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https://theconversation.com/tiwi-islands-offshore-gas-fight-shows-public-banks-are-under-real-pressure-over-fossil-fuel-funding-180956>
"Not so long ago, it was easy for public banks to fund new fossil fuel
projects. But now, as the world faces a worsening climate crisis, the tide may
be turning.
Case in point: after Traditional owners filed an injunction over a Santos gas
development near the Tiwi islands, South Korea’s export credit agency announced
it would reconsider its financial support.
“Environmental and legal risks” is one reason given by the Export-Import Bank
of Korea (Kexim) for the delay in deciding on a loan of up to US$330 million
for the project. The move could threaten its financial viability.
Public financial institutions are under renewed pressure to change lending
practices after the world’s leading climate scientists strongly warned against
any new fossil fuel infrastructure. In our region, public banks in China,
Japan, and South Korea now face unprecedented scrutiny for their role in
financing the climate crisis.
Not only that, but the Tiwi injunction has again shone a spotlight on the role
played by export credit agencies like Kexim in pumping funds into new coal, gas
and oil projects."
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
