Adani’s Chairman, Gautaum Adani has given the final investment approval for the Carmichael mine in Queensland, though he is yet to produce evidence of finance for the mine or railway.
Adani says the project has been met with activists in court, but they’re committed to the project.
We have been challenged by activists in the courts, in inner-city streets, and even outside banks that have not even been approached to finance the project….We are committed to regional Queensland, and we are committed to addressing energy poverty in India.
Adani is hoping the Carmichael project will generate 10,000 jobs direct and indirect. Queensland Premier Annastacia Palaszczuk was thrilled by Adani’s announcement.
There will be jobs right across the state, this project will deliver those jobs, we want to make Queensland the investment choice state of the nation, and that's what we are doing by diversifying our economy.
Palaszczuk is opening up areas like the Galilee Basin through the royalty arrangement.
What I'm saying very clearly to the rest of the state and to other companies, that you're welcome to invest in Queensland, that we have a government that will back you 100 per cent
The Carmichael mine will emit 128m tonnes of carbon dioxide every year and an estimated 4.6 billion tonnes of carbon dioxide in its lifetime. This will have enormous implications for an already dying reef. Dr Charlie Veron former chief scientist at the Australian Institute of Marine Science explains how dangerous these levels of CO2 can be for our Great Barrier Reef:
You have an ecological collapse of the oceans. It's happened before, mass extinctions through ocean acidification, and the main driver of that is CO2.
Spokesman and Chairman of the Australian Conservation Foundation Geoff Cousins believes the announcement to be a PR stunt, saying Adani is yet to secure the finances needed for the project:
Adani is yet to lure any financial institutions willing to bankroll the project, which is proving hugely unpopular with the Australian public, without this support and public subsidies, the heavily leveraged balance sheet of Adani Enterprises leaves no internal capacity to fund this multi-billion dollar project proposal.
Tune into From the Ashes on National Geographic 27th of June at 7.30pm AEST/NZST for a closer look at the communities living in the shadow of the coal industry.
Header: Shutterstock: Brisbane Queensland Australia May 25 2017, Stop the Adani Coal mine rally.