Saturday, 27 June 2015

Adani looks like pulling the plug on Abbott Point - India

Hah! Oh what a sweet victory this will be for the planet if Adani does go ahead and pull the plug. All the efforts of various environmental groups and grass roots political organisations look like they're about to stop Adani in it's tracks. After 5 years and a change of gov in Queensland, it's all seeming a bit too much now for the company. In any case, humanity wouldn't survive in anything like it's current form if India spent the next 90 years powering 100million households with Australian coal.
Adani's Australian ambitions ran into a new dispensation following an election in coal-rich Queensland, leading to a policy reversal and heightened pressure to protect the Great Barrier Reef. However, sources also say that softening international coal prices has made the going tough. "The management is wary of relentless attacks by Greenpeace, which has been opposing the project due to environmental issues," said a source aware of the development. 

The project's success depends on environmental approval to deepen a port on the fringe of the Great Barrier Reef in order to ship the coal. The Australian authorities had rejected a plan to dump soil dredged at the port of Abbot Point into the sea, about 25 km from the reef. 

With pressure from the green brigade increasing, 11 of the world's biggest banks, including Citigroup, Morgan Stanley, Goldman Sachs, and JPMorgan Chase, had publicly ruled out providing financing to Adani, citing environmental concerns. more from India