TUESDAY 11 AUG 2015 10:29 AM


UK-based international bank, Standard Chartered, has become the second major financial institution to walk away from the controversial Carmichael coal mine, a proposed thermal coal mine in Queensland, Australia.

The mine has been criticised for its potential to cause damage to the Great Barrier Reef, one of the world’s seven natural wonders.

Greenpeace is among those campaigning against the reef and applying pressure to businesses that are financially backing the development. Pressure from the group has led to Standard Chartered, leading financial advisor to the companies planning to dig the mine, pulling out. Last week, the Commonwealth Bank of Australia also announced that it was walking away from the venture.

Greenpeace campaigner, Sebastian Bock, says, "This is a victory for anyone who cares about the future of both the Great Barrier Reef and the world’s efforts to tackle climate change. Getting anywhere near this controversial project is now a massive reputational risk even for some of the world’s most powerful banks.”

The federal court of Australia also overturned government approval for the mine last week and losing the support of financial backers will apply added pressure to the Australian government. The mine has largely been opposed on the grounds that it will have a disastrous impact on the environment, both in terms of carbon emissions and on the Great Barrier Reef.



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