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MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  Australia and New Zealand Banking Group Limited    ANZ   AU000000ANZ3

AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED

(ANZ)
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Australia and New Zealand Banking : As more countries pledge zero emissions, coal finance evaporates

11/24/2020 | 09:14am EST
FILE PHOTO: In U.S. coal country, workers forgive Trump for failed revival

TOKYO (Reuters) - Financing for coal projects is drying up at ever increasing rates as more countries target zero carbon emissions amid an energy transition sweeping the world, participants at Asia's biggest gathering of the coal industry said on Tuesday.

The exit from coal by big international banks and government-backed agencies, which has accelerated this year, is likely to push coal companies to use offsets to get funding and listed ones to go private to avoid shareholder pressure as the dirtiest fossil fuel is increasingly shunned.

With insurance companies, banks and other financiers pulling out of coal "we are seeing a real tide of all these forces moving in capital markets," Lachlan Shaw, head of commodities research at ANZ, said at the virtual Coaltrans Asia conference.

"What's changed more recently is we have seen China, Japan and South Korea all commit to net-zero carbon emissions targets," he said.

Carbon trading and offsets will become important tools companies to get finance for new projects, so they "can go to the financial markets and say we have a package here that is totally offset from a carbon emissions point of view," he said.

Shaw said he expects more public listed companies to go private as shareholders focus more on the risks to investments from coal.

Even cleaner projects such as a coal gasification plant in Indonesia under consideration by coal miner PT Bukit Asam will struggle to obtain finance, said Ben Lawson, vice-chairman of the Djakarta Mining Club and chief operating officer of PT Sanaman Coal Indonesia.

"Even though gasification is the cleanest way of extracting power or downstream product for coal, its still coal," he told the conference. To get financing, "I think its going to be a hard sell."

(This story refiles to correct spelling of Sanaman in second-last paragraph)

(Reporting by Aaron Sheldrick; editing by David Evans)

By Aaron Sheldrick and Fransiska Nangoy


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED 0.16% 24.68 End-of-day quote.8.72%
PT BUKIT ASAM TBK -2.53% 2700 End-of-day quote.-3.91%
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Financials
Sales 2021 17 685 M 13 592 M 13 592 M
Net income 2021 4 916 M 3 778 M 3 778 M
Net Debt 2021 - - -
P/E ratio 2021 14,3x
Yield 2021 4,10%
Capitalization 69 355 M 53 702 M 53 303 M
Capi. / Sales 2021 3,92x
Capi. / Sales 2022 3,89x
Nbr of Employees 37 506
Free-Float 99,8%
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Mean consensus BUY
Number of Analysts 15
Average target price 25,01 AUD
Last Close Price 24,55 AUD
Spread / Highest target 14,1%
Spread / Average Target 1,87%
Spread / Lowest Target -19,8%
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Managers and Directors
NameTitle
Shayne Cary Elliott Chief Executive Officer & Executive Director
Paul Dominic O'Sullivan Chairman
Michelle Jablko Chief Financial Officer
Gerard Florian Group Executive-Technology
Paula Jane Dwyer Independent Non-Executive Director