World’s major banks rule out financing pulp mill

Paul Oosting 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 Wilderness Society (Tasmania) Inc
130 Davey Street, Hobart, TASMANIA 7000 AUSTRALIA
Telephone 03 6224 1550 Facsimile 03 6223 5112 Email tasmania@wilderness.org.au
www.wilderness.org.au
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
• HypoVereinsbank
• 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.