The federal Coalition government has for some time resisted the notion that coal is on the way out.
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With climate change policy being a political hot potato in Australia for years, it's been easier for the government to keep supporting coal while trying to give the appearance that it's doing what it can to deal with climate change.
Nonetheless, many activists and commentators have noted that the private sector has seen the writing on the wall, with money moving to what is considered a better investment for the future - renewable energy.
Corporations have been increasingly lobbied to divest from activities that cause climate change. There's pressure to be good corporate citizens, not just profit mongers.
After all, what's the point of having massive profits if the activities that create those profits harm the Earth to such an extent that human habitation will increasingly suffer, not to mention future generations.
Of course, divesting from coal is not a black and white issue. People's livelihoods are at stake, particularly in the Hunter Region. It can't be done overnight. A fair and just transition is required.
ANZ has clearly weighed up the competing priorities and made a big decision in refusing to back the Port of Newcastle. The bank's new climate change policy essentially bans loans to the coal sector.
The bank's climate change policy notes that "many communities, particularly those in regional areas, are reliant on the coal industry for employment".
"If the transition is not managed appropriately, these communities may suffer substantial social and economic costs."
On Tuesday, Murdoch-owned newspaper The Australian broke the story on ANZ's decision to stop financing the port. A day earlier Prime Minister Scott Morrison made a trip to the Hunter, stating that he's "very focused on getting Australians into jobs, and particularly here in the Hunter".
Energy experts say that coal will continue to play a role in the world's energy sector for decades. And National Australia Bank has stepped in to underwrite the port, despite having its own climate change strategy.
But the federal government shouldn't ignore the changing reality. The Hunter will need a massive and sustained injection of funding to help create new jobs in the region. The time for that to start is now.
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