Deutsche Bank confirms it won't fund Abbot Point expansion

ONE of the world's largest banks, Deutsche Bank, pulled back from funding Abbot Point coal expansion at its Annual General Meeting last night, citing concern over its impact on the Great Barrier Reef World Heritage Area.

"This change of policy for Deutsche Bank gives pause for thought for Federal Environment Minister Greg Hunt," a Greenpeace spokesperson said.

"The approval of Carmichael mega-mine, which is the driving force behind the expansion of the Abbot Point coal terminal, is currently sitting in his in-tray.

"Hunt should follow suit, reject the Carmichael mega-mine and do the right thing by the Reef and the climate."

Last night, Deutsche Bank Co-Chair Juergen Fitschen said the bank would not consider applications for Abbot Point.

"As there is clearly no consensus between the Australian Government and the UNESCO, regarding the impacts of the Abbot Point expansion on the Reef, we will not consider financial applications for an expansion of Abbot Point,"Mr Fitschen said.

Greenpeace Campaigns Director Ben Pearson said that it is a clear signal for Australian banks.

"This decision is a clear signal to Commonwealth Bank, ANZ, Westpac and NAB that investing in the Abbot Point coal port carries serious reputational risk," he said.

Should the Abbot Pt expansion go ahead?

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Topics:  abbot point coal terminal great barrier reef mining resources

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