Environmental lobby group Friends of the Earth (FoE) says Australia’s largest banks are helping destroy Queensland’s Great Barrier Reef by funding the mining and gas industry.
Market Forces, a part of FoE, claims that since 2008 the “big four” banks have lent $3.8 billion to coal port owners and gas extraction firms that operate inside the World Heritage listed Great Barrier Reef area.
ANZ has lent $1.1 billion, the Commonwealth Bank $1 billion, Westpac $905 million and NAB $791 million, the group says.
AAP Newsagency reports a spokesman for ANZ Bank says the institution is working with clients to help reduce carbon emissions.
Market Forces spokesman Julien Vincent wants the banks to rule out funding new coal and gas export projects that may damage the reef.
He says the dredging of sand to expand ports and an increase in the number of ships crossing the UNESCO World Heritage Area with mining products put the reef at risk.
Mr Vincent said the use of coal worldwide also contributes to climate change.
“Australians rightly care about the Great Barrier Reef and want to see it protected,” he said.
“It is unacceptable for the big banks to use Australians’ money to bankroll projects that are threatening the reef.”
An ANZ spokesman said the bank was helping its clients reduce emissions as the nation shifted to a low carbon economy.
“We have a commitment to increase our project lending to renewable and gas-powered energy by 15-20 per cent by 2020,” he said.
“This builds on our existing portfolio of which renewable technologies represent a third of our total funding for power generation projects.”
AAP says comment has been sought from the Commonwealth Bank, Westpac and NAB.
UNESCO has said it will decide in the next few months if the Great Barrier Reef should be listed as a World Heritage site in danger, due to the rapid increase in coastal developments.
