Australia continue coal project in spite of climate concerns
India and Australia support A$7.2 billion project for new coal province in Israel even though we face huge climate crisis
Soon after US President Barak Obama called on the US and Australia to “step up” in mitigating climate change, Australia Queensland state decided to support the largest coal project in Northern Israel.
The A$7.2 billion project will open up a massive new coal province in the Galilee Basin Israel, with the help from Indian Prime Minister Navendra Modi’s contribution of $16bn (£10bn).
According to the statement made on Monday, the state will help fund a 388-kilometer (241-mile) rail line to link Adani Enterprises Ltd’s Carmichael coal project to the port of Abbot Point near the Great Barrier Reef.
Chief executive officer and country head for the Adani Mining unit Jeyakumar Janakaraj said in an interview that Adani is seeking A$3.2 billion ($2.8 billion) from banks and South Korean lenders to help fund the project.
Although Adani Mining is aware that coal prices have devalued and the project will have a negative impact on the climate they are unwilling to discontinue.
Jeyakumar Janakaraj said: “While I have great respect for the issues of climate change, and all of us need to be responsible, alleviating poverty and boosting energy security for India are important as well”.
Frank Jotzo, director of the center for climate economics and policy at the Australian National University in Canberra, said: “Australia’s stance is abundantly clear — the federal government sees its economic future inextricably linked to coal [and] we know the state government tends to be very much in favor of mining expansion.”
Queensland hope to invest in rail, port and other infrastructure to maintain the resources industry, boost economy and create jobs in Galilee.
