The worlds biggest investment banks are abandoning Abbot Point — the coal terminal that threatens our Reef. Early this morning, the Wall Street Journal broke the news. It reported Citibank does not plan to be involved in any financing for the Abbot Point expansion.1 Whats more, it reported other major US banks are distancing themselves from the project too. This is big. Wall Street sets the agenda for the entire investment community. Their position will send a clear message to other banks — Abbot Point is a bad investment, stay away. But Indian energy giant Adani still has a strong chance to borrow the $10 billion it needs to finance Abbot Point and its Carmichael megamine, and the threat to our Great Barrier Reef remains imminent. Commonwealth Bank, Westpac, ANZ and NAB are the banks most crucial to funding Abbot Point. A new report says Abbot Point and other Galilee Basin coal projects are highly unlikely to proceed without the support of the four Australian bank majors, and thateach of these four will be critically important if it is to continue.2 In short, if our banks refuse to fund Abbot Point and Adanis mines, the coal port on the Reef coastline weve fought against for so long will almost certainly never happen. https://getup.org.au/campaigns/great-barrier-reef--3/big-four-newspaper-ad/help-run-this-ad-and-protect-our-reef-from-the-mining-industry?t=66PQ4Cq4g
Posted on: Tue, 28 Oct 2014 05:02:27 +0000
Trending Topics
Recently Viewed Topics
© 2015