Amazing news! Last night, Germany’s largest bank, Deutsche Bank, announced it will not fund destructive plans to expand Abbot Point coal terminal in the Great Barrier Reef World Heritage Area.
This is incredible – not least because it could halt dredging and dumping in the Reef. It shows that even the world’s biggest investors have recognised the damage coal ports could do to and want nothing to do with them.
Our Federal Environment Minister, Greg Hunt, is bound to get some tough questions today following this latest development. If banking giants like this are concerned about the impacts of misguided coal expansion in Queensland, how could the Federal Government consider supporting it?
As news starts to hit headlines around the world, let’s ramp up our calls today to save the Reef from coal. Tell Minister Hunt we don’t want the reckless rise of new coal developments threatening our Great Barrier Reef.
At its Annual General Meeting, Deutsche Bank’s executives made their position clear:
“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.
“We are currently not involved with this project and will also not be involved with it in the future.”
Even banks are willing to make a stand to protect one of the world’s most precious natural places. And meanwhile, our own so-called ‘Environment Minister’ is still making up his mind between short-term coal mines or the future of our Great Barrier Reef.
He’s still deciding whether to approve the Carmichael mega coal mine in the Galilee Basin – a mine that would require a massive new coal terminal at Abbot Point in the Reef World Heritage Area. Tell him to reject foreign-owned coal company Adani and say no to the Reef-destroying Carmichael coal mine.
Adani needs billions of dollars to fund their megamine at Carmichael and the related port expansions in the Reef. As Deutsche Bank has previously bankrolled their projects, this announcement will be a major blow. And when one major financier pulls out, it makes all the others think twice.
This has been so many months in the making. Together with our friends at GetUp, Market Forces, Fight for the Reef and so many others, we’ve run ads, met with investors and their shareholders, and sent countless messages to let Deutsche Bank know how many of us are standing up to stop Adani wrecking the Reef.
Our collective, concerted efforts have well and truly paid off today. Thanks so much for everything you’ve done and for being part of this amazing movement.With thanks, Ben Pearson Program Director Greenpeace Australia Pacific