August 11, 2015

Standard Chartered Withdraws from Galilee Coal – Adani doesn’t have a leg to stand on

Sydney, 11th August: Australia welcomes the decision by UK Bank Standard Chartered to withdraw its involvement in Indian mining giant Adani’s Carmichael coal mine in Queensland’s Galilee Basin and associated Abbot Point port expansion on the edge of the Great Barrier Reef.

The decision follows a concerted campaign by environmental NGOs and comes on the heels of last week’s announcement by the Commonwealth Bank that it had cancelled its involvement in the controversial project.

“Standard Chartered joins 12  major global banks, including the major lenders to Australian coal projects, who have said no to this disaster of a project because they see that it ticks every risk box on the books,” said Charlie Wood, Australia campaigns director.

“We congratulate Standard Chartered for choosing climate and Reef protection over dirty coal. This is a major win for communities everywhere.”

“Without the money, Adani can’t get this monster of a project up. That after several years of trying, they still don’t have the finances they need, speaks volumes to the ridiculousness of what Adani’s trying to do here. Banks won’t have their brand trashed by financing the destruction of the Reef and our climate. As Standard Chartered’s announcement has shown, major banks are no longer willing to hitch their wagon to Adani’s awful horse.”

Dozens of actions will take place across Australia later this week calling upon NAB, Westpac and ANZ to join the Commonwealth Bank, and now Standard Chartered, in saying no to Galilee coal. Last week,  the Federal Court of Australia overturned Environment Minister Greg Hunt’s Approval of Adani’s Carmichael mine, adding yet another delay to the ill-fated project.

“As an active advisor on the project, Standard Chartered’s exit from this project adds yet another devastating blow to this terrible project. Adani simply hasn’t a leg to stand on. It’s time they packed their bags and headed home. Australians and the international community have said loud and clear that they don’t want this project, not now, not ever,” concluded Wood.

A 2015 report recently ranked the Abbot Point project the third biggest threat to corporate reputation of any project currently progressing globally (from 12,000 assessed). If burned, Galilee Basin coal would release more emissions than the United Kingdom.

Contact: Krista Collard, 0424 712 034