Goldman Sachs Sacks Coal Terminal Investment

Rainforest Action Network statement on bank’s exit of Gateway Pacific Terminal at Cherry Point

SAN FRANCISCO--Today, January 7, 2014, Goldman Sachs Infrastructure Partners sold off its remaining equity investment in Carrix, the parent company of Pacific International Terminals and SSA Marine that are behind a colossal coal export terminal proposal near Bellingham, Washington.The move comes after coal companies and their proponents have tabled or dropped three out of six proposed coal export terminals in the Pacific Northwest in the last two years. If built, the Gateway Pacific Terminal at Cherry Point would mean up to 18 mile- long coal trains traveling through local communities and up to 48 million tons of coal exported to Asian markets each year.  It would be the largest coal export terminal in North America, and threatens to ruin the rich biodiversity and unique cultural legacy found in the region.

The following is a statement from Amanda Starbuck, Energy and Finance Program Director at Rainforest Action Network:

"It is encouraging to see a major bank like Goldman Sachs taking a big step away from the coal industry by exiting the partnership behind the Gateway Pacific Terminal at Cherry Point. The bank’s action sends a strong signal that if we are serious about protecting our environment from serious climate pollution, coal export terminals like the one at Cherry Point simply cannot be built. 

“Goldman Sachs is taking a welcome step forward when it comes to walking their sustainability talk, offering more evidence that the financial sector is moving toward abandoning risky investments in the U.S. coal industry.

“Since 2011, Rainforest Action Network, along with ally organizations and thousands of concerned citizens, has been calling on Goldman Sachs to quit this coal export terminal.

"There are many reasons why a company concerned with its reputation would choose to avoid the egregious Gateway Pacific Terminal. This coal export terminal threatens human rights, a thriving Tribal fishery and biodiversity in a sensitive marine environment.”

Rainforest Action Network runs hard-hitting campaigns to break North America’s fossil fuels addiction, protect endangered forests and Indigenous rights, and stop destructive investments around the world through education, grassroots organizing, and non-violent direct action. For more information, please visit: www.ran.org