Australian banks should follow French banks in ruling out finance for Galilee Basin coalmines and Great Barrier Reef ports.
With three French banks ruling out finance for Galilee Basin coal mines, the Australian Greens are calling on Australian banks to follow suit.
“These French banks are some of the world’s biggest coal industry lenders and even they can see that investing in the Galilee Basin coal mines is environmentally and financially reckless,” Senator Christine Milne said.
“It’s time that Australian banks woke up and realised the environmental, climate, economic and reputational risks of investing in the Galilee Basin coal mines are dire.
“This project is a flashing ‘stranded-asset’ light to global investors.
“Already thousands of Australians are urging their banks to divest from fossil fuels and many are closing their accounts.
“The three French banks join another eight international banks in ruling out finance for the Galilee Basin coal mines, cutting off half of the top 20 coal-funding banks globally.
“This leaves Adani, which is already mortgaged to the hilt, with very few options to finance the Carmichael mine and Abbot Point coal port expansion.
“Our Reef is too precious to become a highway for millions of tonnes of coal that will come back to bite this World Heritage Area through ocean acidification and coral bleaching,” Senator Milne said.
The three French banks that have ruled out financing the Galilee Basin coal mines and associated ports are BNP Paribas, Societe Generale and Credit Agricole.
Other international banks which have so far ruled out funding the Galilee Basin or associated ports are: Deutsche Bank, HSBC, Barclays, Royal Bank of Scotland, Morgan Stanley, JP Morgan Chase, Goldmans Sachs and Citi.