The world’s biggest banks won’t touch it
The world’s biggest investment banks are abandoning coal port expansion on the Great Barrier Reef.
Just this morning – the Wall Street Journal reported that Citibank – one of the largest investment banks in the world – won’t finance the Abbot Point coal port expansion on the Reef.* It also reported that other major US investment banks are distancing themselves from Abbot Point.
This is huge! Abbot Point and its associated mega-mines in the Galilee Basin would wreck the Reef and triple Australia’s emissions, locking us into at least 30 more years of coal-fired power.
As US banks join European banks like HSBC, Deutsche Bank, the Royal Bank of Scotland and Barclays in ruling out involvement in this damaging project, it’s time for Australia’s Big 4 Banks to join them.
The CEO’s of Australia’s Big 4 banks have received messages from over 100,000 Australians, asking them to rule out financing for Abbot Point. But still they remain silent, so it’s time to step things up!
And if you’re keen to do more and live in Melbourne or Sydney, why not join an event delivering 15,000 messages collected from customers to the Big 4.
Together, let’s raise our voices ever louder until Australia’s Big 4 Banks do the right thing for the Reef, our climate and our future by ruling out coal port expansion at Abbot Point.
Yours with thanks,
Charlie for 350 Australia
PS: Watch and share our new video which explains why all Australians should be concerned about coal port expansion on the Great Barrier Reef.
*Wall Street Journal, Morgan Stanley Balks at Financing Australia Coal Port, 27 October 2014.
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