Australia's Vast Adani Coal Mine "Unbankable" w/o $4.4 Billion In Tax Giveaways, Subsidies

[hatrack]

Australian governments will give $4.4bn in effective subsidies to Adani’s Carmichael coal project, which would otherwise be “unbankable and unviable”, a new analysis has found. The report, by the Institute of Energy Economics and Financial Analysis, concluded that the project would benefit from several Australian taxpayer–funded arrangements – including subsidies, favourable deals and tax concessions – over its 30-year project life.

It said the project would be further supported by public handouts, tax breaks and special treatment provided to Adani Power, the proposed end-user of the thermal coal in India.

EDIT

The report also noted the use of corporate tax shield loopholes were common in the mining sector, and that Adani had not paid “any material corporate tax in Australia” despite owning and operating the Abbot Point coal terminal since 2011. “IEEFA has long argued the Adani Carmichael thermal coal mine proposal is unbankable and unviable without subsidies, entirely at odds with the Paris climate agreement and is strategically challenged even before the first coal is produced.

“For a handful of jobs and only a fraction of the royalties that coking coal provides to the Queensland budget, Adani’s thermal coal mine provides the state with so much less than alternative regional renewable energy investments would do.”

EDIT

https://www.theguardian.com/environment/2019/aug/29/adani-mine-would-be-unviable-without-44bn-in-subsidies-report-finds?CMP=share_btn_fb

[Thyla]

1. Literally everything to do with this mine is a shit show...

Not profitable, endangered animals, native title, rail companies want nothing to do with it, Queenslanders, it's un-insurable, lieing to the government, fucking Liberals and Nats and what have you.

*sigh*