big business turning green?

The other week the chairman of BHP CEO expressed concerned for Australia’s future and urged the that we must get on board with carbon reduction policies and clean energy… this week on of the big four banks has joined the climate change debate by expressing that they will favor the funding of energy efficiency and clean energy projects over new coal-fired power stations.

Westpac’s statement coincided with the release of a Greenpeace report which showed that Australia’s major banks provided loans worth $5.5 billion to the coal industry over the past five years, seven times more than the $784 million lent to the renewable energy sector (Manning 2010).

I think this is great, don’t get me wrong but what’s with all the big corporations all of sudden becoming anti-coal when they have been entwined with the industry for decades. With my pessimistic hat on I can only assume they are trying to tap the previously untapped profits which could be gained though the clean energy sector and the development of new technologies…

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