Deutsche Bank Refuses Finance For Coal Port

[icyfroth]

Reuters reported that, following outcry from environmental activists and tourism operators, Deutsche Bank has stated it will not aid in the funding of coal port expansion near Australia’s great barrier reef.

Port operator North Queensland Bulk Ports Corp defended the expansion plan, but the bank stated at its annual meeting that it at least needed consensus between UNESCO and the Australian government for the project before moving forward with financing, according to Reuters.

As quoted in the publication:

Deutsche Bank was targeted because it helped refinance the lease on Abbot Point. Greenpeace said Australia’s big four banks, which it is pressing to cut funding to the coal industry, should take note.

The operator of Abbot Point, North Queensland Bulk Ports Corp, defended the port plan saying there is “rigorous scientific evidence” to support an environmentally sustainable expansion of the port and criticised the anti-coal campaign.

Article Here

Even the Germans were outraged about the threat to the GBR

[purplecarrot-top]

Very good news. We need to look after this planet. I would like to have future generations enjoy the beauty of it. Once it is gone we can never get it back.

[pct001wine]

Great news.

Is Joe Hockey's partner (Melissa Babbage (?)) still a big wig at Deutsche Bank ? Wonder if she was involved in the decision ?

[fourandsixpants]

to icy ref.

Deutsche Bank Refuses Finance For Coal Port

.........................................................................................................................................................................................................

.......for now. How timely a decision. Decisions can be reversed.

[fourandsixpants]

the reason???.....read on

http://www.ft.com/cms/s/0/c616fd0a-e249-11e3-89fd-00144feabdc0.html#axzz32jlW2Cm2

one bank down.....but there are unfortunately-for our environment, many others

[icyfroth]

that link takes me to a pay newspage

[the_hawk*]

Big companies are senitive to market sentiment and thats driven by shareholders, if more protesters publicly went after these projects at their financial backers in Australia you may get to see some change.

Sadly most protests are about making lots of noise with little effect because the wrong end of the food chain is attacked

[fourandsixpants]

to icy

apols....yes i see where that link does ask for subscription. Shame because it was a good article. Not sure how i was able to read it from where I got through to it. But it explained how BIG players liike Palmer and Rinehart 'need' the approvals to go ahead with their expansions and mining plans. Also that a French bank is still going ahead with supporting any financing required.....these details are lacking in your article and also lacking in all the other atricles that I have read including this one:

http://www.smh.com.au/business/carbon-economy/deutsche-bank-wont-fund-abbott-point-coal-port-expansi...

but I think this move has been a political one to earn Abbott camp brownie points leading up to the Senate etc.

"We are confident that the World Heritage Committee will not want to adopt a  decision containing the current errors," Mr Roche said.

.....decisions will most probably be reversed 'later'....I am sure. Shame for the Great Barrier Reef and for our environment.

[fourandsixpants]

Apparently 180,000 Germans signed a petition asking the Deutsche Bank not to fund it. ref last comment

http://www.macrobusiness.com.au/2014/05/galilee-coal-hit-as-deutsche-pulls-abbot-point/

[freakiness]

---

@icyfroth wrote:

Reuters reported that, following outcry from environmental activists and tourism operators, Deutsche Bank has stated it will not aid in the funding of coal port expansion near Australia’s great barrier reef.

Port operator North Queensland Bulk Ports Corp defended the expansion plan, but the bank stated at its annual meeting that it at least needed consensus between UNESCO and the Australian government for the project before moving forward with financing, according to Reuters.

As quoted in the publication:

Deutsche Bank was targeted because it helped refinance the lease on Abbot Point. Greenpeace said Australia’s big four banks, which it is pressing to cut funding to the coal industry, should take note.

The operator of Abbot Point, North Queensland Bulk Ports Corp, defended the port plan saying there is “rigorous scientific evidence” to support an environmentally sustainable expansion of the port and criticised the anti-coal campaign.

Article Here

Even the Germans were outraged about the threat to the GBR

---

Oh dear, you'd better boycott that bank then.  Can't have them messing with the good old libs plans now, can we?