Environmental groups are protesting against the recent approval of Australia’s biggest coal mine by holding a new divestment day on October 18 in an effort to stop the major banks supporting the project.
The Carmichael Coal Mine in the Galilee Basin owned by Indian company Adani has the potential to deliver $5 billion worth of resource over its 60-year life, and was the second major coal mine given the go-ahead in the area when it was approved in late July, according to Julien Vincent, Market Forces lead campaigner.
“The Government has now signed off on two massive new coal mines in Queensland’s Galilee Basin, along with their connecting rail lines and new coal export terminals in the Great Barrier Reef World Heritage Area,” he said.
“I can’t put it more simply than this: we need to get to the banks before the owners of these massive coal export projects do. And if history is any guide the big four Australian banks will be crucial to these deals,” he said.
Market Forces and 350.org are calling on customers of ANZ, Commonwealth Bank, NAB and Westpac to turn out and publicly close their accounts on the October 18, if the banks fail to rule out further support for the fossil fuel industry.
Greenpeace is fund raising to start an advertising campaign to alert Westpac customers to the bank’s potential involvement in the project, Ben Pearson Greenpeace campaigner said.
“Adani, still needs billions of dollars to build the mine and port. All of the big four banks are a possibility, but the likely first stop will be Westpac – its most recent Australian funder,” he said.
The Australian Centre for Corporate Responsibility is also looking for shareholders of the big four banks to support resolutions they are putting to the banks, that would force disclosure on the climate impact of activities the banks finance.
HSBC, Deutsche Bank and Credit Agricole have all taken positions against the financing of the Abbot Point coal port.
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