Throw­ing our money down black hole with Adani

Townsville Bulletin - - LIFESTYLE -

QUEENS­LAND spends more on min­ing and fos­sil fuel sub­si­dies than any other state, and is in the bot­tom three states for spend­ing on schools and hospi­tals. Queens­land paid $ 9.5 bil­lion to fos­sil fuel in­dus­tries be­tween 2009- 15.

A few weeks ago Premier An­nasta­cia Palaszczuk agreed to a coal roy­al­ties hol­i­day for Adani, a coal mine which is des­tined to be the big­gest and filth­i­est in Aus­tralia.

This roy­al­ties sub­sidy is equiv­a­lent to about $ 350 mil­lion a year for five years, to­talling $ 1.75 bil­lion – money we may not get back since the Adani head of­fices are in the Cay­man Is­lands.

The en­tire Adani project is un­vi­able with­out sub­si­dies, and the fu­ture of the project is shaky even with our money in­vested in it. Al­most two dozen banks and fi­nan­cial in­sti­tu­tions have ruled out fund­ing Adani.

Adani Power in In­dia is in dire trou­ble, with a net loss of about $ 1 bil­lion in the last fi­nan­cial year.

It is up for a “dis­tressed” sale, and Adani Power man­age­ment have stated the coal fired plant is un­fi­nan­cial. Adani is try­ing to flog it off to the Gu­jarat govern­ment. One would won­der why Gu­jarat would want to sub­sidise a stranded as­set, par­tic­u­larly as they are rapidly mov­ing to re­new­able en­ergy.

Here in Aus­tralia we also won­der why our gov­ern­ments would want to sub­sidise an equally un­vi­able mine. So much for the “pit to plug” strat­egy touted by our politi­cians.

Adani also wants $ 1 bil­lion sub­sidy from the Fed­eral Govern­ment to build a rail line from the Carmichael mine to Ab­bot Point port to trans­port the coal. Is there no end to what Adani wants?

It seems that the Adani project is un­able to pro­ceed with­out other people’s money – ours.

The Adani project truly is a house of cards. It seems that the last thing we should be do­ing is throw­ing our money at it.

If it’s a choice of how to in­vest our money, let’s choose schools, health and re­new­ables. They have a fu­ture. CHRIS­TINE CARLISLE, En­vi­ron­ment Council of

Cen­tral Queens­land.

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