News

Victory as major international bank ditches giant coal mine threatening Great Barrier Reef

A major UK bank has announced today it is pulling out of one of the world’s most controversial coal developments following an international campaign by Greenpeace and other organisations.

School of Surgeon fish on Great Barrier Reef Australia.

- Advertisement -

Victory as major international bank ditches giant coal mine threatening Great Barrier Reef

A major UK bank has announced today it is pulling out of one of the world’s most controversial coal developments following an international campaign by Greenpeace and other organisations.

UK-based international bank Standard Chartered has become the second financial institution in just a few days to walk away from the proposed Carmichael mega coal mine in Queensland, with the Commonwealth Bank having ended its involvement in the project last week. The move by the banks comes hot on the heels of the Federal Court’s decision to revoke the mine’s federal approval due to Minister Hunt’s failure to properly consider its environmental impact.

Greenpeace has welcomed the decision by Standard Chartered to end their role as the leading financial adviser to the Carmichael coal mine after the company's spokesperson told Greenpeace UK that they will no longer provide financial advice to the project.

"This is a victory for anyone who cares about the future of both the Great Barrier Reef and the world’s efforts to tackle climate change,” said Greenpeace climate and energy campaigner Nikola Casule.

“This controversial project is now a massive reputational risk for even the world’s most powerful banks.

“The federal court has already revoked the mine’s approval to operate. With both banks involved in the project now having pulled out it is beyond time for federal Environment Minister, Greg Hunt to end the uncertainty and rule out the government’s support for what is one of the most environmentally destructive fossil fuel developments in the world,” added Casule.

“Despite Prime Minister Abbott’s unprecedented attacks on the environmental movement and the judiciary last week over the Carmichael mine, Standard Chartered’s decision is further proof that the world's leading political and business decision makers know that the the world must move away from dirty coal.”

Carmichael would be Australia’s largest coal mine and one of the largest in the world. On the doorstep of the Great Barrier Reef, it would require massive seafloor dredging and port expansion, resulting in hundreds more coal ships sailing through Reef waters. At 28,000 hectares, it would also produce 121 million tonnes of carbon dioxide emissions yearly at maximum production driving climate change - the greatest threat to the Reef.