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Friday, 23 May 2014

Deutsche Bank says it will not finance Abbot Point expansion

Abbot Point coal terminal Abbot Point coal terminal North Queensland Bulk Ports Corporation

Deutsche Bank has announced that it will not finance the expansion of the coal terminal at Abbot Point near the Great Barrier Reef in Australia.

The Frankfurt-based bank says that it has “a long track record of supporting environmental sustainability and takes the future of the Great Barrier Reef very seriously.”

Deutsche Bank explains that its recently adopted policy is not to support activities which could place World Heritage Sites at risk.

“There is currently no consensus between UNESCO and the Australian government regarding the expansion of Abbot Point in the vicinity of the Great Barrier Reef,” it says. “Our policy requires such a consensus at the least. We therefore would not consider applications for the financing of an expansion any further.”

In an April report, the World Heritage Committee (WHC) notes “with concern” the “proposed dumping of dredged material from the proposed Abbot Point development” and recommends the inscription of the Great Barrier Reef on the List of World Heritage in Danger. 

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