Australian coal projects could be ineligible to receive Chinese ECA support

(Banktrack and Market Forces, Melbourne, 24 July 2013) Chinese banks have been notified that several Australian-based coal export projects could be ineligible for credit under China’s Green Credit Directive. A letter from international banking sector watchdog BankTrack and Australian environment group Market Forces has been sent to eight major Chinese overseas lenders and export credit agencies, highlighting an array of environmental and social impacts that would result from new coal export projects. It also profiles the corporate citizenry records of GVK and Adani, two Indian conglomerates who are both proposing new coal export projects. In June, sixty prominent Australians called on ‘big four’ banks to end fossil fuel investment.