Jubilee Protests Against Efic Plans to Finance South African Coal Mine

(Jubilee Australia, 21 November 2016, Sydney) Jubilee Australia has urged Efic to reject an application to take part in financing a new coal project in the Waterberg region of South Africa. Efic announced in September that it was considering financing the Boikarabelo mine, a project of the Joint Australian-South African company ResGen. 'We were encouraged to see that Efic had not to our knowledge financed a major fossil fuel project since 2009,' said Jubilee Director Luke Fletcher, 'which we felt was a step in the right direction.' 'But this new project would be a disaster for the planet. It would open up the entire Waterberg region, the fourth largest coal deposit in the world, to exploitation. If this project continues, we will have no chance of keeping global warming below the 1.5 degree threshold agreed to in Paris last year.'