Australia: ANZ backs away from controversial pulp mill
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ANZ bank has said that it will not provide project financing for a controversial pulp mill project in Tasmania. The company had been due to provide AUD 2bn towards the Bell Bay Pulp Mill.
The retreat comes in the face of controversy over the project’s environmental impact, expected to include the destruction of native forests, pollution impacts on local marine life, and disruption to tourism, fisheries and agriculture.
The Mill had achieved support from the federal government and the Tasmania state government. ANZ pleaded client confidentiality in declining to discuss the decision to pull support. However, the company recently launched its policy to not support projects involving the logging of high value conservation areas.
Source: Mallenbaker.net
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