearing to be a stranded asset and protect the interests of its investors and the climate.

"With a carbon price set for 2012, ANZ and the banking sector must consider the risks associated with investing in coal, and cease to finance such polluting and costly enterprises."