The biggest bank in Germany has refused to provide funds for the expansion of the Abbot Point port in Queensland on the grounds of its proximity to the Great Barrier Reef.

Deutsche Bank AG has announced that it will heed calls issued by both environmental groups and marine operators to refuse financing for the further development of Queensland’s Abbot Point port. At the bank’s annual meeting last week, Deutsche Bank co-chief executive Juergen Fitschen cited UNESCO’s concerns as a key reason behind its decision to refrain from any additional funds for…