Antinuclear

Australian news, and some related international items

Carnegie raises $18m for Northam solar farm and micro-grids 

By Giles Parkinson on 20 April 2017  Carnegie Clean Energy plans to accelerate its project pipeline of large scale solar farms and renewable-based micro-grids after  securing $18 million in a new capital raising – three times more than its original target.

The listed Perth-based company says the money will be used to fund its equity share of the soon-to-be-built 10MW solar farm in Northam, in West Australia, as well as accelerating its other solar projects and renewable-focused micro-grids.

The company, which has recently transformed from a single-focused wave energy developer to encompass solar, storage and micro-grid technologies, had planned a $6 million capital raising, but expanded the process in response to “overwhelming” demand from shareholders……http://reneweconomy.com.au/carnegie-raises-18m-for-northam-solar-farm-and-micro-grids-19682/

April 21, 2017 Posted by | energy, Western Australia | Leave a comment

Parliamentary Committee considering if Australia should be involved in making Generation IV nuclear reactors

The gift of the ‘GIF’: Generation IV International Forum, Independent Australia,  19 April 2017 The Turnbull Government has quietly signed Australia up to the GIF Framework Agreement for the development of Gen IV nuclear reactors and is currently conducting a Parliamentary Inquiry of which most of us are unaware, writes Noel Wauchope.

YOU HAVE probably never heard of the “GIF”.

I hadn’t, until just this week when by chance, I heard of the Parliament Inquiry into the Framework Agreement for International Collaboration on Research and Development of Generation IV Nuclear Energy Systems.

The Committee consists of nine Liberal MPs, six Labor and one Green.

That inquiry is being held now and the Committee calls, or more correctly, whispers, for submissions by 28 April 2017.

It is all about the GIF — Generation IV International Forum. The Australian Government signed up to this, in 2016, without any public discussion.

What is The Generation IV International Forum (GIF)?

An international collection of 14 countries: Argentina, Brazil, Canada, France, Japan, South Korea, South Africa, the UK and the USA (original charter members, 2005); Switzerland, Euratom, China, Russia and Australia (signed later).

The World Nuclear Association describes the collection as countries for whom:

‘ … nuclear energy is significant now and also seen as vital for the future’.

What is the 2005 Framework Agreement AKA “the charter”?

According to the World Nuclear Association the 2005 Framework Agreement:

‘ … formally commits them [signatories] to participate in the development of one or more Generation IV systems selected by GIF for further R&D.’

Australia signed the charter on 22 June 2016 represented by Dr Adi Patterson, COE of the Australia Nuclear Science and Technology Organisation (ANSTO). — pending this Joint Standing Committee on Treaties review. ANSTO is to be the implementing agent.

When the Australian Government quietly signed up to the GIF, it made no commitment to any particular action towards developing new nuclear reactors.  Other countries – including Japan, Canada, France, South Korea – have committed to working on particular types of Generation IV reactors. Australia might be expected to not only fully sign up as a member of the charter but perhaps also to provide funding and resources to develop one or more types.

Australia’s signing of the GIF

Media reports indicate Australia made a bid, or approach, to join GIF. The active seeking out of such an agreement that is at odds with public opinion, at odds with the current government’s policy position on nuclear power and is inconsistent with Australian laws, which prohibit the use of this technology, is astounding…….

ANSTO makes a number of questionable assumptions about Australia joining in developing new nuclear reactors. For example, ANSTO claims that it would ‘further Australia’s non-proliferation and nuclear safety objectives’, and ‘further strengthen our claim as the most advanced nuclear country in SEAP’ and will position Australia to develop Generation IV reactors.

There are so many questions about — one hardly knows where to start:…….https://independentaustralia.net/politics/politics-display/the-gift-of-the-gif-generation-iv-international-forum,10215#.WPbL2mlNX7g.twitter

April 19, 2017 Posted by | AUSTRALIA - NATIONAL, politics international, technology | Leave a comment

Adani coal mine just does not make economic sense

Coal glut, cheaper renewables, Adani makes no sense at all, MichaelWest.com.au   As public angst over the prospective A$1 billion subsidy to coal magnate Guatam Adani hits fever pitch, a small company is modestly beavering away on another – more worthy – energy project in Far North Queensland.

Genex Power has turned the abandoned Kidston gold mine into a solar farm and pumped-hydro power storage project. Kidston will deliver 145MWh of renewable energy per year. This is enough to power 26,484 homes. In terms of reducing emissions, this is equivalent to taking 33,000 cars off Australian roads.

Like Adani, the Kidston project also got a leg-up from government. It won a grant of nearly A$9 million from ARENA, the Australian Renewable Energy Agency, and struck a deal with the state of Queensland to sell electricity for 20 years.

Unlike Adani’s Carmichael coal mine, however, the Kidston solar project has bankers and investors. Unlike Adani, whose labyrinthine corporate structure wends its way to the Cayman Islands, Genex is listed on the Australian Stock Exchange, has a market value of A$70 million and is owned by small investors. When it delivers its first power in the next three months, it’s likely to pay tax on its profits.

The furore over Adani has so far centred on the putative subsidy for the rail line to cart the coal from the Galilee Basin to the coast. There is no rail line without a mine, however, and so the bigger question is: who is going to tip in the A$10 billion in project finance to build the mine?

Adani’s bankers have long fled the scene – not just for environmental reasons, but because the business case for building this, the world’s biggest new thermal coal mine, is sketchy.

The global seaborne coal market is in structural decline. There is a glut. Thermal coal futures prices are well below the spot price – and even at present spot prices, this is hardly a viable financial proposition…….http://www.michaelwest.com.au/coal-glut-cheaper-renewables-adani-makes-no-sense-at-all/

April 19, 2017 Posted by | business, Queensland | Leave a comment

Adani’s coal will worsen the lives of India’s poorest

http://www.brisbanetimes.com.au/comment/adanis-coal-will-worsen-the-lives-of-indias-poorest-20170418-gvmw6j.html   Harita Sridhar, Last week, I told my dad I was going to speak outside the Indian high commission at an anti-Adani rally against the proposed Carmichael mine. Soon after, he called me up and he was not happy.My parents are Indian migrants and I am a young, second-generation, Indian-Australian woman. My father reminded me that there are 300 million people living without electricity in India, and of the times we ourselves were without power in our ancestral village and our home in the coastal city of Visakhapatnam. Energy poverty is an obstacle to inclusive development in India, and difficult to empathise with here in Australia, where we generally have the privilege of energy security.

But the coal from Adani’s Carmichael mine is not the answer for those living without electricity. It will further pollute the air they breathe and the water they drink. It will cause dangerous climate change and extreme weather that always affects the poorest first. Australia’s coal will make their lives harder in the long run.

That’s why I decided to speak out. I believe that, if the Australian government or Adani were genuinely serious about extending our energy security to India, they would be generous with technology transfer, or provide untied funding to help India’s renewables sector grow. Instead, we face the potential construction of what would be Australia’s largest coal mine, and the prospect of irreversible environmental degradation to our climate, groundwater and the Great Barrier Reef.

Adani’s project is a terrible idea. The company has a record of serious environmental and human rights violations in several countries, including India I don’t trust it to keep the Australian environment safe.

Prime Minister Malcolm Turnbull is offering Adani $1 billion of public money as a subsidised loan for this project, though India doesn’t even want our coal! Just last week, India’s Energy Minister, Piyush Goyal, said India didn’t want to keep buying foreign coal and wanted instead to transition to a renewable-energy economy. This is the safer, cleaner and more sustainable solution to India’s energy deficit, and the only one that doesn’t harm the global environment.

Closer to home, more than two-thirds of Australians polled say they don’t want the mine to be built either. This year alone, more than 140 “Stop Adani” groups have formed, and the national Stop Adani roadshow sold out at every major city along the east coast, gathering about 4000 passionate people (500 in Canberra!) who are concerned about the mine and don’t want it to go ahead.

The Carmichael mine is bad for Australia, for India and for the global climate. The rest of the world is getting smarter about climate change and stepping away from coal. Australia shouldn’t embarrass itself by taking a huge step backwards.   Harita Sridhar is a Canberra student.

April 19, 2017 Posted by | AUSTRALIA - NATIONAL, personal stories | Leave a comment

Racial abuse at BHP mining site in Western Australia? Aboriginal woman takes legal action

Aboriginal woman launches legal action over alleged racial abuse at WA mining sitehttp://www.sbs.com.au/news/article/2017/04/17/aboriginal-woman-launches-legal-action-over-alleged-racial-abuse-wa-mining-site BHP Billiton is facing legal action over alleged racial abuse at one of its mine sites in Western Australia. By  Ryan Emery 18 APR 2017 An Aboriginal woman has launched legal action against BHP Billiton after months of alleged racial abuse on a Western Australian mining site.

Continue reading

April 19, 2017 Posted by | aboriginal issues, legal, Western Australia | Leave a comment

New South Wales becoming a quiet achiever in renewable energy

For a start, the NSW Coalition government now has one thing that the federal government no longer has – a long-term target (2050) to achieve zero net emissions for the state, including its electricity grid.

More than that, while it does not have its own state-based renewable energy target, it has high ambitions of its own that put it on a par with what has been achieved in South Australia, and what is being sought in Victoria, Queensland, and in the territories.

The Climate Change Fund Strategic Plan – unveiled as part of the NSW 2050 zero emissions target last October – openly canvasses a scenario where the state doubles its level of renewable energy to more than 10,000MW.

NSW could be dark horse of Australia’s renewable energy boom, REneweconomy, By  on 18 April 2017 Federal energy minister Josh Frydenberg must feel a little friendless when he gets together with his state counterparts at the regular COAG energy meetings and looks around the room.

For a start, there are four Labor and Greens energy ministers – ACT (100 per cent by 2020), Victoria (40 per cent by 2025), and Queensland and Northern Territory (each 50 per cent by 2030) – with specific renewable energy targets far beyond the federal government

Then there is the new Labor energy minister in Western Australia, Ken Wyatt, who is yet to declare his hand, but who is likely to scupper the state subsidy for electricity which disguises the high cost of its fossil fuels. Renewables, and particularly rooftop solar, are likely to be the solution.

The Coalition states are not likely to be much help either. Tasmania wants a new Basslink so it can build more wind farms and export “baseload” renewables into the Victorian grid.

That leaves, NSW, the only mainland state or territory with a Coalition government and energy minister. It should be a strong ally – especially given that a year ago it was branded the worst place in Australia to invest in renewable energy. But appearances can be deceiving. Continue reading

April 19, 2017 Posted by | energy, New South Wales | Leave a comment

Bid for rare earths mining and processing in Australia

 

Is there any awareness in Australia of the dangers of toxic radioactive trash from rare earths mining and processing?

Next mining boom in Australia will be driven by tech metals for renewable energy and technologies ABC Rural By Babs McHugh, 17 Apr 17  The Australian mining industry is on the verge of a new mining boom based around so-called tech metals.

And as the race cranks up across the nation to find new deposits of rare earths and other metals, industry itself is calling for the development of a value-adding component……

The tech metals complex is made up of rare earths and other minerals and metals that are used in what is referred to as the new economy. They are essential to making high technology componentry such as mobile phones, solar cells and autonomous vehicles.They are also used to make the different kinds of batteries needed to store power from renewable sources, and new types of lightweight engines to replace traditional combustion engines……..

Rare earth hunters also want local value-adding industry There are 17 rare earth elements on the periodic table, falling into the heavy rare earths or light rare earths depending on their atomic weight.

Up until recently, all rare earths were mined and exported from China, which has had a stranglehold on the industry and its pricing. Given their global importance, the race is well and truly on to find more rare earth deposits, and Australia is a favoured hunting ground.

“They’re actually quite ubiquitous in the Earth’s crust,” Arafura Resources managing director Gavin Lockyer said.”Why they’re associated with the term rare is the fact that it’s rare to find them in an economically recoverable quantity.”

Australia the perfect place for processing Arafura Resources has done that with its Nolans Bore project 135 kilometres north-west of Alice Springs in the Northern Territory.The find is considered significant, featuring a 56-million-tonne deposit with a 40-year mine life. It is full of neodymium and praseodymium, which is used to make magnets, the bulk of which are now sourced from China.

“We really think there’s much more value-add to be had by doing downstream processing, and Australia is the perfect place to do that. “We’ve got an existing regulatory environment that covers things like water usage, environmental aspects, air pollutants, transport and disposal. “There’s already a well-established regime and bureaucracy in place to regulate that, and we think it’s better to do that at the mine site where it all happens, rather than trying to do it offshore and making it somebody else’s problem……http://www.abc.net.au/news/2017-04-17/next-mining-boom-in-australia-is-tech-metals/8443172

April 19, 2017 Posted by | AUSTRALIA - NATIONAL, rare earths | Leave a comment

Opposition in South Australia to $500 million solar and wind farm

Beetaloo Valley residents to fight against planned $500 million solar and wind farm by Neoen Erin Jones, Regional Reporter, The Advertiser April 17, 2017  SOUTHERN Flinders Ranges residents are vowing to stop a 50-turbine wind farm from ruining the landscape, fearing the project will be fast-tracked because of the state’s energy crisis.

April 19, 2017 Posted by | South Australia, wind | 1 Comment

Western Australia’s State-owned regional power provider Horizon encourages off-peak electricity use

Peak power users to pay more, The West.com.au , 

Households that guzzle power during periods of peak demand would be charged more for the right to be connected to the grid under a mobile phone-style payment trial aimed at slashing costs for consumers.

In a move that could pave the way for electricity pricing reform across WA, State-owned regional power provider Horizon has tested charging customers according to how much pressure they put on the grid during peak demand times.

During the four months to March 31, more than 400 residential and small business customers were put on to payments plans and given a monthly “allowance” of energy they could use between 1pm and 8pm.

Those homes that used the most power during the peak were charged a higher monthly fixed sum than customers that drew relatively little from the grid…….

Horizon Power managing director Frank Tudor said the trial was aimed at cutting pressure on the grid during peak times — and thereby avoiding the need for costly upgrades to its capacity — by giving customers more choice and control over their bills.

Mr Tudor noted that under the trial households that were able to shift their use to off-peak periods could become eligible for a cheaper fixed plan, while they would avoid “bill shocks” from one month to the next.

He said the pilot also highlighted the benefits of advanced meters, which showed how much each customer typically uses during the peak and enabled Horizon to target individual allowances.

“A mobile phone style of electricity plan would give customers more choice and control over their electricity bills,” he said.

“This pricing structure is also sophisticated enough to adapt to new technologies like solar PV and battery storage solutions and to apportion charges to customers fairly but, at the same time, is simple enough to be easily understood by users.”

According to Mr Tudor, 97 per cent of customers were willing to change their behaviour to take advantage of the incentives.

He also said mobile phone-style payment plans would help rather than hinder the uptake of technologies such as solar panels and batteries. https://thewest.com.au/news/wa/peak-power-users-to-pay-more-ng-b88448262z

April 19, 2017 Posted by | energy, Western Australia | Leave a comment

Stop Australia signing up to develop new nuclear reactors -submissions by 28 April

Submissions received until 28 April by Parliamentary Committee

Right now a Parliamentary Committee is considering Australia’s further involvement in the ‘Charter’  or   Framework Agreement for International Collaboration on Research and Development of Generation IV Nuclear Energy Systems. The Committee consists of 9 Liberal MPs, 6 Labor, and one Green.

Australia secretly signed the ‘Charter’ on 22 nd June 2016 – signed by Dr Adi Patterson COE of the Australia Nuclear Science and Technology Organisation. (pending this JSCOT review). ANSTO is to be the implementing agent.

The An international collection of 14 countries: Argentina, Brazil, Canada, France, Japan, South Korea, South Africa, the UK and the USA ( original charter members 2005) Switzerland, Euratom, China, Russia and Australia (signed later)  . The World Nuclear Association describes the collection as countries for whom nuclear energy is significant now or seen as vital in the future.

When the Australian government quietly signed up to the GIF, it made no commitment to any particular action towards developing new nuclear reactors.  Other countries, including Japan, Canada, France, South Korea, have committed to working on particular types ofGeneration IV reactors Australia might be expected to not only fully sign up as a member of the Charter, but perhaps also to provide funding and resources to develop one or more types.

Involvement of various countries in developing particular types of new nuclear reactor

April 17, 2017 Posted by | ACTION, AUSTRALIA - NATIONAL, politics, secrets and lies | Leave a comment

New South Wales: Gladys Berejiklian government taking on a green tinge on energy and climate change

Energy policy: Gladys Berejiklian government might be greener than Mike Baird’s, SMH, 15  Apr 17  Kelsey Munro “….. Anthony Roberts, planning and housing minister in Gladys Berejiklian’s NSW government, which some believe is showing a far greener hue than the paralysed politics of climate change at federal level might lead anyone to expect.

Witness the Premier’s visit to the flood-stricken north coast earlier this month, where she said the flood was “a one in-40-year event, if not longer”, before adding, matter-of-factly, “Unfortunately, these freak weather incidents are going to increase.”

That is the language of a politician who takes mainstream climate science as an article of faith.

The government’s signals are particularly clear in energy policy, where the new Energy and Resources Minister Don Harwin is touting a statewide “boom in renewable energy projects”, mainly in large-scale solar. “Latest figures show our renewable energy sources already contribute 14 per cent to the NSW electricity energy mix,” he told Fairfax Media. “During the state’s heatwave on February 10 this year, at the time of peak demand, renewables provided 29 per cent of total energy generation.”

The government last week backed a Greens motion to support a technical change in the structure of the national energy market that would put batteries and other storage technologies on a level playing field with more established generators, with Mr Harwin saying in parliament he had already communicated that position to the Australian Energy Market Commission……..

According to the government’s modelling, 79 per cent of NSW greenhouse gas emissions come from fossil fuels………

One significant factor is that the economics have changed dramatically. It is now far cheaper to build large-scale solar or wind than new fossil fuel powered stations, Ms McKenzie said, pointing to the Council’s recent report which found electricity from new coal-power stations would cost $160 per megawatt hour, while solar farms are around $110 per megawatt hour and falling……

Nationally, Australia’s greenhouse gas emissions are rising steadily, after a carbon tax-driven dip between 2012 and 2014. http://www.smh.com.au/nsw/energy-policy-gladys-berejiklian-government-might-be-greener-than-mike-bairds-20170414-gvkyod.html

April 17, 2017 Posted by | climate change - global warming, New South Wales | Leave a comment

Indigenous Treaty Now, Not Just Constitutional Recognition

http://www.sydneycriminallawyers.com.au/blog/indigenous-treaty-now-not-just-constitutional-recognition/~ Paul Gregoire 9 April 2017:

Treaty now

“A treaty is a formal settlement or agreement made between independent states. Treaties establish binding obligations and formal relations between two parties.

“Mr Terry Mason explained that treaties between the government and each of the land’s Indigenous nations would deal with matters of self-determination, land rights and custodianship.
And he believes they would guard against “discriminating legislation,” such as the Turnbull government’s recent attempts to amend native title laws.

““Aboriginal peoples must be able to take control of their own lives and resources  in a progressive manner at both political and economic levels,” Mason added. … “

April 17, 2017 Posted by | aboriginal issues, AUSTRALIA - NATIONAL, legal | Leave a comment

Energy watchdog warns Victorians against misleading gas and electricity deals

Households being lured into misleading electricity and gas deals: energy watchdog, The Age, 15 Apr 17  Adam Morton  The head of Victoria’s energy watchdog has warned that households are being lured into deals with the promise of large discounts unaware that companies can ratchet up prices at any time.

Ron Ben-David, the chairman of the Essential Services Commission, says discounts of up to 40 per cent offered by electricity and gas retailers are rarely locked in, and called for a dramatic rethink to make power bills fairer for consumers…….

With Victoria holding a bipartisan review of the retail electricity and gas markets headed by former Labor deputy premier John Thwaites and ex-Liberal cabinet minister Terry Mulder, Dr Ben-David is urging reforms to force more effective competition between companies.

Should those steps fail, he says Parliament should consider the “nuclear option” – starting to re-regulate electricity pricing – just eight years after the state became the first in the country to fully de-regulate.

Power bills have increased dramatically in recent years, with retail margins playing a significant part in the rise in Victoria in particular. Several submissions to the review suggest retailers are making large profits and vulnerable households are paying the highest prices.

Last month, think tank the Grattan Institute found up to 43 per cent of household power bills goes into the pockets of electricity retailers as profits.

Prime Minister Malcolm Turnbull ordered an Australian Competition and Consumer Commission inquiry, and Victorian Premier Daniel Andrews appointed himself chair of a new cabinet taskforce on energy and promised to keep the state’s electricity supply “as affordable, resilient and secure” as possible……..

The energy review is due to report to the government by May 31. http://www.theage.com.au/victoria/households-being-lured-into-misleading-electricity-and-gas-deals-energy-watchdog-20170415-gvlgyw.html

April 17, 2017 Posted by | energy, Victoria | Leave a comment

Reactorvated: new nuke push ramps up

The global giants of nuclear power are in disarray. As Westinghouse Electric, Toshiba, AREVA struggle in the wake of the Fukushima disaster, a new breed of sophisticated nuclear campaigners, led by US billionaire Bill Gates, are spruiking “Small Modular Reactors”. Veteran anti-nuclear campaigner Noel Wauchope investigates the pro-nuclear push, the smart social media offensives and the latest government lobbying.   http://www.michaelwest.com.au/ , 15 Apr 17 

We don’t hear much about this, yet. It’s an international nuclear industry plan to develop new nuclear reactors, reactors which are still only in the design phase.

The Treaties Committee of the Australian Parliament is holding an inquiry into the Framework Agreement for International Collaboration on Research and Development of Generation IV Nuclear Energy Systems. Australia already signed up for this in June 2016, without any public discussion. Now the plan is to extend Australia’s involvement and the Committee has called for submissions by April 28, 2017.

Most people would think the idea of expanding the nuclear industry in Australia was dead and gone, following last year’s debacle of the South Australian government’s attempts to get a nuclear waste import business set up in Australia. The latest plan however is different……..

In the current climate of financial crisis for AREVA, Westinghouse, Toshiba and so on, “new nuclear” companies such as Terrestrial Energy, Transatomic and NuScale now pitch their products as a radically different alternative to conventional nuclear reactors.

This new nuclear propaganda is certainly out there, but it is not yet prevalent in Australia. The nuclear lobby’s first step is to get government commitments in principle, getting Australia in step with USA and the other nations in the campaign. While the government is certainly well aware of the rejuvenated pro-nuclear campaign, the soft-sell to the Australian public is barely underway. It will come……..

The most important target however is the public, and particularly youth via social media……..

It is quite a small number of individuals who produce both the wordy, technical presentations for government, industry and mainstream media and the bright and snappy messages for the young and for non-technical environmentalists…….

In Australia, this nuclear PR is typified by the work of Ben Heard, who sends sophisticated submissions to government, tweets constantly, and who champions the environment via the nuclear front group Bright New World…….

Now targeting youth via new media the spin has taken on humanitarian and nature-loving elements. Although a collective of billionaires and big corporations are behind it, it promotes an alternative to big corporations. It is about saving the planet. It is about endless cheap and pollution-free energy for all, recycling nuclear wastes, combating climate change, promoting the beneficial uses of ionising radiation, freeing people from irrational fears and from anti-science.

The SMR lobby has been successful already in gaining the attention of government and media for technologies which do not yet even commercially exist. In today’s world of “alternative facts” this success is not surprising. It remains to be seen if “new nuclear” can win the public approval that it needs.  http://www.michaelwest.com.au/reactivated-new-nuclear-push-ramps-up/

April 16, 2017 Posted by | AUSTRALIA - NATIONAL, spinbuster | Leave a comment

Adani coal project – a foolish useof tax-payers’ money

The Adani coal mine would be a poor use of our taxes, SMH, 15 Apr 17,  The Adani coal mine in the Galilee Basin of Central Queensland looks like the Trump presidency did around this time last year: a bad idea with foreseeable bad consequences that may yet prove unstoppable.

In New Dehli this week Prime Minister Malcolm Turnbull met with billionaire Gautam Adani, whose company intends to seek a concessional loan of $900 million from the Australian taxpayer to support building the Carmichael coal mine, which would be Australia’s largest, with the express purpose of shipping coal to India.

The project will create “tens of thousands of jobs” and generate “an enormous amount” in taxes and in royalties, revenues for federal and state government”, the Prime Minister enthused. Meanwhile Barnaby Joyce has been banging the drum about how the coal will light up hundreds of thousands of poor households. In other words, lending our taxes to the billionaire proprietor would do India’s poor people a favour.

For now, new native title legislation that would remove one obstacle is blocked in the Senate, but the government is determined to fix that…….

It would be a very bad look indeed if the project goes ahead with the help of funds from the Australian public. It not only goes against this government’s belief in the wisdom of the free market, but would be yet another piece of embarrassing climate change denialism that sets us apart from more forward-thinking nations – including China and India – that are walking away from coal in favour of renewables.

The pivotal question for now is whether the project meets the eligibility criteria for a loan. The fact that the loan would only be available if the project couldn’t proceed otherwise (or would be seriously delayed) creates the bizarre situation that taxpayers are left footing the bill when commercial lenders baulk.

But it’s not up to politicians to decide whether Adani Mining gets the loan, although resources minister Matt Canavan, a strong supporter of the Carmichael mine, has the ultimate sign-off on disbursement of the loan funds. It’s up to the board of the Northern Australia Infrastructure Fund to make a fully independent assessment on commercial grounds. Taxpayers are entitled to expect the board to be scrupulously diligent in its decision.

To date more than a dozen banks and other funding sources have declared they won’t back the project or have pulled out of existing funding arrangements. The project’s opponents say it’s no longer financially viable, if it ever was. It augurs badly that India’s coal and power minister Piyush Goyal has repeatedly stated a goal to stop importing coal, even specifying a time frame of between two and three years, so Adani coal imports would be up against the tide.

Add to that ongoing Indian government investigations into Adani group companies, including for alleged profiteering on coal imported from Indonesia and for international tax arrangements, it’s clear the NAIF board has a lot to consider…….http://www.smh.com.au/comment/smh-editorial/the-adani-coal-mine-would-be-a-poor-use-of-our-taxes-20170413-gvkac0.html

April 15, 2017 Posted by | AUSTRALIA - NATIONAL, business, climate change - global warming | Leave a comment