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Adani's Carmichael coal mine is environmentally reckless and contrary to today's energy markets

Julien Vincent comments in the Brisbane Times (6.4.17) on Adani's Galilee Basin coal mine project, arguing that the proposed venture doesn't stack up to reasonable economic or environmental scrutiny.

'"If at first you don't stack up economically, make the public pay for it."

'This could be the mantra that delivers Adani's Carmichael mega coal mine in the Galilee Basin at the expense of the environment, culture, our prospects of a stable climate and in defiance of sound economics.

'Since buying the coal tenements from Linc Energy in 2010, Adani has failed to secure a single private backer for the Carmichael mine.

'In fact, since then, 17 banks have either publicly distanced themselves from Galilee Basin coal export projects or introduced policies that prevent them lending to the Carmichael mine. This has left Adani increasingly dependent on the public purse.

'... In recent years, customers and shareholders have questioned the hypocrisy of financing the expansion of the fossil fuel industry after committing to support the goal of keeping global warming below 2 degrees. It also hasn't helped that after four years of asking, Westpac has failed to make a clear public statement about whether or not it would finance Carmichael.

'In an industry where sentiment and market signals have a huge impact, leadership from private banks like Westpac can do more than just prevent a project like Adani's Carmichael coal mine, and its impacts on people, the environment and climate. It can help prevent Australians for having to pay for the privilege.'

 

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