They say self funding is basically impossible, because Adani Enterprises Ltd (AEL) does not have the capacity to fund it. Adani Mining is already carrying $1.8 billion of debt in Australia. The project would require the coal market to stay robust for decades. Tim Buckley:
“In IEEFA’s view, Adani’s Carmichael thermal coal proposal is unviable and unbankable on any normal commercial evaluation, absent massive government subsidy support in both India and Australia,” says Buckley.
“Adani’s suggestion it will self-fund this proposal is a clear acknowledgement of this.”
I pinched that cartoon from the Townsville Bulletin from Facebook, where it was doing the rounds. I think it’s tragic rather than funny, but may go some way to explain why Labor, in Queensland and federally, is over-reacting to the ‘message’ that was sent on Adani, and the prospect of jobs flowing from the resources industry as against climate change and saving the planet. Both Queensland and federal Labor appear to be caving in to coal interests, and both appear to be clueless about the urgency of the climate emergency. Continue reading Labor needs to rethink the climate emergency→
A New South Wales Labor government would establish a state-owned renewable energy company to support the rollout of enough renewable energy to power more than three million homes across the state in the next decade.
On Monday the NSW opposition leader, Michael Daley, announced that if elected on 23 March, Labor would deliver seven gigawatts of extra renewable energy by 2030.
The development of Adani’s Carmichael mine has always been sold as a job-creating venture. In fact it will be a highly automated mine, creating jobs mostly in the cities. A new report has found that the development of Carmichael and the subsequent development of the Galilee basin will cost about 12,500 jobs in existing coal mining regions and replace only two in three workers. Continue reading Adani will cost jobs→
Phillip Coorey, one of the better Canberra journalists, has laid out in plain terms how Labor won Batman. This post is based on his article but is not confined to it.
One reason, says Coorey, is that her campaign targetted voters who had been turned off Labor by her two predecessors, Labor machine men David Feeney and Martin Ferguson. Continue reading How Labor won Batman→
Adani Australia’s chief executive Jeyakumar Janakaraj – known in the industry as “JJ” – has done an opinion piece in the Australian Financial Review saying that their team at Adani has not wavered in their vision to build the Carmichael mine, rail and port project in Central Queensland. They’ve been working on it for seven years, have spent $3.3 billion to date, have 800 people working right now and have put up arguments to answer their critics.
Bill Shorten probably knows Labor can’t win the byelection in the Melbourne seat Batman while supporting the far-away Adani coal mining project at Carmichael in the Galilee Basin in central Queensland. So he looks set to oppose the mine.
The Weatherill and Koutsantonis strategy is to embrace new technologies, cheap wind and solar and storage, smart software and smarter management, and put into practice the sort of scenarios envisaged by the CSIRO, Energy Networks Australia and more recently by the storage review commissioned by chief scientist Alan Finkel.
This is a guest post by blog commenter Geoff Henderson. It is particularly strong on the structure and standing of Adani as a company, and on the truly pathetic contribution the project would make to both jobs and the coffers of the state government in royalties. I’ve added some links of other recent material at the end. Enjoy!
On September 28 we had the first anniversary of the dirty big storm the brought down the power pylons in South Australia causing a state-wide blackout, as the Heywood interconnector exceeded capacity and tripped.