Who’s out of Galilee coal export projects?

Australian banks

?

CommBank ended an advisory role to Adani several years ago, but they have never made a firm commitment against financing the mine. Use the form below to ask CommBank to categorically rule out financing the Carmichael mega coal mine.

Bank
Statement
Coal mining policy

“NAB is not involved and has no plans to be involved in any financing for the Carmichael coal mine”

None

None

“For new thermal coal proposals we will limit lending to any new thermal coal mines or projects (including those of existing customers) to only existing coal producing basins and where the calorific value for that mine ranks in at least the top 15% globally”

“[ANZ’s exposure to coalmining] is pretty small and trending down and I can’t see a time where we’d suddenly see that trend shift, to be honest”
– Shayne Elliott, CEO

*NOTE: This statement is clearly not an unequivocal rejection of the project, but journalist Richard Gluyas described it as “effectively ruling out support” for Carmichael

None

International banks

Bank
Statement
Coal mining policy

“Both parties [Standard Chartered and Adani] have agreed to end the bank’s role in the Carmichael project”

“We will not provide project finance or project finance advisory services to new standalone, non
captive thermal coal mining projects”

“BNP Paribas do not intend to be involved in the financing of the development of coal mines projects in the Galilee Basin in Australia, nor of related dedicated infrastructure projects”

“[We] will no longer finance coal mining activities, whether through direct financing of mining projects or by financing mining companies specialising in coal extraction, unless they have put in place an energy diversification strategy”

“Due to the number and magnitude of issued 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”

“[We] will not participate in financings or investments directly related to the development,
construction or expansion of any… coal mining projects”

“Societe Generale is not currently involved, and does not plan to be involved in the coal mine and infrastructure projects associated with the Galilee Basin in Australia” (Translated from French)

“Societe Generale refrains from… entering into a new relationship with a company [with] more than 95% of turnover linked to coal sector activities”

At HSBC’s 2014 AGM in London, the bank said “[HSBC] is extraordinarily unlikely to go anywhere near [Abbot Point]”

“HSBC will no longer support new thermal coal mines”

“We do not finance natural resource projects within UNESCO World Heritage Sites unless there is prior agreement between both the government authorities and UNESCO that such operations will not adversely affect the Outstanding Universal Value of the site”

“We will not finance… transactions that involve asset-specific financing where the proceeds will be used to develop a new greenfield coal mine or a new coal-fired power plant in a high income OECD country”

“We are currently not involved with this project and will also not be involved with it in the future”

“Deutsche Bank and its subsidiaries will not grant new financing for greenfield thermal coal mining and new coal-fired power plant construction. Moreover, the bank will gradually reduce its existing exposure to the thermal coal mining sector.”

“RBS is not involved in the Abbot Point expansion project and has no plans to be involved in the future”

None

“Citi is not involved and does not plan to be involved in any financing for the Abbot Point expansion”

None

“Morgan Stanley will not lend to or invest in the expansion of Abbot Point”

None

“Barclays has no plans to participate in financing the Abbot Point development or its associated mine/rail infrastructure”

None

“Specific to Abbot Point, we will not finance any project or initiate loans where the specified use of proceeds would significantly convert or degrade a critical natural habitat”

None

ING

None

“ING will not provide financial services that directly refer to… new thermal coal mining”

Natixis

None

“Natixis has committed itself to end its financing of coal-fired power plants and thermal coal mines worldwide. Natixis has also decided to no longer accept new advisory or arrangement mandates linked to financings of this type.”

Credit Suisse

None

“Credit Suisse will not provide any form of financing that is specifically related to the development of a new greenfield thermal coal mine, or where the majority of the use of proceeds is intended for a new greenfield thermal coal mine.”