Newspaper article The Daily Mercury (Mackay, Australia)

US Bank Not to Fund Port; Says Environment Issues Not the Reason

Newspaper article The Daily Mercury (Mackay, Australia)

US Bank Not to Fund Port; Says Environment Issues Not the Reason

Article excerpt

Geoff Egan

APN NEWSDESK

news@dailymercury.com.au

US BANK Morgan Stanley will not invest in the Abbot Point development -- but not because of environmental worries.

Morgan Stanley has been named in reports as having reconsidered funding the development due to environmental concerns. However, in a statement they told APN they were not investing in Abbot Point because "providing greenfield project financing in Australia" was not their business.

US-based environmental group the Rainforest Action Network said US banks, including JPMorgan Chase, would not fund the port due to environmental concerns.

The network's climate and energy program director Amanda Starbuck said she was pleased the banks were not funding the port.

"These banks have clearly taken a good look at the Abbot Point plan and decided that dredging a world heritage site to make way for coal ships is obviously a terrible idea," she said.

A Morgan Stanley spokesman said funding projects like Abbot Point was not how the bank did business. …

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