Deutsche Bank refuses to fund expansion of Adani coal port in Australia

Deutsche Bank has refused to fund the expansion of one of the world's largest coal ports of the Indian Adani Group near Australia's Great Barrier Reef after protests by green activists.

Australia approved a major expansion of the coal port at Abbot Point last year in line with strict environmental compliance. But environmentalists continued to fight, and UNESCO warned of the risk of damaging the fragile reef ecosystem. Therefore, the removal of 3 million cubic meters of sediment as part of the Adani expansion plan was deemed unacceptable.

The Great Barrier Reef is the world's largest coral reef system, which consists of over 2,900 individual reefs and 900 islands, stretching over 2,300 km over an area of ​​approximately 344,400 square kilometers. After intense lobbying by environmental organizations, Germany's largest bank said it would not invest in the development of a coal terminal.

In addition, there is currently no consensus between UNESCO and the Australian government on expansion in the Great Barrier Reef. The bank's policy requires such a consensus, therefore, applications for financing the expansion will not be considered. Deutsche has issued a warning to local banks that supporting this development will lead to the loss of their reputation.

Greenpeace Campaign Director Ben Pearson said: "The German bank recognizes the consequences of the expansion of coal sweat in the World Heritage area as unacceptable, but what will our own Australian banks answer?" Australian banks declined to comment on the ban.