THE Commonwealth Bank's decision to pull out of its role as financial adviser to the controversial $16 billion Adani coal mine project in Central Queensland has been welcomed by the Coffs Coast community.
Residents will celebrate at Coffs Harbour's Commonwealth Bank branch tomorrow after the bank backed down from the Galilee Basin project and the Abbot Point expansion on the Great Barrier Reef.
The bank's decision came after the mine's approval was set aside by the Federal Court due to issues surrounding two vulnerable animal species - the yakka skink and the ornamental snake.
The Coffs Coast Climate Action Group's Bruce Lumb said the decision was the right choice.
"CommBank's withdrawal from the Adani coal proposal is yet another sign to the other big three Australian banks that this project is unbankable and unburnable," Mr Lumb said.
Mr Lumb called on Australia's other leading banks to follow CBA's lead.
"It's time for NAB, Westpac and ANZ to back away from the project and outline their vision for a fossil-free future," he said.
"People everywhere will take action until Australia's big banks get out of fossil fuels."
The announcement followed a community campaign that saw thousands of people put the bank on notice and close their accounts to protest the mine project.
Community members interested in joining Coffs Coast Climate Action Group for tomorrow's friendly action should meet at the Growers Markets at 11am.