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Commonwealth Bank’s decision to end relationship with Adani makes economic and environmental sense

Media Release
Larissa Waters 6 Aug 2015

The Australian Greens welcome the Commonwealth Bank's decision to end its relationship with Adani and wholeheartedly congratulate the divestment movement.

"Not only is it environmentally irresponsible to back Galilee Basin coal, it doesn't stack up economically," Senator Larissa Waters, Australian Greens Deputy Leader and climate spokesperson, said.

"Eleven banks around the world have ruled out involvement in the Galilee Basin coal mines exporting through the Reef.

"With the US, China, Europe and India increasingly embracing renewables and the coal price in structural decline, pouring money into this dying industry doesn't make sense.

"China is racing towards a clean energy boom, and Chinese coal imports fell almost 40% in the first six months of 2015. 

"While Indian coal imports are down 11% this July compared to last July, and the Indian government is aiming to phase out thermal coal imports by 2017.

"It's high time we took advantage of the immense jobs and trade opportunities that renewables present, especially for the sake of Queenslanders who are losing their jobs in the dying coal industry.

"Australians who have joined together to divest from the destruction of the Great Barrier Reef and climate are also helping to speed up our necessary transition to a clean energy economy," Senator Waters said.  

 

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