Three major French banks have pledged not to fund proposed coal mines in Queensland’s Galilee Basin, an environmental group says.
Market Forces, a group that campaigns for banks and governments to protect the environment, says BNP Paribas, Societe Generale, and Credit Agricole have written letters vowing they will not finance development of the Galilee.
In the letters, supplied by Market Forces to AAP, the banks state that they will not fund coal mines and associated infrastructure, which includes expansion of the Abbot Point coal terminal in the state’s far north.
Credit Agricole’s letter says: ‘due to the number and magnitude of issues linked to the planned coal development projects in the Galilee Basin, Credit Agricole SA does not intend to finance these projects or their associated facilities.’
Market Forces lead campaigner Julien Vincent said the pledge would be a major blow for Indian mining company Adani’s plan to build the Carmichael coalmine in the Galilee.
‘When it comes to securing finance for their massive coalmine and export terminal, Adani are simply running out of options,’ Mr Vincent said.
‘That so many of the world’s biggest lenders to the coal industry can come out and publicly declare themselves as not involved speaks volumes about how unacceptable this project is from an environmental, reputational and economic standpoint.’
Adani is fighting a challenge by conservation group Coast and Country in the Queensland Land Court that the Carmichael coalmine would affect the Great Barrier Reef and add to climate change.