Margaret Gleeson

As 2017 drew to a close the climate movement had much to celebrate. Hard fought campaigns directed at potential financial backers had resulted in Adani’s Carmichael coalmine being a far less certain prospect as one by one financial options dissolved.

With major financial institutions in Australia and overseas ruling out support for the project, Adani had pinned its hopes on China as a possible funding source as well as a market for Galilee Basin coal. In spite of the Australian government oiling the wheels for a deal, all major Chinese banks backed away in the end.

As the decision deadline looms for the $1 billion Northern Australia Infrastructure Facility (NAIF) loan to Adani for construction of rail infrastructure for the Galilee Basin mega coalmine, a rash of protests erupted in Brisbane, Sydney, Melbourne, Townsville, Cairns, Mackay and at Adani’s work sites near Belyando in Central Queensland.

A sleeper issue in the recent Queensland election was the inaction by mines minister Anthony Lynham on the Land Court’s ruling of May 31 to reject the application by New Hope Coal for the third stage in the expansion of the Acland coalmine, known as Acland Stage 3, in the agriculturally rich Darling Downs.

Renewable energy projects currently under construction in Queensland are set to create a comparable number of jobs to those of the controversial Adani new coal project, if it proceeds. The growth of renewable power generation will create more jobs than have been lost in coalmining.

The future of Adani’s proposed Carmichael mine in the Galilee Basin has become intertwined with the Queensland state elections called for November 25, with the mega coalmine confronting serious problems in obtaining finance for the project.

Over the past year, Adani has been increasingly unable to secure the $5 billion it needs from private sources, as various financial institutions have begun shifting investments away from coal and towards renewables.

Under pressure from grassroots campaigns, Australia’s Big Four banks have ruled out financing the project.

A potential new battlefield has opened up in the fight against Adani’s proposed mega coalmine for the Galilee Basin in Queensland. To date, the campaign against the coalmine has successfully pressured several companies – including Australia’s Big Four banks – to rule out financing the project.

However, as the board of directors of procurement contractor Downer EDI Mining – which is in the box seat to construct the Adani mine infrastructure – prepared to face shareholders at its November 2 Annual General Meeting, news broke that the company and Adani were in negotiations with Chinese state-owned enterprise China Machinery Engineering Corporation (CMEC) over its possible involvement in financing the project.

From the time of Adani’s initial application for a mining license for the Carmichael Mine project in October 2010, local farmers and graziers have had concerns about the project’s impact on ground water and the Great Artesian Basin.

This was translated into legal challenges to the Carmichael, Kevin’s Corner and Alpha mines in the Galilee Basin. The controversial Adani project, while still financially dubious, has one legal barrier to overcome. The High Court is set to bring down a decision in March on the appeal by the Traditional Owners, the Wangan and Jagalingou people.

It is approaching crunch time for the Adani mega-coalmine in Queensland’s Galilee Basin, with the movement against it growing by the day, including in areas that traditionally support mining.

Ahead of to the 2015 Paris Climate Change Conference, Australia’s Big Four banks made public commitments to take action on climate change.

Thousands of people converged on more than 40 sites around Australia on October 7 to make human signs spelling out “Stop Adani”.

The National Day of Action was called by the Stop Adani Alliance, a national grouping of large environmental NGOs. But what made it happen on the ground were the many grassroots groups that had been organising in their local communities to build the mass movement needed to combat climate change.

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