Citing concern over impacts on the Great Barrier Reef World Heritage Area one of the world’s largest banks, Deutsche Bank, has pulled back from funding Abbot Point coal expansion at its annual general meeting.
Last night, Deutsche Bank Co-Chair Juergen Fitschen said the bank would not consider applications for Abbot Point.
“As there is clearly no consensus between the Australian Government and the UNESCO, regarding the impacts of the Abbot Point expansion on the Reef, we will not consider financial applications for an expansion of Abbot Point, “Mr Fitschen said.
The expansion of Abbot Point, approved by Australia’s conservative Liberal-National government, has proved controversial with a wide ranging collection of environmental groups and other opposing the move on the grounds that it could cause irreparable damage to the Great Barrier Reef.
Greenpeace Campaigns Director Ben Pearson said that it is a clear signal for Australian banks.
“This decision is a clear signal to Commonwealth Bank, ANZ, Westpac and NAB that investing in the Abbot Point coal port carries serious reputational risk,” he said.
“This change of policy for Deutsche Bank gives pause for thought for Federal Environment Minister Greg Hunt,” a Greenpeace spokesperson said.
“The approval of Carmichael mega-mine, which is the driving force behind the expansion of the Abbot Point coal terminal, is currently sitting in his in-tray.
“Hunt should follow suit, reject the Carmichael mega-mine and do the right thing by the Reef and the climate.”
The Australian Greens Party welcomed the Deutsche Bank decision, given the World Heritage Committee’s concerns about the Great Barrier Reef.
“The big names are all pulling out of Abbot Point, Deutsche Bank’s decision not to have anything to do with this Reef-destroying project, follows BHP, Rio Tinto, Anglo American and Lend Lease all getting out,” Senator Larissa Waters, Australian Greens mining spokesperson, said.
“Building the world’s biggest coal port in the Great Barrier Reef is not something that companies want associated with their reputation.
“With the coal price dropping, the Abbot Point coal port could end up as a stranded asset, dearly costing any company environmentally or financially reckless enough to get involved.
“As countries like China embrace renewable alternatives, coal ports and coal mines are becoming as toxic to investors as they are to the Great Barrier Reef and our climate.
“Deutsche Bank’s commitment not to use its customers’ money to destroy the Great Barrier Reef, should serve as a wakeup call to Australian banks, which are investing in Great Barrier Reef coal ports,” she added.
“The Great Barrier Reef provides 63 000 jobs and is too precious to lose, especially for the sake of climate-destroying coal, with the profits flowing offshore.
“It’s shameful that the Abbott Government rushed to tick off on the world’s largest coal port in the Great Barrier Reef and has left international investors shaking their heads and distancing themselves.
“The Abbott Government must immediately revoke its approval of the Abbot Point coal port, instead of continuing to put the Reef at risk of an ‘In Danger’ listing at the World Heritage Committee meeting in less than a month,” Senator Waters said.