Sell with Confidence
Read More
News

Energy finance specialist: Adani to struggle under Labor

By Mark Beale

AN ENERGY finance studies specialist is predicting Adani’s $16 billion Carmichael coal project in central Queensland will struggle under a Labor government.

The Institute for Energy Economics and Financial Analysis’s Tim Buckley said Adani was already under pressure because of lower coal prices.

The Newman government’s offer of hundreds of millions of dollars of taxpayers’ money for infrastructure investment funding will be scrapped under Labor.

In an opinion piece, Mr Buckley said the incoming Queensland government would be called upon to examine how lavish promises were made to Adani to begin with.

He said any government would be hard-pressed to explain, with analysis showing the Adani proposal was commercially “unbankable”.

But Adani has maintained it is committed to proceeding with its Galilee Basin mine, rail and port projects regardless of the outcome of the Queensland election.

Mr Buckley described the company’s response as “tone-deaf denial”.

He went so far as to suggest Adani “face the reality of evolving energy markets” and “abandon its outdated Galilee Basin ambition”.

IEEFA’s mission is to reduce dependence on coal and other non-renewable energy resources.

Mr Buckley said Labor’s commitment to saving the Great Barrier Reef would also be an obstacle for any dredging plans.

Labor MP Jackie Trad last month said her party would not support dredging up the Great Barrier Reef for a project that hadn’t received financial closure.

– APN NEWSDESK

Up to Date

Latest News

  • NEW FOODIE EVENT TO CHAMPION LOCAL PRODUCE IN PROSERPINE

    A new foodie event is getting off the ground in Proserpine to help residents access fresh produce from their own backyard and forge social connections. The couple behind Proserpine Health N Fitness, June Gobbos-Miller and Stephen Miller, decided to start a farmers market with the first instalment set to take … Read more

    Read Full Post

  • REEF FESTIVAL DATES LOCKED IN AFTER 2020 COVID CANCELLATION

    The Great Barrier Reef Festival may have been brought to a halt last year, but the event is moving full steam ahead in 2021 and more hands are needed on deck. The festival committee is on the hunt for new volunteers to help plan and organise this year’s event. The … Read more

    Read Full Post