Skip to main content

Environmental groups call Adani investment "nod" for Aussie coalmine project cynical: "Private finance remains elusive"

By Our Representative
An alliance of 20 key Australian environmental groups has dismissed the news that Adani’s Board have made a new ‘investment decision’ for the Carmichael coal mine in Queensland, Australia. “This so-called decision is a cynical exercise designed to attract a $1 billion loan from the Australian Government, with private finance continuing to remain elusive for Adani”, it said.
The Stop Adani Alliance, claiming to have the backing of over 1.5 million Australians, said, it “vows to keep fighting the mine.”
Alliance spokesperson and prominent businessman, Australian Conservation Foundation (ACF) President Geoff Cousins AM, said, “This is groundhog day. Adani has announced an ‘investment decision’ multiple times over the six years since it acquired this project proposal but it still floundering around trying to secure the finance it needs to obtain ‘financial close’.”
Cousins AM contended, “Adani is yet to lure any financial institutions willing to bankroll the project, which is proving hugely unpopular with the Australian public. Without this support and public subsidies, the heavily leveraged balance sheet of Adani Enterprises leaves no internal capacity to fund this A$5bn project proposal.”
“If the Australian government hands Adani $1 billion loan of public money for this destructive mine that will destroy our Reef, we will consider all avenues, including legal action, to stop it”, he added.
Julien Vincent, Executive Director of environmental finance group, Market Forces, said, “Adani still faces an uphill slog to secure finance for what is an unviable project. 23 banks have either distanced themselves publicly from coal export projects in Australia’s Galilee Basin, or introduced policies that prohibit financing Adani’s mine.”
Vincent added, “Global shifts towards clean energy and India’s move away from coal makes Adani’s project a dud prospect. No wonder no one will touch it.”
Sam Regester, Environmental Justice Co-Director at GetUp said, “The company may be looking to turn some soil but Adani, and its cheer squad in the Australian and Queensland governments, are not prepared for the massive backlash from Australians who understand this project is fundamentally wrong. We won’t stop until we stop Adani.”
“Membership of the Stop Adani Alliance is blooming and Stop Adani local groups are popping up like mushrooms, with over 160 local groups around the nation. We’ve had 380 public events to date, including 200 screenings of the ‘Guarding the Galilee’ documentary with over 100 more booked in.”
Larissa Baldwin, National Co-Director of the Seed Indigenous Youth Climate Network, said, “Neither the Queensland or Australian governments should allow Adani to ignore the rights of Indigenous people who’ve not consented to a mine which will destroy land and culture. The Government’s ‘Adani amendments’ to the Native Title Act are stalled in the Australian Senate because consultation with mob has been so shoddy. Putting mining rights before our land rights has got to stop.”
Maree Dibella, Co-ordinator of the North Queensland Conservation Council in Townsville said, “Just three weeks ago Adani announced it was suspending its final investment decision indefinitely in a move designed to force a royalty deal. Today they’re here in Townsville, cutting a ribbon to open their office, promising our community the world. How we can trust anything this company says?”
“The Queensland Government should be ashamed to stand by Adani today, having broken their promise of no backroom deals and no public funding for Adani by granting concessions in a secret royalty deal that may cost Queenslanders over $360 million”, Dibella added.

Comments

TRENDING

A Hindu alternative to Valentine's Day? 'Shiv-Parvati was first love marriage in Universe'

By Rajiv Shah*   The other day, I was searching on Google a quote on Maha Shivratri which I wanted to send to someone, a confirmed Shiv Bhakt, quite close to me -- with an underlying message to act positively instead of being negative. On top of the search, I chanced upon an article in, imagine!, a Nashik Corporation site which offered me something very unusual. 

'Attack on free expression': ABVP 'insults' Udaipur professor for FB post

Counterview Desk   People’s Union for Civil Liberties (PUCL), Rajasthan, condemning what it called "insult of Professor Himanshu Pandya" by students affiliated with with the Akhil Bharatiya Vidyarti Parishad (ABVP) in Udaipur, has said he was evicted from the class where he was teaching after raising "ugly slogans", forcing him to "leave the university".

Enhanced rock weathering leads to 9-20% higher crop yield, help climate resilience

By Aishwarya Singhal, Lubna Das*  Enhanced rock weathering -- a nature-based carbon dioxide removal process that accelerates natural weathering -- results in significantly higher first year crop yields, improved soil pH, and higher nutrient uptake, according to a new scientific paper, released in PLOS ONE, a peer-reviewed open access mega journal published by the Public Library of Science since 2006.

NE India: Creating 'greater divisions', BJP claims to have overcome tyranny of distance

By Makepeace Sitlhou*  In March, India’s prime minister, Narendra Modi, said at an election rally in Arunachal Pradesh that previous governments had not cared for states that sent only two representatives to the country’s Parliament, as Arunachal and several others in the Indian Northeast do. Modi failed to see the irony of his claim given that he has not visited Manipur, which has only two representatives in parliament, since the outbreak of an armed ethnic conflict that has raged on for nearly a year. The toll from the violence stands at more than 200 lives lost, and many thousands displaced.

Will numerically strong opposition in Lok Sabha strengthen democracy?

By Prem Singh*  After the first phase of the 18th Lok Sabha elections, which were conducted in seven phases, it was already indicated that a large part of the country's population had decided to contest the elections against the present government. A large number of unemployed youth and the already agitating farmers played a major role in this act of protest. 

Heatwave in Bundelkhand: 'Inadequate attention' on impact on birds, animals

By Bharat Dogra, Reena Yadav*  While the heat wave and its many-sided adverse impacts have been widely discussed in recent times, one important aspect of heat waves has not received adequate attention and this relates to the impact on birds and animals.

Adivasi rights leader arrested, 'taken away' in unregistered police vehicle

By Our Representative   In a surprise move, a People's Union for Civil Liberties (PUCL) activist, Sunita Potem, who has been raising issues of Adivasi rights in Bastar, has been arrested from Raipur. She was arrested by a team led by DSP Garima Dadar on June 3 "after being pulled out of her room at 8:30 in the morning by the team", sources said.