Three major banks Down Under have backed out of financing a coal projects in Austrialia’s Galilee Basin. The Sydney Morning Herald reports that French banks Societe Generale, BNP Paribas and Credit Agricole have already stated they would not provide funding for such efforts in which the Australian lenders had been major financiers of such efforts before.
Indian major mining company Adani is already mining in Australia and would likely be one of the companies to undertake coal extraction. Environmentalists are suing to stop such efforts that were given the go ahead a little over a year ago. They allege coal emits the most carbon dioxide per unit of energy of any major fuel source and attribute emissions from coal plants as being a major contributor to climate change. I am sure in the background environmentalists have pressured lenders to not fund coal projects and banks may have been reluctant to do so resulting from the fossil fuel divestment movement.
With these major lenders opting not to fund coal mining, there are few lenders left. It would, however, provide China with an opportunity to pay for such endeavors so environmentalists would be providing their fellow communists in the Far East a sort of kick back. None the less, the greens are now attacking the means of which to extract coal from the ground as part of their war against fossil fuels. Coal is a low-cost way for nations to provide inexpensive light, refrigeration and air conditioning to their people. Something environmentalists find completely abhorrent.