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.

“Well, I think the long-term effects … would be larger than the long-term effects of COVID,” Bailey said when asked by a lawmaker about the consequences for the economy if Britain and the European Union fail to strike a post-Brexit trade deal.

London and Brussels remain locked in negotiations ahead of the Dec. 31 expiry of Britain’s Brexit transition period.

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