Antinuclear

Australian news, and some related international items

Adani coal project in a financial pickle, as Australian and Chinese banks refuse funding

Is this the end of the road for Adani’s Australian megamine?
Australian and Chinese banks have turned it down, and analysts say Adani’s failure to secure funding for the Carmichael mine leaves it high and dry
, Guardian, Michael Slezak, 7 Dec 17 , Adani’s operations in Australia appear to be hanging on by a thread, as activists prove effective at undermining the company’s chances of getting the finance it needs.

China seems to have ruled out funding for the mine, which means it’s not just Adani’s proposed Carmichael coalmine that is under threat, but also its existing Abbot Point coal terminal, which sits near Bowen, behind the Great Barrier Reef.

The campaign against the mine has been long. Environmentalists first tried to use Australia’s environmental laws to block it from going ahead, and then failing that, focused on pressuring financial institutions, first here, and then around the world.

The news that Beijing has left Adani out to dry comes as on-the-ground protests against construction of the mine pick up. Two Greens MPs, Jeremy Buckingham and Dawn Walker, have been arrested in Queensland for disrupting the company’s activities.

Is China’s move the end of the road for Adani’s mega coalmine in Australia, and will the Adani Group be left with billions of dollars in stranded assets?

Environmental laws fail to halt mine

Despite the mine threatening to destroy some of the best remaining habitat of threatened species of birds and lizards, federal environmental laws proved unable to stop the mine in the face of a government that wanted it to go ahead.

The initial federal approval for the mine was overturned after it was revealed the then-minister for the environment, Greg Hunt, had ignored his own department’s advice about the mine’s impact on two vulnerable species, the yakka skink and the ornamental snake.

But Australia’s environmental law leaves very little opportunity for challenging the merits of a minister’s decision – it only allows for challenges on whether those decisions considered everything required by the law. As a result, the minister needed only approve it again, after formally considering the impact on the two species.

Another court challenge argued the approval was invalid because the emissions caused by the mine – which would be greater than those of New York City – were a threat to the Great Barrier Reef. Hunt argued in court, successfully, that there was no definite link between coal from Adani mine and climate change.

It became apparent Australia’s environmental laws were unable to stop a project like this if the government of the day was determined to push it through……. https://www.theguardian.com/environment/2017/dec/07/is-this-the-end-of-the-road-for-adanis-australian-megamine

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December 8, 2017 - Posted by | climate change - global warming, Queensland

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