Galilee coal unbankable and unburnable

30.06.15 By

INVESTMENT risks associated with the
Galilee Basin have only increased since the Queensland Treasury warned the
Carmichael mine was “unbankable”, the Climate Council said today.

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, documents obtained through
Freedom of Information laws by Fairfax media have revealed.

Climate Council CEO Amanda McKenzie said
the Carmichael coal mine had only become more risky since then, 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.

A total of 11 international banks have now
publicly announced that they will not be involved with any projects in the
Basin.

“The Galilee Basin is not only unbankable,
it’s unburnable,” she said.

“Galilee Basin coal, if developed,
would emit more than Australia’s entire annual emissions. Over 90% of
Australia’s known, extractable coal in existing reserves must stay in the
ground if we are to tackle climate change.

“There are two clear trends happening
globally. Investment is moving toward renewable energy and away from coal.

“The global renewable energy race is
underway. Australia, the sunniest country in the world, is missing out while we
focus on coal at the expense of solar and wind.”

The
Climate Council is an independent, crowd-funded organisation providing quality
information to climate change to the Australian public.

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media enquiries, please contact Senior Media Advisor Jessica Craven on 0400 424
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Galilee Coal Unbankable And Unburnable.pdf