Just one week after our latest report declared that Galilee Basin coal is unburnable, it’s now been revealed to be unbankable in the assessment of Queensland’s Treasury, according to documents obtained by Fairfax Media through Freedom of Information laws.
Fairfax Media have revealed that Senior Queensland Treasury officials expressed serious doubts about Adani’s ability to see through its Carmichael mine project, warning in November last year the mine would not meet the criteria of a conventional project finance assessment.
A total of 11 international banks have now publicly announced that they will not be involved with any projects in the Basin, with export markets dwindling as China pledges to cut coal use, G7 leaders agreeing to phase out fossil fuels and new investment in renewables surging ahead of fossil fuels.
Our report found that if all of the Galilee Basin coal was burned, an estimated 705 million tonnes of CO2 would be released each year – more than 1.3 times Australia's current annual emissions. The report also found that to tackle climate change, over 90% of Australia’s coal reserves cannot be burned, and therefore there is no justification for opening new coal mines.
You can read our full report here.