Who’s out of Galilee coal export projects?

Who’s out of Galilee coal export projects?

Bank
Statement
Coal mining policy
CommBank

“We are not amongst the banks who have been, or will be, asked to consider this financing.”

None

Westpac

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

“[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

NAB

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

In December 2017 NAB became the first of Australia’s big four bank to rule out lending to all new thermal coal mines or extensions.

INTERNATIONAL BANKS

Bank
Statement
Coal mining policy
NAB

“ICBC has not been, and does not intend to be, engaged in arranging financing for this project.”

None

NAB

“China Construction Bank is not involved with, nor considering involvement with, the Adani Carmichael Mine project… nor will they be considering involvement in the future.“

None

Bank of China

“[Bank of China] has not, and does not intend to, provide funding for the Adani Carmichael Mine project”

None

China Merchants Bank

“China Merchants Bank is not, and does not intend to be involved in the Adani Carmichael Mine project.”

None

NAB

“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”

NAB

“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”

NAB

“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”

NAB

“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”

NAB

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”

NAB

“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”

NAB

“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.”

NAB

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

None

NAB

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

None

NAB

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

None

NAB

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

None

NAB

“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

NAB

None

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

NAB

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.”

NAB

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.”

NAB

None

“Commerzbank does not finance projects for new coal mines.”

NAB

None

“[US Bancorp] does not provide project financing… for the development of new coal mines. “

NAB

None

“KBC stops financing new, coal-fired electricity generation, including coal mining.”

NAB

None

“SEB will not enter into new business relations with companies
with major business in coal mining”

Rabobank

None

“We will not directly finance the exploration, extraction or production of coal used for power generation”

Nippon Life

“Two leading banks in Japan — Nippon Life and Dai Ichi Life — refused to fund the [Adani Carmichael] project.”

None – although Nippon Life has a policy on coal-fired power stations: “We have decided to stop new investment and lending to coal-fired power projects at home and overseas,”

Dai Ichi Life

“Two leading banks in Japan — Nippon Life and Dai Ichi Life — refused to fund the [Adani Carmichael] project.”

None, although Dai Ichi Life has ruled out funding coal-fired power stations outside Japan

Munich Re

None

Munich Re plans to stop offering insurance for new coal-fired power plants and mines in industrialised countries. (2018)

Korean Develop-ment Bank (KDB)

“Regarding the development and building of the Carmichael Coal Mine, Rail and Port Project in Australia proposed by Adani Mining Pty Ltd (“Project”), … we are no longer reviewing it. We wish to express that we have no intent to provide finance for the Project.” (November 2018)

Kiamco

“We deeply conform the responsibility of financial investors and have well understood the importance and concerns for the development of the Carmichael mine on the W&J’s ancestral lands. We, KDB Infrastructure Asset Management Co. Ltd., hereby confirm that we have no intention to participate by all means, financial or other support or services, in the development of the Carmichael mine.” (November 2018)*Kiamco is the infra-structure investment arm of KDB.

Korean Eximbank

“Please be assured that Korea Eximbank does not have any intent to provide financial support to the Carmichael project, which includes the development of mine, rail and the port of Abbot point.” (November 2018)