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Win! Deutsche Bank abandons Whitehaven Coal’s bond issue
Huge win for campaign to stop dirty coal corporation building three new or expanded coal mines
A media report in Germany confirmed publicly this week that Deutsche Bank has withdrawn from its involvement in a bond issue for climate-wrecking Whitehaven Coal, following a concerted people-powered campaign coordinated by Market Forces. Business media outlet Handelsblatt reported on Wednesday that: “According to information from financial circles, the investment bankers at Deutsche Bank tried to get a mandate for the placement of [Whitehaven Coal’s] bond last year… Deutsche Bank committees finally stopped the in-house investment bankers’ advance, according to financial circles.” Deutsche Bank’s decision to walk away from Whitehaven’s bond issue is a huge win for our campaign to stop this dirty coal corporation building three new or expanded coal mines. Whitehaven’s proposed new or expanded mines are totally out of step with what is required to limit global warming to 1.5ºC or achieve net zero emissions by 2050. Numerous publications have highlighted that achieving these goals means ceasing all new coal projects and rapidly phasing out existing coal supply. The campaign to get Deutsche Bank to walk away Deutsche Bank’s withdrawal from Whitehaven’s bond issue follows a concerted public campaign by Market Forces and other community and civil society groups in Australia and Germany. Our campaign kicked off in October 2021, after financial news service Debtwire reported Deutsche Bank had organised a “non-deal roadshow” for Whitehaven, and intended…