Australian news, and some related international items

Commonwealth Bank will not lend to Adani Carmichael coalmine project

Carmichael coalmine: Commonwealth Bank indicates it will not lend to Adani
Controversial Queensland coalmine project is now without financing from any of Australia’s big four banks,
Guardian, Michael Slezak, 11 Aug 17, The Commonwealth Bank has indicated it will not lend money to Adani’s proposed Carmichael coalmine, leaving the project without financing from any of Australia’s big four banks.

A spokesman from Commonwealth Bank said the bank is “not among the banks who have been, or will be, asked to consider this financing”……

The statement follows a significant public campaign pressuring the bank to rule-out funding the project.

Until today, it was the last of Australia’s big-four banks to not rule out lending to the project. Commonwealth Bank remains a lender to Adani’s Abbot Point coal export terminal, through which coal from the proposed Carmichael mine will be shipped through the Great Barrier Reef to India……

Blair Palese, chief executive of Australia said the announcement was a win for the public campaign.

“It’s a huge win for the two and a half years of campaigning from the public across Australia to put pressure on the bank,” Pelase said.“Literally there were thousands of protests at Commbank branches around the country,” she said. It would be really great if they would come out openly and clearly (to rule out the project) but we’ll take it,” she said. “It’s a clear statement that it’s a toxic project.”

Julien Vincent, chief executive of Market Forces, a financial campaign group, said not having any of Australia’s big-four banks on board would be a problem for Adani.

“They provide not just debt but credibility,” he said. “Losing Commonwealth Bank from the pool of prospective lenders is a huge blow, given that CBA is already a lender to Adani’s Abbot Point coal export terminal.”

Jonathan Moylan, a campaigner at Greenpeace said the announcement from CBA is a win for the public, but that pressure on the bank to release a stronger climate policy would continue…….


August 12, 2017 - Posted by | AUSTRALIA - NATIONAL, business

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