September 2, 2015

NAB announces it has no plans to finance Adani’s Galilee coal project

(SYDNEY) Wednesday, 2 September, 2015 — Australia applauds the National Australia Bank’s (NAB) announcement that it:”is not involved and has no plans to be involved in any financing of the Carmichael coal mine.”

“NAB’s refusal to provide financial support for Adani’s reckless coal mine proposal demonstrates yet again just how unviable this project is,” said Blair Palese, Australia’s CEO. “Already, 13 international banks have stated that they will not support this Reef and climate wrecking project and NAB is the second major Australian bank to join them.

NAB’s announcement follows a concerted community campaign and comes just a few weeks after the Commonwealth Bank and the UK’s Standard Chartered Bank announced that they would have no further involvement in the controversial coal project.

Last night, Korean electronics giant LG announced that its letter of intent to purchase Galilee coal from Adani had expired and that it would no longer be a buyer for the Indian mining giant’s product, adding yet another blow to the ill-fated project.

“While Tony Abbott clings to his unhealthy relationship with the coal industry, the rest of the world is ready to close the chapter on this dirty and outdated fossil fuel and move on,” Palese said. “Prime Minister Abbott is completely out of touch with Australian voters.

“With coal prices continuing to drop, key markets moving to phase out coal imports and international and now Australian banks saying no to the Adani Galilee carbon bomb, Abbott needs to drop the pro-coal rhetoric and start backing innovative solutions to ensure Australia is part of the low carbon future.

“NAB’s announcement is yet another sign that it’s time for Tony Abbott to stop forcing an unbankable coal project down the throats of a public and a market that has rejected it over and and again.” concluded Palese.

Last week, Newcastle City Council, home to the world’s largest coal port, committed to divest from fossil fuels. Newcastle’s commitment followed a similar decision from the ACT Government to divest and move to 100% renewable energy just a few days prior.