The Adani Carmichael coalmine is not needed to support the economy, the Westpac chief executive [Brian Hartzer] has said in defence of his bank's decision not to finance the mine....Westpac's decision to set a climate policy...was based on its acceptance that climate change should be limited to 2C by 2050...Hartzer said the bank's advice was that "all the coal that is required to support the economy between now and 2050 can be met by mines in existing basins". "Given the long timeframes associated with opening up new basins, we therefore said we don't think we need to support that." Asked about resources and the northern Australia minister Matt Canavan's call for a boycott of Westpac, Hartzer said it was a "free country – people can say what they like"...He noted Westpac supported four coalmines and coal infrastructure in north Queensland and would support the extension of existing mines. "It's not a policy targeted on any particular area. It's a policy designed to take a pragmatic step, based on the science, to do our part ... to lead towards a low-emission economy."...