Thursday 4 May 2017

Is Pauline Hanson failing to fully comply with state and federal electoral laws - again?


It almost beggars belief. Is Pauline Hanson failing to fully comply with state and federal electoral laws – again?


The Saturday Paper, 29 April-5 May 2017:
One Nation risks deregistration in Queensland following the failure of Pauline Hanson to advise the Electoral Commission of Queensland about a botched incorporation that has left it with a noncompliant constitution. The party secretly switched legal structures last November without telling members, using a draconian clause in its superseded governance rules that allowed One Nation state executive members to do whatever they chose without question. Former insiders have said a principal purpose for the incorporation was to put in place a corporate veil so the entity rather than members of the executive would be the subject of legal action.
The method of incorporation and the failure to consult is consistent with a trend of centralising all of One Nation’s power in Queensland, which has in the past been illustrated by attempts to close branches across the country through the use of proxies to forcibly remove “troublesome” state leaders, attempts to close bank accounts over which the One Nation national committee had no authority, and the initiation of complaints to police to intimidate a sub-branch in the Northern Territory.
At the same time, the party neglected to observe mandatory rules contained in Commonwealth and Queensland electoral laws, which must be included in its constitution for One Nation to be a political party with legal standing. Breaches of provisions that specify which clauses must appear for a constitution to be compliant under law are grounds for the cancellation of a party’s registration under Section 78 of Queensland’s Electoral Act.
Neither Senator Hanson nor the deputy registered officer – party treasurer and Hanson’s brother-in-law Greg Smith – informed the electoral commission of the changes in legal structure of the entity. There were two reporting deadlines missed by One Nation – notification of the changes should have been delivered seven days after December 31 and March 31. 
News of One Nation’s constitutional high jinks follows revelations over the past six months related to the party’s preselection and disendorsement processes during the West Australian election, questions about its compliance with goods and services tax legislation, and doubts about the donation and declaration of an aeroplane to Pauline Hanson for campaigning purposes.
It also follows a network-wide ban of the ABC, announced in a Facebook video posted by Hanson after the April 3 airing of a Four Corners report that highlighted a range of issues faced by One Nation. The program, criticised by Hanson and her colleagues as a media “stitch-up”, has resulted in a formal investigation by the Australian Electoral Commission, related to the donation of the two-seater plane.
Pauline Hanson’s One Nation is the business name of One Nation Queensland Division Incorporated, which was an unincorporated association since it registered on January 23, 2001. That changed last year when the entity was incorporated with the same ABN. 
The entity is regarded as the same for tax purposes and the name of the unincorporated body has transitioned into the incorporated form……

Crikey.com.au, 5 April 2017:

And that’s where the law comes in. The facts as we know them are that Ashby has a plane, in which he flies Hanson around the country on what is clearly One Nation business. Hanson herself has made numerous public statements, including on the party website, asserting that the plane belongs to One Nation. It is literally plastered with her name and face.

One Nation is a registered political party. The Commonwealth Electoral Act requires each party, and each of its state branches, to lodge an annual return with the Australian Electoral Commission, within 16 weeks after the end of each financial year. The annual return must include disclosure of all amounts received by, or on behalf of, the party from any single source totalling more than $13,000 (for the 2015-2016 year).

Donations are expressly defined as including the value of a gift. There is no room for doubt that, if a generous supporter gave an aeroplane to an official of the party, so that that official could fly the leader of the party around the countryside on party business, then the gift of the plane (or the cash to buy the plane, if that’s what happened) would be required to be disclosed in the party’s next annual return to the AEC.

Queensland has its own political donation disclosure laws, which are tougher than the federal regime. Returns are required to be lodged six-monthly, all gifts over $1000 must be disclosed, and any gift worth more than $100,000 has to be reported within seven business days.

One Nation’s Queensland Electoral Commission return for the relevant period in 2016 discloses nothing about the aircraft purchase or gift, but it does include an expenditure item of $1187.09 paid by the party to “Jabiru Aircraft Service”. There are numerous payments to Ashby’s companies for printing services, totalling some $17,000 in the same period. Who was paying for the running costs of the aircraft is a mystery.

But it’s pretty simple, really. Whoever paid for Hanson’s plane — however they paid for it and who legally or beneficially owns it — it was, in form and substance, a gift to the direct benefit of her eponymous political party, and she has treated it and talked about it as exactly that for the past two years…..

The Australian2 May 2017:

One Nation’s Senator Hanson shifted her story again on Monday night and said a $106,000 plane “came from” party donor Vicland’s Bill McNee to be used by her chief of staff James Ashby, but it was not a donation.

“So the plane came from Bill McNee, but it was not for the party it was to James for his business?” Sky News’ Andrew Bolt asked.
“Correct,” she answered……

Last night Senator Hanson said the Victorian businessman had allowed Mr Ashby to use the plane.

“He didn’t donate the plane to James Ashby. Having met James, they became friends,” Senator Hanson told Sky News.

“Bill’s a developer and he actually has a lot of business that he does in Queensland, and Bill was continually looking around for a plane.

“He found out James was a pilot (and) he thought: “Here’s a great opportunity to actually have a plane and to actually ¬use it as well.’ ”

The Australian, 3 May 2017:

Pauline Hanson’s controversial chief of staff says he has a “crossover” business relationship with the Melbourne property developer and political donor at the centre of a disclosure row over the purchase of the light plane used by the One Nation leader for election campaigning.

But James Ashby, whose iron-fisted control of Senator Hanson’s office has created ructions inside the party, insisted yesterday that he bought the $106,000 Jabiru 23-D aircraft in 2015 for recreational use and for his printing business in Queensland.

Senator Hanson raised further questions about the status of the plane on Monday when she confirmed on Sky News it had “come from” Bill McNee, but was for Mr Ashby’s firm, not her travel for One Nation.

This conflicts with the media-shy businessman’s assertion that he had no knowledge of the aircraft or how Mr Ashby acquired it. Mr McNee’s company, Vicland, is the Hanson party’s biggest donor, though in a rare interview last November he told The Australian he was stopping all political donations because “it’s something I don’t believe in any longer”.

Pressed on whether he had provided funds to Mr Ashby to buy the plane two years ago, Mr McNee said: “My God, if I am going to buy a plane, I would buy one for myself.” He hung up when contacted yesterday.

The Australian Electoral Commission is investigating whether the acquisition of the plane by Mr Ashby and its use to fly Senator Hanson to campaign events in Queensland before her re-election to federal parliament last July subverted financial disclosure laws.

BACKGROUND

The Guardian, 20 August 2003:

The fiery redhead, renowned for her garish wardrobe, had pleaded not guilty to fraudulently registering One Nation in the state of Queensland. She also denied dishonestly obtaining A$500,000 (£206,000) in electoral funds used for the campaigns of 11 politicians elected to the Queensland state parliament….
Prosecutors had accused Hanson and Ettridge of passing off a list of 500 supporters as genuine, paid-up members of One Nation in order to register the party and apply for electoral funding.

The Sydney Morning Herald, 20 August 2003:

Former One Nation leader Pauline Hanson and party co-founder David Ettridge have been jailed for three years each after being found guilty of fraud charges by a Brisbane District Court jury.

Judge Patsy Wolfe made no recommendation for parole.
           
Hanson, 49, and Ettridge, 58, had pleaded not guilty to fraudulently registering One Nation in Queensland on December 4, 1997.

Hanson had also pleaded not guilty to dishonestly obtaining almost $500,000 in electoral reimbursements after the 1998 state election.

But a Brisbane District Court jury found the pair guilty on all counts after more than nine hours of deliberations.

ABC Radio, PM, 6 November 2003:

MARK COLVIN: But first, the freeing of Pauline Hanson and David Ettridge. The One Nation co-founders have won their bid to get out of jail, after successfully overturning their convictions and their three-year sentences for electoral fraud.

Eleven weeks ago, Hanson and Ettridge were both sentenced to three years jail, after a jury found that they'd fraudulently registered the One Nation Party which they'd founded. Hanson was also found guilty of fraudulently obtaining nearly half a million dollars in electoral funding.

But they'll soon be released from jail, and family and friends were elated by the decision when it came down at Queensland's Court of Appeal this evening.

How soon will Adani go broke in the Galilee Basin?


Reading the information set out below leads me to wonder how the Federal Government and Queensland Government will cope, both politically and economically, if the Adani Group's Carmichael Mine and Rail Project leads to a massive derelict mine site with its twenty-six Australian subsidiaries under administration or in receivership.


2013


The Adani Group is highly geared:
 Against an external market capitalisation of US$5.17bn, The Adani Group has an estimated US$12bn of net debt, a significant portion of which is US$-denominated with limited hedging.
Adani Power is of particular concern, being loss-making with net debt over 300% of its current market capitalisation.

2015


The project would require a massive and improbable infusion of debt, but a growing number of global banks key to most major coal-mining investments have eschewed it, mostly because of the risk it would pose to the Great Barrier Reef. (The 11 banks that have taken a public pass on the project include Deutsche Bank; HSBC; Royal Bank of Scotland; Barclays; Morgan Stanley; Citigroup; Goldman Sachs; JP Morgan Chase and most recently Societe Generale, BNP Paribas and Credit Agricole. In May 2015 Bank of America announced it would move to exit coal lending entirely.


With the Carmichael coal proposal commercially unviable at current or forecast thermal coal prices, the project is increasingly unbankable. Fifteen of the world's largest financial houses have either ceased working on this proposal or ruled out involvement, including both CBA and Standard Chartered, where advisory mandates have expired.

Continued momentum in technological developments underpins the scaled up commercial rollout of renewable energy and energy efficiency globally. As such, the strategic 'moment' for large-scale export-focused greenfields coal mines has passed.

2017


Shareholders and financiers of Adani Enterprises face substantial risks due to the company's continuing development of the controversy-plagued Carmichael coal project in the face of major adverse structural shifts in market conditions.

The proposed mine, in Australia's remote Galilee Basin, remains a high-cost, high-risk project that is reliant on substantial public subsidies for it to be remotely financially viable. Even with concessional loans, IEEFA analysis shows the project is likely to be cash flow negative for the majority of its operating life.

Shifts in Indian energy policy and pricing have materially increased the risk of Carmichael becoming a stranded asset. Legal challenges and community opposition to the project persist and are likely to escalate if the project moves to construction.

With a market capitalisation of just US$1.9bn and net debt of US$2.5bn, Adani Enterprises Ltd will struggle to contribute equity for this A$5bn project. The project risks over-extending the balance sheet of Adani Enterprises to an extreme degree, creating a high level of financial risk to both shareholders and potential financiers……

In the years since Adani purchased the lease for the Carmichael mine, Indian government energy policy has shifted radically. Energy Minister Piyush Goyal has stated repeatedly that it is government policy to cease thermal coal imports—a policy that brings into question the very point of the proposed mine…..

* The Institute for Energy Economics and Financial Analysis (IEEFA) conducts research and analyses on financial and economic issues related to energy and the environment. The Institute's mission is to accelerate the transition to a diverse, sustainable and profitable energy economy.
The Institute for Energy Economics and Financial Analysis receives its funding from philanthropic organizations.  We gratefully acknowledge our funders, including the Rockefeller Family Fund,  Energy FoundationMertz-Gilmore FoundationMoxie FoundationWilliam and Flora Hewlett FoundationRockefeller Brothers FundGrowald Family FundFlora Family FundWallace Global Fund,  and V. Kann Rasmussen Foundation.

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The Hindu, 5 May 2016:

"PSU banks are owed about Rs 5 lakh crore by corporate houses and of this roughly Rs 1.4 lakh crore are owed by just five companies, which include Lanco, GVK, Suzlon Energy, Hindustan Construction Company and a certain company called the Adani Group and Adani Power," he said.

The amount owed by this group "called the Adani Group" both in terms of its long term and short term debt on Thursday is around Rs 72,000 crore, he added quoting reports.
"Yesterday it was mentioned that the entire amount that the farmers need to pay as crop loans is Rs 72,000 crore. The Adani Group itself owes to the banks Rs 72,000 crore," he said.

The Hindu, 8 May 2016:

The billionaire Gautam Adani's Adani group, with Rs 96,031 crore debt [est. AUD $1.9 billion], is under pressure to sell its stake in the Abbott Point coal mines, port and rail project. The Adani Group's debt stands at Rs. 72,000 crore [est. AUD $1.4 billion]. Last year, Standard Chartered bank had recalled loans amounting to $2.5 billion as part of its global policy of reducing exposure in emerging markets. Global lenders have backed out from funding the $10-billion coal mine development project. State Bank of India has also declined to offer a loan despite signing an MoU to fund the group with $1 billion. An Adani spokesperson declined to offer any comments on the issue.


S&P Global Ratings revised its outlook on Adani Ports and Special Economic Zone Ltd. (APSEZ) to negative from stable. 

ABC News, 22 December 2016:

The business behind the planned Carmichael coal mine in North Queensland is facing multiple financial crime and corruption probes, with Indian authorities investigating Adani companies for siphoning money offshore and artificially inflating power prices

Companies under scrutiny for the alleged corrupt conduct include Adani Enterprises Limited — the ultimate parent company of the massive mine planned for the Galilee Basin.

Two separate investigations into allegations of trade-based money laundering by Adani companies are underway — one into the fraudulent invoicing of coal imports and the other into a scam involving false invoicing for capital equipment imports.

"They are very serious allegations and they are being conducted by the premier Indian government agency investigating financial crime," Australia's foremost expert on money laundering, Professor David Chaikin of the University of Sydney, told the ABC.

"The allegations involve substantial sums of money with major losses to the Indian taxpayer."

Adani denies wrongdoing.

Rediff, 10 January 2017:

For the past year, Adani Power has been undergoing an overhaul for its debt, including measures such as equity infusion and refinancing. These have helped the company survive the rough times since proceeds from the compensatory rates are yet to come by. 

The firm expects its recent equity infusion, debt refinancing and the compensatory rate to lead to a turnaround in its financial position….

On December 6, the Central Electricity Regulatory Commission granted a compensatory rate for Adani Power's Mundra unit on the grounds of changes in Indonesian coal policy and shortage of domestic coal. 

In the address to analysts, after the September quarter results, the management said: "Once we have clarity in the form of CERC orders, we would obviously have the reason to work with the rating agencies and then we will make our plans."

The CERC order, however, has not led to any change of credit ratings so far for the company as its implementation hinges on the required Supreme Court approval for the same. 

CatchNews, 14 February 2017:

Earlier this year, the State Bank of India reportedly approved a loan of around $1 billion (Rs 6,600 crore ) for the company's coal mine in Australia. However, after much hue and cry in the media due to the highly stressed balance sheet of the public sector bank, the approval was withdrawn.

Hindustan Times, 11 April 2017:

The Supreme Court on Tuesday set aside an order by the Appellate Tribunal For Electricity allowing compensatory tariff to Tata Power Ltd and Adani Power Ltd, sending down shares of both companies.

Shares of Tata Power reversed early gains to fall as much as 6.78%, while Adani Power slumped up to 20% to its lowest since February 21.

The tribunal, in April last year, had said the two companies needed to be compensated as the change in Indonesian laws on coal export prices were outside the control of these companies.

Financial Review, 11 April 2017:

Indian billionaire Gautam Adani has told Malcolm Turnbull his company will seek a taxpayer-funded concessional loan of up to $1 billion to support his proposed $21.7 billion coal mine in Queensland......
Following a meeting with Mr Adani and his executives in New Delhi on Monday night, Mr Turnbull cautioned the loan – to help build a $2 billion railway line to link the mine to the coast – would have to be approved on its commercial merits by the independent board which administers the $5 billion Northern Australia Infrastructure Fund.

The Northern Star, 16 April 2017:

Shares for Adani Power Limited, the Adani Group subsidiary energy provider in India, were trading at 44.25 rupees (AU$0.9) on Monday, but dropped to 32.90 rupees by the end of trading on Friday.
Adani Enterprises, the subsidiary connected with the Carmichael Coal project, traded on Monday for 120.10 rupees ($AU2.46) a share, but has also dropped, reaching 116.85 by the end of Friday.


….the International Energy Association’s (IEA) modelling indicates that under a two degree scenario thermal coal demand will peak in the current decade and decline thereafter…..

However, for new thermal coal proposals we will: Limit lending to any new thermal coal mines or projects (including those of existing customers) to only existing coal producing basins and where the calorific value for that mine ranks in at least the top 15% globally. We define the top 15% as having a specific energy content of at least 6,300 kCal/kg Gross As Received. This value is referred to as the Newcastle high energy coal benchmark.

Wednesday 3 May 2017

U.S. Trump Regime's Anti-science Stance Hardens aka Where To Get Basic EPA 2016 Climate Change Data While You Can


Searching with Google for https://www.epa.gov/ on 29 April 2017 and clicking on link to U.S. Environmental Protection Agency (EPA) Climate Change Basic Information - Causes of Climate Change - Great Plains, this webpage appeared:

The change appears to have occurred on or about 21 April 2017.

The ‘explanation’ for this change is expanded at https://www.epa.gov/newsreleases/epa-kicks-website-updates:

News Releases from Headquarters› Office of the Administrator (AO)

EPA Kicks Off Website Updates

WASHINGTON – EPA.gov, the website for the United States Environmental Protection Agency, is undergoing changes that reflect the agency’s new direction under President Donald Trump and Administrator Scott Pruitt. The process, which involves updating language to reflect the approach of new leadership, is intended to ensure that the public can use the website to understand the agency's current efforts. The changes will comply with agency ethics and legal guidance, including the use of proper archiving procedures. For instance, a screenshot of the last administration’s website will remain available from the main page.

“As EPA renews its commitment to human health and clean air, land, and water, our website needs to reflect the views of the leadership of the agency,” said J.P. Freire, Associate Administrator for Public Affairs. “We want to eliminate confusion by removing outdated language first and making room to discuss how we’re protecting the environment and human health by partnering with states and working within the law.”

The first page to be updated is a page reflecting President Trump’s Executive Order on Energy Independence, which calls for a review of the so-called Clean Power Plan. Language associated with the Clean Power Plan, written by the last administration, is out of date. Similarly, content related to climate and regulation is also being reviewed.

While Twitter showed a link this in the official EPA timeline on 29 April 2017.

Fox News Insider, 27 April 2017:

Environmental Protection Agency Administrator Scott Pruitt said on "The First 100 Days" tonight the United States should exit the Paris climate agreement because it's a "bad business deal" for America.

Pruitt said the U.S. "front-loaded" our costs under the Paris accord, while countries like China, Russia and India can continue to pollute and not take steps that our country already has.

He noted that U.S. carbon dioxide emissions are at pre-1994 levels, thanks to innovation and technology.

"What we should be talking about is how we export innovation, how we export technology that we've already deployed here," Pruitt said.

He said that the Obama administration's Clean Power Plan and the Paris deal represented a $2.2 trillion reduction in gross domestic product over a ten year period for the U.S., in addition to $292 billion of compliance costs and up to 400,000 lost jobs annually.

"That's a bad business deal for this country," Pruitt said, calling it a prime example of the previous administration's "America last" strategy.

To date there are an est. 14,481 EPA webpage captures on the Wayback Machine between 18 Apr 1997 and 28 Apr 2017.

So before Donald Trump rewrites U.S. climate change history and smothers the EPA website with 'alternative facts' I suggest interested readers download what data they can while they can.

EPA's Climate Change Indicators in the United States was published in 2016 and here is the Wayback archive of that document:


2016 full report (PDF)(96 pp, 20 MB, August 2016)
2016 fact sheet (PDF)(2 pp, 2 MB, October 2016)


EPA has developed comprehensive technical documentation that describes the data sources and analytical methods for every indicator presented in the Climate Change Indicators in the United States report. A PDF version of the technical documentation is provided below for each indicator, along with an overview that describes EPA's process for selecting and evaluating indicators.

Additional files you can download from other pages:

High-resolution figures and the numerical data underlying the figures (on each indicator page)

You may need Adobe Reader to view files on this page. See EPA’s About PDF page to learn more.

Technical documentation overview (PDF)(15 pp, 339 K, August 2016)
Arctic Sea Ice technical documentation (PDF)(11 pp, 382 K, November 2016)
Drought technical documentation (PDF)(9 pp, 273 K, August 2016)
Glaciers technical documentation (PDF)(8 pp, 260 K, August 2016)
Lake Ice technical documentation (PDF)(9 pp, 270 K, August 2016)
Ocean Heat technical documentation (PDF)(5 pp, 195 K, August 2016)
Sea Level technical documentation (PDF)(11 pp, 301 K, August 2016)
Snow Cover technical documentation (PDF)(6 pp, 210 K, August 2016)
Snowfall technical documentation (PDF)(7 pp, 212 K, August 2016)
Snowpack technical documentation (PDF)(6 pp, 223 K, August 2016)
Wildfires technical documentation (PDF)(13 pp, 548 K, August 2016)

Australia 2017: No, means no in the bush when it comes to the gas industry



Go to http://majorprojects.planning.nsw.gov.au/index.pl?action=view_job&job_id=6456 to view Santos Ltd/Santos NSW (Eastern) Pty Ltd’s Environmental Impact Statement (EIS) for it Narrabri Gas Project – a proposed 850 well gasfield across the Pilliga.

Go to North West Alliance at  http://www.csgfreenorthwest.org.au/ for assistance with a submission.

“Santos Narrabri Gas Project is merely a Trojan Horse to get hold of the whole of NSW”, Protect the West, 6 April 2017

Submission deadline is 22 May 2017.

Tuesday 2 May 2017

THE PEOPLES DEMOCRATIC RIGHT TO PROTEST: High Court of Australia, BROWN & ANOR versus THE STATE OF TASMANIA, 2 May 2017


BROWN & ANOR versus THE STATE OF TASMANIA, High Court of Australia, Canberra on 2 May 2017 at 10.15 am before the full court:


Date Special Case referred to Full Court: 13 December 2016

The issue in this proceeding is whether the Workplace (Protection from Protesters Act) 2014 (Tas) (‘the Act’), in whole or in part, contravenes the implied freedom of political communication in the Commonwealth Constitution.

The plaintiffs were each arrested and charged, purportedly under the Act, in early 2016 as a result of their onsite political protest against the proposed logging of the Lapoinya Forest in Tasmania. The respective criminal proceedings against them were abandoned by the police after the commencement of this proceeding. The plaintiffs contend that the Act is either wholly invalid or, at the least, is invalid in so far as it applies to forestry operations on forestry land as defined in s 3 of the Act.

The Act allows police officers to prevent the commencement or continuation of an onsite political protest that they reasonably believe is preventing, hindering or obstructing or is about to prevent, hinder or obstruct a "business activity" at any "business premises" or "business access area" as defined in s 3 of the Act, anywhere in Tasmania. The key provisions empower police officers to prevent the commencement or continuation of onsite political protests by directing the protesters to leave and stay away from business premises and business access areas for up to three months under pain of arrest and of criminal penalties if they do not do so.

The plaintiffs contend that ss 6 and 7 of the Act target and single out for prevention and punishment onsite political protest and protesters without any broader purpose of preserving, enhancing or protecting political communication. Further, they contend that no reasonable provision has been made in the Act to preserve or protect political communication.

The defendant contends that the Act protects (amongst other things) business activity lawfully carried out on land in the lawful possession of a business operator, and that the plaintiffs are seeking to prevent, hinder or obstruct activity of that nature. They submit that the Act does not restrict protest activity on land other than business premises or business access areas; it has a narrow operation and effect; it is compatible with the freedom and is in any event reasonably and appropriately adapted to the fulfilment of a legitimate purpose.

On 13 December 2016 Gordon J referred the Special Case for consideration by the Full Court. Notices of Constitutional Matter have been served. The Attorneys-General for the Commonwealth, Victoria, New South Wales, Queensland, and South Australia have filed Notices of Intervention. The Human Rights Law Centre has been granted leave to appear as amicus curiae, limited to submissions in writing.

The question in the Special Case is:
• Is the Workplace (Protection from Protesters) Act 2014 (Tas), either in its entirety or in its operation in respect of forestry land, invalid because it impermissibly burdens the implied freedom of political communication contrary to the Commonwealth Constitution?

Westpac Bank pledges not to finance new thermal coal mines or projects in new coal producing basins


“However, for new thermal coal proposals we will:  Limit lending to any new thermal coal mines or projects (including those of existing customers) to only existing coal producing basins and where the calorific value for that mine ranks in at least the top 15% globally. We define the top 15% as having a specific energy content of at least 6,300 kCal/kg Gross As Received. This value is referred to as the Newcastle high energy coal benchmark.” [Westpac Bank, Climate Change Action Plan, April 2017]

Westpac Bank, media release, 28 April 2017:

* $10 billion target for lending to climate change solutions by 2020 and $25 billion by 2030.

* Tighter criteria for financing any new coal mines. Financing for any new thermal coal projects limited to existing coal producing basins and where the calorific value of coal meets the energy content of at least 6,300kCal/kg Gross as Received – i.e. projects must rank in the top 15% globally.

* Commitment to actively reduce the emissions intensity of the power generation sector, targeting 0.30 tCO2e/MWh by 2020.

* Continued commitment to a broad market-based price on carbon as the most efficient way to encourage emissions reductions at the lowest cost to the economy.
* Setting target to reduce Westpac’s direct footprint emissions (i.e., in our workplaces, across our branch network and IT operations) by 9% by 2020, and 34% by 2030.

* Building on our commitment to helping households become more climate-resilient, improving their energy efficiency, and reducing their environmental impact.

Westpac today released its third Climate Change Action Plan (PDF 1MB), as part of its commitment to helping limit global warming to less than two degrees.

The principles of the updated plan reflect a scientific, practical approach around lending to energy intensive and renewable sectors as well as reducing Westpac’s own carbon footprint. Westpac has had a clear and consistent approach to climate change since releasing its first climate change statement almost a decade ago.

Westpac CEO Brian Hartzer said: “Westpac recognises that climate change is an economic issue as well as an environmental issue, and banks have an important role to play in assisting the Australian economy to transition to a net zero emissions economy.

  “Limiting global warming will require a collaborative effort as we transition to lower emissions sectors, while also taking steps to help the economy and our communities become more resilient.
“As a major lender Westpac is committed to supporting climate change solutions that will drive the transition to a more sustainable economic model, and we have increased our lending target for this sector from $6.2 billion to $10 billion by 2020 and to $25 billion by 2030.

  “At the same time we recognise that energy security is essential for the long term economic health of Australia. That is why Westpac is committing to actively reducing the emissions intensity of our exposure to the power generation sector over time, and we have a target to reduce this portfolio to 0.30 tCO2e/MWh by 2020.

“In addition, we will limit lending to new thermal coal projects to existing coal producing basins only, and where the energy content of the coal ranks in the top 15% globally,” he said.

Westpac is also committing to help Australian households become more climate-resilient, improve their energy efficiency, and reduce their environmental impact.
Westpac was the first Australian bank to release a climate change statement in 2008, and was named the world’s most sustainable bank by the Dow Jones Sustainability Index for the ninth time in 2016.

Westpac’s principles-based approach to climate change is summarised below. These principles are based on a scientific approach, building on the scenario analysis undertaken in 2016 as reported in Westpac’s 2016 Sustainability Report.
Our Principles
Our Actions
1. A transition to a net zero emissions economy is required
1. Provide finance to back climate change solutions 
2. Economic growth and emissions reductions are complementary goals
2. Support businesses that manage their climate-related risks
3. Addressing climate change creates financial opportunities
3. Help individual customers respond to climate change
4. Climate-related risk is a financial risk
4. Improve and disclose our climate change performance
5. Transparency and disclosure matters
5. Advocate  for policies that stimulate investment in climate change solutions  

To date it does not appear that the Adani Group has approached Westpac in relation to the Carmichael Mine and Rail Project in the Galilee Basin, Queensland.

It is noted that there is no firm guarantee that all Adani project infrastructure would be barred from financing through the bank – although so many people across Australia are hoping that such a prohibition exists.

Concerned citizens need to keep an eye on the ball, because it is possible that the Turnbull Government will begin to pressure Westpac concerning its firmer policy on climate change.

This is the NBN Liberal & National Party MPs & senators are offering most of remote, rural and regional Australia