As reported in the Sydney Morning Herald, Citi bank has baulked at funding Abbot Point. A further three banks, including Morgan Stanley, Goldman Sachs and JP Morgan Chase, have expressed serious concerns about the impact the project will have on the World Heritage listed Great Barrier Reef and cast doubt over their future involvement.
The move by major U.S. banks follows similar statements by Deutsche Bank, Royal Bank of Scotland, HSBC, Barclays and signals that the Adani Group and GVK may be unsuccessful in their bid to secure an estimated $26.5 billion in external financing necessary for the planned expansion of coal export facilities and associated mine and rail infrastructure at Abbot Point, on the edge of the Great Barrier Reef.
Australian NGOs - including the Australian Youth Climate Coalition, Greenpeace, 350.org, Lock the Gate, GetUp, SumOfUs, the Australian Marine Conservation Society, Australian Conservation Foundation, Birdlife Australia and Friends of the Earth - have congratulated the US banks, and called on Australia’s Big 4 to follow suit.
Sam Mclean, National Director of GetUp! said: "Today's news shows the campaign to save the Reef is a truly global one. It's incredible to think the biggest banks in the world will protect our Reef, but our own Australian banks won't. It’s time for them to step up.”
Lucy Manne, National Co-director of The Australian Youth Climate Coalition said: "The big banks spend millions on marketing campaigns designed to attract young customers - but young Australians want to see the Great Barrier Reef and our climate protected."
David Ritter, CEO of Greenpeace Australia Pacific said: “As international banks back away from the controversial new Abbot Point coal terminal, Adani is scrambling for cash. The company is even considering selling some of its assets to fund the new terminal.”
Blair Palese of 350.org Australia said: “If the banks don’t distance themselves from these projects, then their customers and investors will distance themselves from the banks.”
Felicity Wishart, Great Barrier Reef campaign director with the Australian Marine Conservation Society said: "It’s now time for the Australian and Queensland governments to stop giving this project special treatment, stop the efforts to fast track it and acknowledge the serious environmental risk this port expansion poses to the health of the Reef.”
Over 2 million people worldwide have taken action to protect the Great Barrier Reef from coal developments.
For comment please contact:
Lucy Manne, AYCC, 0417 387 516, David Ritter, Greenpeace, 0407 997 657, Sam Mclean, GetUp,0499 319 385, Blair Palese, 350.org, 0414659511, Felicity Wishart, AMCS, 0408 222 746
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