Sunday, May 28, 2017

The myth that Adani coal is boom or bust for Queensland economy

There are a whole bunch of reasons why the Adani coal mine does not make sense: for the environment, the climate and on basic economics.
'Death trains' - rolling stock laden with coal will
be a common sight if the Adani mine goes ahead.
The latest results from Adani Power, revealing over the weekend a $US954 million loss ($A1.3 billion) for the last financial year, its fifth loss in a row, and a growing preference for domestic over imported coal, not to mention the endless delays and requests for government support, underline the fact that the project makes no financial sense.

And we know that on environmental and climate grounds, it makes no sense either. Rescuers minister Matt Canavan counts Adani’s benefits on the basis that the mine will last 60 years. That timeframe assumes that the world will not act on climate change.

Another myth that refuses to go away, and seems to be prosecuted by everyone from the Coalition, to the state Labor government and to the local councils, is that the Queensland economy depends on Adani and its Carmichael mine for jobs and investment, and that the region’s economy would be devastated if the mine didn’t go ahead.


Read Giles Parkinson’s story in RenewEconomy - “The myth that Adani coal is boom or bust for Queensland economy.”

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