Pulp mill risky, ANZ told

Paul Oosting Wilderness Society MR

“The ANZ is trying to brand itself as ethically and environmentally responsible,” said Paul Oosting, spokesperson for The Wilderness Society. “Its involvement with Gunns is a black mark against this brand. The bank is currently in the process of deciding whether to fund the pulp mill. They should reject the opportunity to bankroll this risky venture.”

Media Release – Tuesday 18th December

ANZ SHAREHOLDERS ALERTED TO TASMANIAN PULP MILL RISKS AT AGM

Shareholders attending the ANZ bank’s Annual General Meeting in Perth have had the environmental, social and economic risks associated with Gunns’ Tasmanian pulp mill highlighted by a formal question directed to the board and a high profile protest in front of the meeting venue, according to The Wilderness Society.

The question was asked during the AGM at the invitation of ANZ CEO Mike Smith and focused on the huge risk that Gunns and the pulp mill represent to the long term reputation and financial sustainability of the bank. The protest focused on the ANZ’s 12-year financial partnership with Gunns Ltd and the responsibility the bank has to help the community and governments reform the giant woodchipping company’s destructive logging practices.

“The ANZ is trying to brand itself as ethically and environmentally responsible,” said Paul Oosting, spokesperson for The Wilderness Society. “Its involvement with Gunns is a black mark against this brand. The bank is currently in the process of deciding whether to fund the pulp mill. They should reject the opportunity to bankroll this risky venture.”

The Wilderness Society has been campaigning to highlight the ANZ’s role in the pulp mill and forestry industry and has launched an online pledge at www.wilderness.org.au/pledge

The organisation GetUp recently joined the campaign and around 25,000 people have responded to their cyberaction by voicing their opposition to ANZ funding the pulp mill – www.getup.org.au

“Public involvement is critical and the ANZ urgently needs to hear the opinions of people concerned about this giant pulp mill,” said Mr Oosting.

The ANZ is a signatory to the equator principles – www.equator-principles.com – ‘an international financial industry benchmark for assessing and managing social and environmental risk in project financing’. They also promote their support for renewable energy and a carbon neutral footprint – www.anz.com/australia/support/library/mr/mr20070502.pdf

“Financing the pulp mill and continuing support for logging in Tasmania will undermine the reputation of the ANZ and the bank’s efforts to do the right thing by the environment,” concluded Mr Oosting.