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French Banks Reject Galilee Coal

Business  (tags: Good News, Australia, Galilee Basin, Queensland, coal, investment, SustainableDevelopment, finance, BNP Paribas, Societe Generale, Credit Agricole )

- 1552 days ago -
3 major French banks have joined the investing boycott against coal mines in the Galilee Basin in Queensland, and the coal ports in the Great Barrier Reef. join eight other international banks that have declared they will not fund


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Evelyn B (63)
Monday April 20, 2015, 7:27 am
French banks reject Galilee coal
By Ross Kendall on April 16, 2015

French banks BNP Paribas, Societe Generale, and Credit Agricole have joined the investing boycott against coal mines in the Galilee Basin in Queensland, and the coal ports in the Great Barrier Reef.

The French banks join eight other international banks that have declared they will not fund Australia’s biggest potential coal assets, Julein Vincent Market Forces campaigner said.

Over half of the world’s biggest financiers of the coal industry have publicly stated they won’t be financing part or all of the Galilee coal export supply chain, he said.

“We’ve just finished an assessment of over $130 billion in loans to the Australian fossil fuel industry and it turns out that France is the fifth biggest source of debt for the coal, gas, and oil sector,” he said.

“In fact, all three French banks that have made statements today rank among the top 20 lenders to Australian coal mining,” he said.

It also means companies like Indian-based Adani, who are trying to secure finance this year in order to build Australia’s biggest coal mine, are seeing there funding options reduce rapidly.

A spokesperson for Adani said the miner had “not formally requested any financing from the French banks”, according to news reports.

“An institution ruling out something it was not requested to do has no bearing on this company,” the Adani spokesperson said.

Other would-be funders of the coal development “now need to think about whether they would be comfortable entering into a deal that so many of their peers have publicly rejected,” Vincent said.

The other boycott banks are: Deutsche Bank, HSBC, Royal Bank of Scotland, Barclays, Morgan Stanley, Citigroup, Goldman Sachs, and JP Morgan.

Market Forces and Greenpeace have renewed their push to get Australia’s major banks to join the commitment against the development of coal mines in the Galilee Basin.

Barbara T (431)
Monday April 20, 2015, 7:49 am
This is good news indeed!
Coal mines are getting less & less PROFITABLE - in a Profit$$$ driven world of Finance, that will phase them out faster than anything.
Meanwhile, we must KEEP UP OUR EFFORTS TO MAKE COAL {and other Dirty Fuels!} LESS PROFITABLE... and keep up the Divestment Movement, especially in our Colleges and Universities and Churches...

Here goes THE MANTRA:
This can bear being repeated OFTEN:
82% of Fossil Fuel Reserves must be LEFT IN THE GROUND - 82%! -
if we are to avert Climate CATASTROPHE due to Global Warming.

NO MORE drilling, coal mining, fracking,
and transporting, leaking and spilling and exploding,
and BURNING and spewing into the Atmosphere.
NO MORE exploration for new sources!

This should be Environmentalists' MANTRA:

Sue H (7)
Monday April 20, 2015, 9:08 am
I love a bit of good news in the morning, thanks.

Freya H (344)
Monday April 20, 2015, 6:24 pm
Vive les Grenouilles!

Darren Woolsey (218)
Tuesday April 21, 2015, 12:04 am
Thanks Evelyn.

Jonathan Harper (0)
Tuesday April 21, 2015, 12:37 am

mar l ene dinkins (264)
Tuesday April 21, 2015, 8:01 am
noted ty Eve!!!!!

Thomas M (8)
Tuesday April 21, 2015, 8:28 am
This is good news.....sounds like the finance end sees a financial mess coming with fossil fuels. It is a poor investment.

Roger G (148)
Tuesday April 21, 2015, 4:01 pm
noted, thanks

Birgit W (160)
Tuesday April 21, 2015, 4:58 pm
Great! Thanks for sharing.

Janet B (0)
Wednesday April 22, 2015, 12:52 pm

Janis K (129)
Wednesday April 22, 2015, 10:10 pm
Thanks for sharing.
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