Federal Labor no longer supporting Adani coal mine
Federal Labor backtracking on support of Adani’s planned Carmichael coal mine, ABC News, 1 May 17 By political reporter Dan Conifer, Federal Labor is stepping back from its support of Adani’s proposed multi-billion-dollar Queensland coal project.
The Indian company is still to decide whether to proceed with its Carmichael mine in the Galilee Basin.
Earlier this month, Federal Opposition Leader Bill Shorten backed the project.
“I support the Adani coal mine so long as it stacks up. I hope it stacks up,” Mr Shorten said.
But Labor’s energy and environment spokesman Mark Butler today warned the development could hurt other coalmining areas……..
Westpac rules out lending to project
Westpac last week released a climate change policy stating it would only lend to projects involving higher-quality coal. The decision effectively ruled out financing the Adani development and any other ventures using coal from the Galilee Basin.
Mr Butler said the bank’s move was further proof “the economics of this project don’t stack up”.
“The demand for thermal coal exports around the world is in rapid decline,” he said.
“I think instead we should be thinking about other economic development and job opportunities for North Queensland.”
He said the Carmichael project would need a “miracle” to proceed.
Adani is seeking a $900 million taxpayer-subsidised loan for a rail line to the Abbot Point coal port.
According to Forbes’ rich list, group chairman Gautam Adani and his family are worth more than $8 billion.http://www.abc.net.au/news/2017-04-30/federal-labor-backtracks-on-support-of-adani-coal-mine/8483932
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