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Deutsche Bank won’t invest in the Great Barrier Reef’s destruction at Abbot Point

The Australian Greens warmly welcome the decision by Deutsche Bank overnight not to finance the Abbot Point coal port expansion, given the World Heritage Committee’s concerns about the Great Barrier Reef.

“The big names are all pulling out of Abbot Point – Deutsche Bank’s decision not to have anything to do with this Reef-destroying project, follows BHP, Rio Tinto, Anglo American and Lend Lease all getting out,” Senator Larissa Waters, Australian Greens mining spokesperson, said.

“Building the world’s biggest coal port in the Great Barrier Reef is not something that companies want associated with their reputation.

“With the coal price dropping, the Abbot Point coal port could end up as a stranded asset, dearly costing any company environmentally or financially reckless enough to get involved.

“As countries like China embrace renewable alternatives, coal ports and coal mines are becoming as toxic to investors as they are to the Great Barrier Reef and our climate.

“Deutsche Bank’s commitment not to use its customers’ money to destroy the Great Barrier Reef, should serve as a wakeup call to Australian banks, which are investing in Great Barrier Reef coal ports.

“We especially congratulate Tony Brown, a tourism operator from the Whitsundays, who travelled to Germany to speak at the Deutsche Bank AGM about how the Abbot Point coal port would impact his livelihood.

“The Great Barrier Reef provides 63 000 jobs and is too precious to lose, especially for the sake of climate-destroying coal, with the profits flowing offshore.

“It’s shameful that the Abbott Government rushed to tick off on the world’s largest coal port in the Great Barrier Reef and has left international investors shaking their heads and distancing themselves.

“The Abbott Government must immediately revoke its approval of the Abbot Point coal port, instead of continuing to put the Reef at risk of  an ‘In Danger’ listing at the World Heritage Committee meeting in less than a month,” Senator Waters said.

 

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