Commonwealth Bank ditches Adani! - Hooray!

First the Federal Court ruling denying Adani a mining licence on environmental grounds, now the Commonwealth Bank has finally pulled out of the $16billion project. Now Adani is left with the largest resources lending bank in Australia saying that their project is too risky.

No shit Sherlock. Coal is so last century darlings. Investment money is now flowing away from fossil fuels world wide at an ever increasing rate. Gee, I wonder why..... could it be that humanity doesn't want to destroy itself? 

Not to mention what the expanded coal port in the middle of the Great Barrier Reef would have done to the Reef and wildlife in and around the coal mine itself. It simply doesn't make business sense to trash it's brand by being known as funder of Reef wreckers. And the tourist industries associated with the Reef.

One might ask the question to Abbott, would windfarms or solar power built on the same land have endangered any native species at all? 

The Commonwealth Bank's role as adviser to Australia's biggest coal project, Adani Mining's proposed Carmichael Mine in Queensland, has ended, dealing a heavy blow to its prospects and a significant victory for environmental groups. 

It comes as environmentalists claimed a victory in their case against the project after the Federal Court overturned Adani's federal environmental approval. Environment Minister Greg Hunt was forced to concede defeat for not taking into account two threatened species – the yakka skink and ornamental snake – before he signed off on the project in 2014. 

Fairfax Media has confirmed that Commonwealth Bank's mandate with the Indian conglomerate Adani had ended, a decision which now casts doubt on the likelihood that Adani will be able to raise the $16 billion required to build Carmichael and the attending infrastructure such as the rail line and the port facilities at Abbot Point on the Great Barrier Reef. 

"As part of Adani's refocusing of the project on gaining the various outstanding approvals, the financial advisory mandate has ended," said a spokesperson for the bank. 

The bank declined to elaborate on the circumstances of its withdrawal but sources said the environmental controversy surrounding Carmichael and the project's financial risk in the face of tumbling coal prices had been concerns. 

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Many of the world's biggest coal project funders – Citigroup, Deutsche Bank, Morgan Stanley, RBS, Credit Agricole, BNP, Barclays, Goldman Sachs, JP Morgan and Societe Generale and HSBC – have already said they would not fund the development of a coal project whose export facilities were to be built near the Great Barrier Reef.
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