Antinuclear

Tim Buckley, a former head of equity research at Citigroup, once spent his days doing financial modelling for conglomerates like Wesfarmers, which has a coalmining business.

When you talk to them privately, they say to do the right thing while the government is doing the wrong thing is actually going to cost our business.

Now he works for the US-based pro-renewable energy group Institute for Energy Economics and Financial Analysis. One of his projects is demonstrating why spending $40 billion on coalmines and infrastructure in Queensland’s Galilee Basin doesn’t make financial sense.

His aim is to convince superannuation funds, lenders and governments that funding infrastructure for the projects would be a bad long-term investment and they should focus on energy sources with more promising futures, such as solar and wind………

‘Evidence’ top miners know

He says BHP Billiton’s decision to stop investing in new coal projects and Rio Tinto’s $US1 billion ($1.05 billion) sale of its Clermont mine in Queensland are evidence that even the top miners recognise the way the world is heading.

He would like to convince the big four banks to stop lending to coal­miners, but says that is unlikely under the current government.

“When you talk to them privately, they say to do the right thing while the government is doing the wrong thing is actually going to cost our business,” he says. “They say it will damage their political standing in Canberra.”……..

‘Evidence’ top miners know

He says BHP Billiton’s decision to stop investing in new coal projects and Rio Tinto’s $US1 billion ($1.05 billion) sale of its Clermont mine in Queensland are evidence that even the top miners recognise the way the world is heading.

He would like to convince the big four banks to stop lending to coal­miners, but says that is unlikely under the current government.

“When you talk to them privately, they say to do the right thing while the government is doing the wrong thing is actually going to cost our business,” he says. “They say it will damage their political standing in Canberra. : http://www.smh.com.au/business/carbon-economy/swapping-picket-lines-for-pinstripes-meet-the-new-face-of-anticoal-activism-20140624-3aqeu.html#ixzz35ngwl0eW