French banks rule out funding Galilee coal exports

Submitted by Cam Walker on Thu, 09/04/2015 – 07:17

Three major French banks have announced they will not fund the mega coal mines proposed in the Galilee Basin, or associated infrastructure such as the new coal export terminals at Abbot Point.

BNP Paribas, Societe Generale, and Credit Agricole have issued statements that bring to eleven the number of international banks that have spoken out against the prospect of funding mega-coal mines in the Galilee Basin or new export terminals in the Great Barrier Reef World Heritage Area.

The commitments came in response to letters sent by Friends of the Earth France and after a long period of engagement by several environment groups. Market Forces Lead Campaigner Julien Vincent acknowledged the announcements as a major step forward for the campaign to keep the Galilee Basin coal in the ground. He said:

“When it comes to securing finance for their massive coal mine and export terminal, Adani are simply running out of options.

“That some of the world’s biggest lenders to the coal industry can come out and public declare themselves as not involved speaks volumes about how unacceptable this project is from an environmental, reputational and economic standpoint.

“However, while major international banks have demonstrated common sense on this issue, we are yet to see the same statements from Australia’s major banks. It is astounding that banks based in New York, Paris, Edinburgh and Frankfurt are doing more to defend the Reef and climate from new coal project than our own Aussie banks.

You can see the letters sent by BNP Paribas, Credit Agricole and Societe Generale (in French) by following the links.

More details from FoE Australia