First victory for Great Barrier Reef supporters
The environmental protection associations have increased their pressure to put the French banks face their responsibilities, in the financing “of one of the main energies responsible for global warming”. In particular, they have made the members of these financial institutions play a special website: jechangedebanque.eu .
The 3 French banks – BNP Paribas, Crédit Agricole et Société Générale – have announced their decision to withdraw from the financial package for the Alpha Coal coal mining project. Heavy in greenhouse gas emissions, it plans to install a 60,000-ha mine in a coastal region of the Galilee Basin in northeastern Australia. Water pollution would directly threaten the ecosystem of the Great Barrier Reef, already weakened by ocean acidification resulting from excess CO2 in the atmosphere.
According to NGOs, the project should be supported by at least one or two major international banks to materialize. However, with the commitments of French banks, 11 of the 25 banks that finance the most coal sector worldwide have now pledged not to finance it. “Each bank commitment to stay away from these projects further reduces the chances of these projects being completed, says Lucie Pinson of Friends of the Earth. “Other banks should not risk it, while major banks are not going to” she warns.
Increase of 218% of French banks financing in the coal sector between 2005 and 2013
The Friends of the Earth denounce a 218% increase in financing of French banks in the coal sector between 2005 and 2013. BNP Paribas and Societe Generale appear in 5e and 7e ranks of banks involved in coal projects around the world.
Eight other international banks had already pledged not to finance the extension of the port of Abbot Point, an infrastructure project backed by the mining project that is also directly threatening the coral reef.
The campaign is therefore continuing on the financing of these major polluting projects. Friends of the Earth are calling on the banks to commit by December 2015 to completely stop financing in the coal sector. “COP21 is a window of opportunity to encourage banks to engage”, notes Lucie Pinson. The month of May, with the general meetings of the major French banks, including BNP Paribas (May 13), Société Générale (May 19) and Crédit Agricole (May 20) will be a moment of significant mobilization for the association.
