• About
    • Which Energy Mix is this?
  • Climate News Network Archive
  • Contact
The climate news that makes a difference.
No Result
View All Result
The Energy Mix
  • Canada
  • UK & Europe
  • Fossil Fuels
  • Ending Emissions
  • Community Climate Finance
  • Clean Electricity Grid
  • Cities & Communities
SUBSCRIBE
DONATE
  • Canada
  • UK & Europe
  • Fossil Fuels
  • Ending Emissions
  • Community Climate Finance
  • Clean Electricity Grid
  • Cities & Communities
SUBSCRIBE
DONATE
No Result
View All Result
The Energy Mix
No Result
View All Result
  • Canada
  • UK & Europe
  • Fossil Fuels
  • Ending Emissions
  • Community Climate Finance
  • Clean Electricity Grid
  • Cities & Communities
  FEATURED
SPECIAL REPORT: ‘Defuse the Climate Time Bomb’ with Net-Zero by 2040, Guterres Urges G20 March 20, 2023
Devastating Impacts, Affordable Climate Solutions Drive IPCC’s Urgent Call for Action March 20, 2023
Window for 1.5°C ‘Rapidly Closing’, IPCC Warns March 20, 2023
Swift Action, Inclusive Resilience Vital in Face of Overlapping Climate Hazards March 20, 2023
Shift from Fossils to Renewables is Quickest, Cheapest Path to Cut Emissions, IPCC Report Shows March 20, 2023
Next
Prev

Adani Gives Giant Australian Coal Mine a ‘Green Light’—But Financial Tank is Empty

June 6, 2017
Reading time: 2 minutes

Beyond Coal and Gas/Flickr

Beyond Coal and Gas/Flickr

 

India’s billionaire Gautam Adani may have given a “green light” to the vast Carmichael coal mine and rail project proposed for Queensland in northeast Australia, the Guardian reports. But it’s still unclear where the money will come from to build it, and Australians themselves may end up picking up the tab.

Adani, who owns power plants in India, has claimed the A$5 billion mine, with an associated railroad to the coast, will create 10,000 jobs. Others put the number closer to 1,500. But the project has come under stiff criticism as a menace to the climate, on shaky financial ground, and a threat to public health. The investment decision was communicated by an Australian executive—not Adani himself.

  • Be among the first to read The Energy Mix Weekender
  • A brand new weekly digest containing exclusive and essential climate stories from around the world.
  • The Weekender:The climate news you need.
Subscribe

The business magnate has yet to identify financial backers for the project. The company was shaken last month when news emerged that Australia’s Westpac Banking Corporation would no longer finance thermal coal projects like Carmichael. Then India cancelled 13.7 gigawatts of new coal capacity, opting instead for solar at “free-falling” prices, raising questions about the economics of Adani’s long-term coal strategy.

Julien Vincent, executive director of Market Finance, an environmental investment group, mocked Adani’s “green light” as “little more than a PR stunt. Announcing an intention to invest is a far cry from having the finance to do so.” According to Vincent, parent company Adani Enterprises has “yet to raise a single cent of the $5 billion required to capitalize the project,” but must pursue it anyway because “failure would mean a write-down equivalent to around half the value of the company.”

Adani is seeking A$900 million in financing from the Australian federal government. Writing to oppose the loan, a prominent physician compared its possible approval “to supporting big tobacco to transport hundreds of tonnes of tobacco to market.”  Kingsley Faulkner, chair of Doctors for the Environment Australia, urged the board of directors of the Northern Australia Infrastructure Facility “to rule out an investment loan to build the rail line from the mine to the Abbot Point port.”



in Australia, Coal, Community Climate Finance, India

The latest climate news and analysis, direct to your inbox

Subscribe

Related Posts

Kern River Valley Fire Info/Facebook
International Agencies & Studies

SPECIAL REPORT: ‘Defuse the Climate Time Bomb’ with Net-Zero by 2040, Guterres Urges G20

March 20, 2023
153
IFRC Intl. Federation:Twitter
International Agencies & Studies

Devastating Impacts, Affordable Climate Solutions Drive IPCC’s Urgent Call for Action

March 21, 2023
687
Kenuoene/pixabay
Ending Emissions

Shift from Fossils to Renewables is Quickest, Cheapest Path to Cut Emissions, IPCC Report Shows

March 20, 2023
93

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

Trending Stories

U.S. Bureau of Safety and Environmental Enforcement/flickr

Willow Oil Project in Alaska Faces Legal Challenges, Economic Doubts

March 19, 2023
390
IFRC Intl. Federation:Twitter

Devastating Impacts, Affordable Climate Solutions Drive IPCC’s Urgent Call for Action

March 21, 2023
687
Kern River Valley Fire Info/Facebook

SPECIAL REPORT: ‘Defuse the Climate Time Bomb’ with Net-Zero by 2040, Guterres Urges G20

March 20, 2023
153
Kenuoene/pixabay

Shift from Fossils to Renewables is Quickest, Cheapest Path to Cut Emissions, IPCC Report Shows

March 20, 2023
93
Secretariat of the Cabinet of Ministers of Ukraine/Wikimedia Commons

IPCC Report Charts a Course for Ottawa’s ‘Clean Technology’ Budget

March 20, 2023
79
@davenewworld_2

Keystone Pipeline Safety Worries Lawmakers after TC Energy Ordered to Reduce Operating Pressure

March 19, 2023
251

Recent Posts

U.S. National Park Service/rawpixel

Window for 1.5°C ‘Rapidly Closing’, IPCC Warns

March 20, 2023
45
FMSC/Flickr

Swift Action, Inclusive Resilience Vital in Face of Overlapping Climate Hazards

March 20, 2023
44
Kiara Worth, UNClimateChange/flickr

Gap Between IPCC’s Science, National Actions Sets Challenge for COP 28

March 20, 2023
45
Photo by IISD/ENB

IPCC Sees Deeper Risk in Overshooting 1.5°C Warming Threshold

March 20, 2023
27
EcoFlight

Historic Deal Reopens B.C. Indigenous Territory to Fracking, Promises Land Restoration

March 19, 2023
431
Wikimedia Commons/Humans of Vanuatu

Six Countries Call for Fossil-Free Pacific

March 19, 2023
42
Next Post
Pixabay

Coal Ends 1,000 Lives Prematurely in the United States…Every Week

The Energy Mix - The climate news you need

Copyright 2023 © Energy Mix Productions Inc. All rights reserved.

  • About
  • Contact
  • Privacy Policy and Copyright
  • Cookie Policy

Proudly partnering with…

scf_withtagline
No Result
View All Result
  • Canada
  • UK & Europe
  • Fossil Fuels
  • Ending Emissions
  • Community Climate Finance
  • Clean Electricity Grid
  • Cities & Communities

Copyright 2022 © Smarter Shift Inc. and Energy Mix Productions Inc. All rights reserved.

Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behaviour or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Manage options Manage services Manage vendors Read more about these purposes
View preferences
{title} {title} {title}