In our “A World to Win” series, Resistance: Young Socialist Alliance seeks to give voice to the ideas and demands of radical young people involved in the struggle to make the world a better place. In this week's article, Lucinda Donovan puts the case for why green capitalism cannot solve the climate crisis. * * *
Mining giant Adani’s plan for a mega coalmine in Queensland’s Galilee Basin was dealt a near death blow on August 5 when the Federal Court set aside approval for the Carmichael licence. The mine, if built, would be Australia’s largest, exporting up to 60 million tonnes of coal from the Great Barrier Reef coast every year. The federal environment minister gave the $16.5 billion mine and rail project approval in July last year. The current and former Queensland governments have been gung-ho in their support for the mine.
Financial evidence in the Queensland Land and Environment Court hearing on the proposed Carmichael coalmine in the Galilee Basin points to a venture that would operate at a loss and not result in projected increases in public revenue. Evidence was presented by Rajesh Gupta, Adani’s local financial controller and Tim Buckley, financial analyst called by Land Services of Coast and Country (LSCC), the environmental group seeking to block the mine. Gupta agreed under cross-examination the company would look to minimise its tax obligations within the law.
The State Bank of India had reneged on a $1 billion financing agreement for Adani’s Galilee Basin coalmine. The loan was agreed to five months ago to help finance mining giant Adani’s plan to develop the Carmichael mega coalmine in Queensland’s Galilee Basin. This is the 12th global investment bank to publicly walk away from the proposal in recent months.
As the Galilee Basin project faces legal challenges by Aboriginal and other community groups and international banks refuse to finance it, the environment movement is focusing its campaign on ensuring that the Australian Big 4 banks also withhold finance.
Representatives of the Wangan and Jagalingou people made this announcement on March 27.
- Previous page
- Page 2