Resources Minister Keith Pitt says it’s a complete “crock” and it could be unlawful for shareholders to vote on whether banks should fund fossil fuel projects.
The Commonwealth Bank is holding an AGM where shareholders will vote on the bank’s ability to finance fossil fuel projects.
Mr Pitt said the banks are about making money and do so through high interest rates.
“They’re attacking metallurgical coal, you need that for steel making for many decades and you need thermal coal for energy for many decades as well,” he told Sky News Australia.
“They certainly wouldn’t be offering mortgages to workers in the thermal coal sector to pay for their houses.
“I haven’t seen them withdraw from those markets.
“They’re about making money.”