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World's major banks rule out financing Gunns' Pulp Mill

Advert in Financial Times warns banks to stay out
Dodgy deals
By The Wilderness Society | Tasmania, Australia, Apr 29 2009

In a major development of the pulp mill campaign The Wilderness Society has released a list of the world’s leading banks which have committed to not finance Gunns’ environmentally destructive pulp mill. The Wilderness Society, in conjunction with GetUp and BankTrack, has ran a full page advertisement in the European edition of the Financial Times pointing out why other banks should follow their lead and commit to not financing the pulp mill.

 “Leading international banks have committed to not finance Gunns’ socially and environmentally destructive pulp mill. This is a major step forward towards protecting Tasmania’s irreplaceable native forests and the livelihoods of Tasmanians,” said Paul Oosting, pulp mill campaigner for The Wilderness Society.

 “Banks which were previously rumoured to be involved in financing the pulp mill, such as Deutsche Bank, the Royal Bank of Scotland, and the Bank of China, are among the banks which have committed to not finance the project,” said Mr Oosting.

 “It is encouraging to see the finance sector recognising the risks associated with a project like this, which would lock in the destruction of Tasmania’s forests which contain massive amounts of carbon,” said Mr. Oosting.

 “No bank that adheres to environmental and social guidelines would finance a project that would be a major driver of climate change, wildlife loss and toxic pollution,” said Mr Oosting.

 On April 29 a full-page advertisement has ran in the European Financial Times. The following banks have not yet ruled out financing the pulp mill and will be named in the advertisement:

* Nordea * Barclays Bank
* Macquarie * JP Morgan Chase

 “Gunns’ pulp mill does not have Federal Government approval to operate, is strongly opposed by the public and still faces possible legal challenges. We want all major banks to rule out financing the pulp mill,” said Mr Oosting.

 “The Australian public is opposed to Gunns’ mill and running this advert in the Financial Times will ensure that potential investors know why they should not get involved with the most strongly opposed project in the country,” concluded Mr Oosting.

The following banks have committed not to finance Gunns’ pulp mill:

* Bank of China * Deutsche Bank
* Royal Bank of Scotland * HypoVereinsbank
* Bank Austria * UBS
* Erste Bank
* Calyon
* Banco Itau

* Unicredit
* Sumitomo Mitsui
* National Australia Bank
* Westpac * Commonwealth Bank
* ANZ 


For further information contact: Paul Oosting 0409 963 734


Barclays is a major global financial services provider engaged in retail and commercial banking, credit cards, investment banking, wealth management and investment management…
Commonwealth Bank
Commonly referred to as the Commbank, the Commonwealth Bank of Australia was founded in 1911 by the Australian government, listed on the Australian Stock Exchange in 1991,…
Erste Group Bank AG
Erste Bank was founded as the “Erste Oesterreichische Spar-Casse” in 1819. Erste Group is one of the largest financial services providers in Central and Eastern…
JPMorgan Chase
JPMorgan Chase is one of the Big Four Banks of the United States (along with Bank of America, Citigroup and Wells Fargo). The firm was formed in…
Macquarie Group Limited is a global investment banking and diversified financial services group, providing banking, financial, advisory, investment and funds management services…
The Nordea Group was established in 2000 but derives its origin from banks and insurance companies from the Nordic region from the early 19th century. Since 3 December…
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