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

Amit Shah 'wrong': Lack of transparency characterized bank frauds, NPAs, jobs data

Counterview Desk
India's senior RTI activists Nikhil Dey, Anjali Bhardwaj, Venktesh Nayak, Rakesh Reddy Dubbudu, Dr. Shaikh Ghulam Rasool, Pankti Jog and Pradip Pradhan, who are attached with the National Campaign for Peoples' Right to Information (NCPRI), have said that Union home minister Amit Shah's claim that the Government of India is committed to transparency stands in sharp contrast to its actual actions.

Untold story of Jammu: Business 'down', students fear lynching, teachers can't speak

By Rajiv Shah
A just-released report, seeking to debunk the view that people in Jammu, the second biggest city of Jammu and Kashmir (J&K) after Srinagar, people had gone “out celebrating” abrogation of Article 370 which took away the state’s special status, has reported what it calls “abominably high levels of fear” across all sections in the town.

Gujarat's incomplete canals: Narmada dam filled up, yet benefits 'won't reach' farmers

By Our Representative
Even as the Gujarat government is making all out efforts to fill up the Sardar Sarovar dam on Narmada river up to the full reservoir level (FRL), a senior farmer rights leader has said the huge reservoir, as of today, remains a “mirage for the farmers of Gujarat”.
In a statement, Sagar Rabari of the Khedut Ekta Manch (KEM), has said that though the dam’s reservoir is being filled up, the canal network remains complete. Quoting latest government figures, he says, meanwhile, the command area of the dam has been reduced from 18,45,000 hectares (ha) to 17,92,000 ha.
“According to the website of the Sardar Sarovar Narmada Nigam Ltd, which was last updated on Friday, while the main canal, of 458 km long, has been completed, 144 km of ranch canals out of the proposed length of 2731 km remain incomplete.
Then, as against the targeted 4,569 km distributaries, 4,347 km have been constructed, suggesting work for 222 km is still pending. And of the 15,670 km of minor canal…

Kashmiris in a civil disobedience mode, are going against 'diktat' to open shops

Counterview Desk
A team of concerned citizens, including Ludhiana-based psychiatrist and writer Anirudh Kala, Mumbai-based activist and public health professional Brinelle Dsouza, Delhi-based journalist and writer Revati Laul, and social activist Shabnam Hashmi, travelled to Kashmir and Jammu to understand the impact of the abrogation of Article 370 and the subsequent security clampdown and communication blockade on the lives of the people of Jammu and Kashmir (J&K).

Ceramic worker dies: 20,000 workers in Thangadh, Gujarat, 'risk' deadly silicosis

By Our Representative
Even as the country was busy preparing for the Janmashtami festival on Saturday, Hareshbhai, a 46-year-old ceramic worker from suffering from the fatal lung disease silicosis, passed away. He worked in a ceramic unit in Thangadh in Surendranagar district of Gujarat from 2000 to 2016.
Hareshbhai was diagnosed with the disease by the GCS Medical College, Naroda Road, Ahmedabad in 2014. He was found to be suffering from progressive massive fibrosis. He is left behind by his wife Rekha sister and two sons Deepak (18) and Umesh (12),
The death of Hareshbhai, says Jagdish Patel of the health rights group Peoples Training and Research Centre (PTRC), suggests that silicosis, an occupational disease, can be prevented but not cured, and the Factory Act has sufficient provisions to prevent this.
According to Patel, the pottery industry in the industrial town of Thangadh has evolved for a long time and locals as well as migrant workers are employed here. There are abou…

Cess for Gujarat construction workers: Spending less than 10%; no 'direct help' to beneficiaries

By Our Representative
While the Gujarat government’s Building and Other Construction Workers Welfare Board, set up in 2004, as of March 31, 2019, has collected a total cess of Rs 2,097.62 crore from the the builders, it has spent less than 10% -- Rs 197.17 crore. And, as on May 31, 2019, the total cess collection has reached Rs 2,583.16 crore, said a statement issued by Bandhkam Majur Sagathan general secretary Vipul Pandya.
Pointing out that just about 6.5 lakh out of 20 lakh workers have been registered under the board, Pandya said, vis-à-vis other states, Gujarat ranks No 13th in the amount spent on the welfare of the construction workers, while 11th in the amount collected.
And while the builders are obliged to pay just about 1% of the total cost of their project, the calculation of the cess is flawed: It is Rs 3,000 per square yard; accordingly, Rs 30 per square yard is collected. “Had the cess been collected on the real construction cost, it would have been at least Rs 7,000 cr…

Success of 'political' Hinduism: Kashmiris being depicted as antagonists of rest of India

By Anand K Sahay*
There are times in history when facts call attention to themselves; they assert their independence in all its amplitude and are in no need of the crutch of interpretation. Such a moment is visible in Kashmir now. Merely by being on the table, the facts there taunt the regime’s proclamations.