Activism Economics

Deutsche Bank Refuses To Fund Coal Port Expansion Near Great Barrier Reef

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Germany’s largest bank, Deutsche Bank AG DKGn.DE, has declared it will not finance a controversial coal port expansion in Australia near the Great Barrier Reef, responding to calls from green groups and tourism operators.

Deutsche Bank’s stand marks a win for those opposed to 6 billion worth of coal projects that plan to use the Abbot Point port, already facing delays due to weak coal prices. But one company involved said the bank’s position made no difference.

“This doesn’t impact our proposed projects in any way,” Indian firm GVK Hancock spokesman Josh Euler said.

Green groups and marine operators fighting to protect the World Heritage-listed reef took their campaign to Europe this week, urging Deutsche Bank, Societe Generale and HSBC not to back the Queensland coal projects.

[SOURCE](http://in.reuters.com/article/2014/05/23/australia-coal-deutsche-bank-idINKBN0E30OG20140523)

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“Deutsche Bank Refuses To Fund Coal Port Expansion Near Great Barrier Reef”