An Australian Conservation Foundation (ACF) investigation has discovered the publically funded Export Finance Investment Corporation (Efic) could be used as a backdoor option to finance Adani’s Carmichael coal mine. Efic could provide loan insurance to private investors for Adani’s Carmichael coal mine, leaving Australians exposed to billions of dollars being lost to a useless stranded asset. These findings are part of a new report from ACF exposing the web of ties between the fossil fuels industry, the government, the Northern Australia Infrastructure Facility (NAIF) and Efic.
- Five of the seven NAIF directors have close connections to the fossil fuel industry.
- The NAIF board lacks experience with industries such as communications and renewable energy which are critical to the development of Northern Australia.
- NAIF’s chief adviser, Efic, has a track record of investing in large fossil fuel projects, backing fossil fuels over renewables at a rate of more than 100:1.
- Efic could insure private investment in the Adani coal mine - the Turnbull government has refused to rule it out.
Download the investigation, and watch the video showing the web of NAIF and Efic coal interests.
“That public money could be put on the line to protect private profit from the Adani coal mine that will help destroy the Barrier Reef and Australian tourism jobs is a truly gobsmacking and outrageous idea.” said Kelly O’Shanassy, Australian Conservation Foundation CEO.
“Both NAIF and Efic must be prevented from supporting a mine that will end up being a stranded asset, potentially wasting billions in public money. The Turnbull government must take responsibility and rule it out immediately.
“When the Adani mine fails, the Australian public will be the very last people to get their money back and probably won’t.
“Public investment in coal is a losing proposition for public money, the Reef and the 70,000 tourism jobs that rely on it.”
Now, a Senate Inquiry has launched an investigation into NAIF, set up by our government, that wants to handover a $1 billion of public money for Adani’s mega polluting coal mine.
We have to stop this dodgy deal once and for all.
The NAIF Board has a responsibility to make transparent decisions that support communities and don’t wreck our air, water and wildlife, not decisions that support their vested interests.
Public submissions to the Inquiry close in 48 hours. Let’s make sure the politicians investigating NAIF know we won’t stand for a shady organisation gambling with our public money!
This week, Adani launched a $1.4 million dollar advertising campaign. But we have enough people power to blow the fossil fools away!
For the last few weeks, we’ve been turning up the heat on our elected representatives for the #StopAdani Challenge.
Prime Minister Turnbull is receiving 11 calls an hour asking him to rule out $1billion for Adani’s mine. That’s a call every 5 minutes!
Groups across the country are delivering their communities' views on NAIF and Adani to their local MPs to pressure them to speak out.
Now, we’re flooding the NAIF Inquiry with public submissions.
We are building the biggest groundswell for a campaign to protect our air, water and wildlife this country’s ever seen.
Thanks for being part of it. Make a submission now.
Basha
Basha Stasak
Healthy Ecosystems Campaigner
Media contact: Peter Stahel (Essential Media) 0408 584 439