Deutsche Bank Refuses to Finance Port Expansion Near Great Barrier Reef

Reuters reported that, following outcry from environmental activists and tourism operators, Deutsche Bank has stated it will not aid in the funding of coal port expansion near Australia’s great barrier reef. Port operator North Queensland Bulk Ports Corp defended the expansion plan, but the bank stated at its annual meeting that it at least needed consensus between UNESCO and the Australian government for the project before moving forward with financing, according to Reuters.

As quoted in the publication:

Deutsche Bank was targeted because it helped refinance the lease on Abbot Point. Greenpeace said Australia’s big four banks, which it is pressing to cut funding to the coal industry, should take note.

The operator of Abbot Point, North Queensland Bulk Ports Corp, defended the port plan saying there is “rigorous scientific evidence” to support an environmentally sustainable expansion of the port and criticised the anti-coal campaign.

Click here to read the full Reuters article.