Gunns pulp mill: high risk investment?

Posted: 28 April 2009 in Australia, Gunns, Pulpmillwatch.org

Pulpmillwatch

european-financial-times-adTomorrow, 29 April 2009, the Wilderness Society will run this full-page advertisement in the Financial Times. The Wilderness Society has released a list of the banks which have committed not to finance Gunns’ proposed pulp mill in Tasmania. The following four banks have not yet ruled out financing the pulp mill and are named in the advertisement:

    Nordea
    Barclays Bank
    Macquarie
    JP Morgan Chase

 
Here’s the Wilderness Society’s press release:
 
 
 
 
 

MEDIA RELEASE 27 April 2009

WORLD’S MAJOR BANKS RULE OUT FINANCING GUNNS’ PULP MILL

Advert to run international in Financial Times warning remaining banks

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, is planning to run 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.

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

  • Bank of China
  • Deutsche Bank
  • Royal Bank of Scotland
  • Hypo Vereinsbank
  • Bank Austria
  • UBS
  • Erste Bank
  • Calyon
  • Banco Itau
  • Unicredit
  • Sumitomo Mitsui
  • National Australia Bank
  • Westpac
  • Commonwealth Bank
  • ANZ

“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.
This Wednesday a full-page advertisement will run 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.

For further information contact: Paul Oosting 0409 963 734

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Comments
  1. ram says:

    Gunns is certainly very unpopular in Australia. There are good arguments to suggest it is fundamentally a criminal organization, albeit its close ties to the Liberal party (formerly in power) and certain (corrupt?) officials.

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