Acting on a report by the Institute of Energy Economics and Financial Analysis, the government has withdrawn support for Queensland’s troubled Adani mine, which was expected to cost tax payers $4.4 billion – moving that investment to renewable energy projects instead.
Admitting there were good reasons for exploring the Adani mine project, Queensland Premier Annastacia Palaszczuk says, “We needed to do our due diligence, particularly given the potential for local job creation and royalties to the state government.
“However, under the best case scenario, Adani would only start paying dividends after 10 years and the job numbers were minimal when measured against the potential environmental degradation, loss of water sources and, at a global level, the ongoing use of thermal coal as an energy source.”
The report found Adani was only ‘viable’ over its 30-year project life if it was able to benefit from public handouts, subsidies, favourable deals and tax concessions – all Australian taxpayer-funded arrangements that collectively would total almost $4.4 billion.
In addition, the proposed ‘royalty holiday’ being negotiation with the Queensland State Government would effectively result in zero royalties being paid by the Adani Group in the coming decade.
Without these significant financial concessions, the report found ‘Adani’s Carmichael thermal coal mine would be unbankable and unviable’ and ‘entirely at odds with the Paris climate agreement’.
“It was a difficult decision to make but parliament was unanimous in agreeing to withdraw all further support for this project, choosing instead to invest in alternative regional renewable energy projects,” says Premier Palaszczuk, adding the Australian Government backed the new approach.
“We will focus our efforts and government spending on initiatives to rebuild the communities impacted by this year’s bushfire season, including better support for our farmers struggling through long-term drought conditions. We also plan to introduce better water management protocols and improve our management of the flora and fauna so critical to our ecosystem.
“We want to ensure when future generations look back at this point in history, they will see this as the time when humanity finally became humane.
“I think of this as our coming of age politically and environmentally. My priority is for my government to lead the work required to ensure sustainable, environmentally-responsible management of Queensland’s natural resources now and into the future,” she adds emphatically.
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