“Mr. Abbott seems content to ignore economic forecasts that show the coal industry is in steep structural decline. He is pushing ahead with a fairy tale that pins our future prosperity to a very unstable international coal market,” said Greenpeace campaigner, Nikola Casule.
Mr. Abbott said yesterday that the massive Adani Carmichael coal mine was crucial to Australia’s economic future, and called on National Reform Summit attendees to back the project.
“The government’s irresponsible stance on this mine will damage both our economy and our environment.
“To see how deeply flawed Mr. Abbott’s arguments are, you only have to look to the energy finance sector to see that the biggest power investments are now in renewable energy sources.
“Recognising the pollution caused by burning coal, our trading partners China and India are moving towards renewable energy sources and away from coal. By 2019, financial analysts expect India’s investment in solar energy to be greater than in coal generation.
“The Carmichael mine is a project that leading international banks have decided is environmentally dangerous and economically unviable, yet this government is still determined for it to go ahead.
“The government indicated this week it may even use tax payer funds for a rail link to this mega-mine. What Mr. Abbott will not admit to Australian taxpayers is that the international demand for coal is declining rapidly.
“It is outrageous that this government would consider forking out tax payer dollars to prop up a project that the banks won’t touch.
“This government needs to disassociate itself from the fossil fuel industry before more damage is inflicted on the Australian economy,” said Dr. Casule.