Skip to main content

The Great Barrier Reef off the coast of Australia literally sits in the way of the fossil fuel industry and its massive expansion plans. There are so many new coal terminals in the works that just one port, Abbot Point, near Mackay, could increase almost nine-fold in capacity to become by far the biggest coal export port in the world.

While campaigns in Australia to resist fossil fuel expansion in the Reef have stepped up in recent days, the U.S. Export-Import Bank (Exim) and its Chairman Fred Hochberg have been quietly using our taxpayer dollars to support these controversial projects. Specifically, Exim was behind the single-biggest loan to a fossil fuel export project in the Great Barrier Reef, the $2.8 billion credit to the Australia Pacific LNG project, which has become the subject of legal action over alleged breaches of the US Endangered Species Act.

But our partners in Australia are not sitting idly by and allowing the fossil fuel industry to destroy the Reef. Last week a coal carrier bound for Korea was occupied by six Greenpeace activists and a letter signed by 10,000 Australians supporting their action ran in the Australian Financial Review.

Then, over the weekend, a TV commercial featuring Bob Irwin (father of the late Steve Irwin, Crocodile Hunter) went to air that asked Queenslanders "imagine if we lost the Great Barrier Reef", and described the impacts that the array of proposed new coal export ports would have on the Reef. And now Market Forces and 350.org are revealing the role banks play in financing the Reef’s destruction in a new report: Financing Reef Destruction, identifying which banks have lent the most money to coal ports and liquefied natural gas plants inside the Great Barrier Reef World
Heritage Area from 2008 to 2012.

The report draws attention to the critical role that the ‘big four’ Australian banks play in enabling new coal and gas projects to come online. Together, the biggest Australian banks – ANZ, Commonwealth Bank, NAB and Westpac – lent $3.8 billion to coal ports and liquefied natural gas (LNG) terminals between 2008 and 2012.

But when massive, controversial fossil fuel projects and huge sums of money meet, you can bet Hochberg is involved. In addition to the Australia Pacific LNG project, Exim is also considering financing not one, but two massive coal projects that will ship coal through the Great Barrier Reef.

These projects aren't just bad for the Reef, they are bad for business. This week, Carbon Tracker released a new report: Unburnable Carbon: Australia’s carbon bubble, showing that the rising cost of coal combined with the transition to a low carbon economy make Australia’s coal industry ripe 'for financial implosion'.

In Australia, Market Forces and 350.org are working to mobilise customers of the banks, calling on people to give their bank an ultimatum -- either stop lending to new coal and gas projects and develop a policy to stop loans to dangerous projects in future, or the customer walks.

You can support efforts in Australia to save the Reef by telling Exim Chairman Fred Hochberg it’s time to stop funding fossil fuel projects.


This post was written by Market Forces Lead Campaigner Julien Vincent and Sierra Club International Campaign Representative Nicole Ghio

EMAIL TO A FRIEND X
Your Email has been sent.
You must add at least one tag to this diary before publishing it.

Add keywords that describe this diary. Separate multiple keywords with commas.
Tagging tips - Search For Tags - Browse For Tags

?

More Tagging tips:

A tag is a way to search for this diary. If someone is searching for "Barack Obama," is this a diary they'd be trying to find?

Use a person's full name, without any title. Senator Obama may become President Obama, and Michelle Obama might run for office.

If your diary covers an election or elected official, use election tags, which are generally the state abbreviation followed by the office. CA-01 is the first district House seat. CA-Sen covers both senate races. NY-GOV covers the New York governor's race.

Tags do not compound: that is, "education reform" is a completely different tag from "education". A tag like "reform" alone is probably not meaningful.

Consider if one or more of these tags fits your diary: Civil Rights, Community, Congress, Culture, Economy, Education, Elections, Energy, Environment, Health Care, International, Labor, Law, Media, Meta, National Security, Science, Transportation, or White House. If your diary is specific to a state, consider adding the state (California, Texas, etc). Keep in mind, though, that there are many wonderful and important diaries that don't fit in any of these tags. Don't worry if yours doesn't.

You can add a private note to this diary when hotlisting it:
Are you sure you want to remove this diary from your hotlist?
Are you sure you want to remove your recommendation? You can only recommend a diary once, so you will not be able to re-recommend it afterwards.
Rescue this diary, and add a note:
Are you sure you want to remove this diary from Rescue?
Choose where to republish this diary. The diary will be added to the queue for that group. Publish it from the queue to make it appear.

You must be a member of a group to use this feature.

Add a quick update to your diary without changing the diary itself:
Are you sure you want to remove this diary?
(The diary will be removed from the site and returned to your drafts for further editing.)
(The diary will be removed.)
Are you sure you want to save these changes to the published diary?

Comment Preferences

  •  Australia is now public enemy #1 (1+ / 0-)
    Recommended by:
    John Crapper

    for its coal exports. It ships about 260 million tons of coal every year. This alone is an environmental curse. Its people have the highest per capita CO2 emissions in the world. The government is essentially owned by the mining industry. It's time to start thinking of a boycott of Australian products and services. Do not eat Australian lamb available in Safeway stores. Don't visit Australia. Check whether cosmetic products are made in Australia. Time to exact some pain for this kind of irresponsibility.

    I also want to point out that Australia actually authorized a coal-fired water desalination plant during the last drought! That alone gives you an idea of the incredible selfishness of Australia when it comes to the environment. This from the sunniest continent on Earth! Australia, with only 22 million people, could power their entire society with solar power. They don't because they are a selfish, smug, small-minded people utterly incapable of doing anything beyond just raping the land. It has become a housing development on the edge of a quarry. Shame, Australia, shame!

    For if there is a sin against life, it consists perhaps not so much in despairing of life as in hoping for another life and in eluding the implacable grandeur of this life. - Albert Camus

    by Anne Elk on Thu May 02, 2013 at 09:35:26 AM PDT

  •  It always comes back to money and the banksters (1+ / 0-)
    Recommended by:
    John Crapper

    They'd sell you their mother's liver if there was profit in it.

    Any nation that can survive what we have lately in the way of government, is on the high road to permanent glory -- Molly Ivans

    by Anthony Page aka SecondComing on Thu May 02, 2013 at 09:58:06 AM PDT

  •  Thanks for posting this. I'm glad a read. (0+ / 0-)

    In the Pacific NW we've been fighting a similar plan to build a huge deep-water coal shipment facility at Cherry Creek in Bellingham.  Everywhere you look these days there's a huge fossil foolish plan that is being pushed.  

    If we really want to straighten out all this crap we really need to think about shit - Holy Shit.

    by John Crapper on Thu May 02, 2013 at 02:39:12 PM PDT

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site