Say "No" to $1bn loan for Adani

Want to help stop a massive coal mine going ahead in the Galilee Basin? This will take just a minute.

Stop Adani campaigners have managed to get 24 banks to publicly rule out loans for the project. Right now, there’s a real risk of a loan of nearly $1 billion of taxpayers’ money for a rail line for the project from the Northern Australian Infrastructure Facility (NAIF). You can choose your own wording or spend a moment sending this letter: http://www.arrcc.org.au/stop_adani_action

NAIF was created in mid-2016 to distribute $5 billion taxpayers’ dollars over 5 years in concessional finance to encourage private sector investment in infrastructure that benefits Northern Australia. This may include developments in airports, communications, energy, ports, rail and water.

It was intended to be “independent”, but Federal Ministers have frequently and publicly expressed their support for the nearly $1 billion loan for Adani. This puts pressure on NAIF Board to decide in favour of Adani.[1] Yet certain eligibility requirements for a loan will not be met by the mine, ie, that it must be in the public interest, that it must not result in reputational damage to the Federal or Queensland Governments and that the loan is likely to be repaid.[2] 

This is an immoral project any way you look at it. If the mega-mine in the Galilee Basin were established, it would desecrate the lands of the Wangan and Jagalingou Traditional Custodians.

According to the Australia Institute, annual emissions from coal exported from the mine would result in an average of 79m tonnes of CO2. This would be more than the annual emissions of Sri Lanka, more than Bangladesh with a population of 160 million and equivalent to that of Malaysia. We can’t be silent in the face of this threat to life on Mother Earth!

Please take a moment to send an e-mail to the Board of NAIF.

ARRCC supporters could fill the in-box of NAIF to overflowing. Let’s do it!

Regional Queensland towns are being led to believe that thousands of jobs will be created, but they are likely to be let down. Already, current renewable energy projects in that State are set to employ many more people for a fraction of the investment planned in the Adani mine.

At any rate, jobs in coal cannot compare to the threats to our lands, waters and Great Barrier Reef. We must protect the sanctity of our homelands, and the ongoing livelihoods that depend on our stewardship of our country, such as tourism and agriculture. 

The loan is unlikely ever to be repaid because of the drop in global coal prices combined with the way the Adani company operates. Adani has a reputation for tax evasion, unpaid debts, terrible environmental damage, corruption and spreading misinformation. “I deal daily with the devastating impacts of coal while working with some of India’s poorest people,” Indian environmental justice advocate Dr Vaishali Patil has said. “Adani tops the list of the worst companies I have come in contact with in my work.”

Please take a moment to send an e-mail to the Board of NAIF.

Around the world, the transition to renewables is already happening, and the returns from coal mining are plummeting. Instead of allowing regional communities to be left flailing and disappointed, there should be an orderly, planned transition so that these communities can be resilient into the future.  

Thank you for taking the time to write.

 Thea Ormerod, 22 August, 2017

[2] Read more about the NAIF’s investment mandate here: https://www.legislation.gov.au/Details/F2016L00654