No economic reason to expand Abbot Point with plummeting coal prices, global warming and industrialisation threatening the Reef
The Australian Marine Conservation Society (AMCS) has said there was no economic reason to expand new coal ports that would damage the Great Barrier Reef when coal prices were plummeting and the Reef was under threat from industrialisation and global warming.
Imogen Zethoven, the Great Barrier Reef campaign director for AMCS said news that $50 billion had been wiped off the Australian stock market, predominantly over concerns for the future of the resource sector including the coal industry,demonstrated that the coal industry is in terminal decline.
“Right now we need to be doing all we can to allow the Great Barrier Reef to recover. What the Reef doesn’t need is more dredging for a coal industry that has terrible economic prospects and more coal ships transiting through the Reef.
“Mining and burning of coal contributes to global warming that risks damaging the Reef and the tourism industry which relies on our natural assets to draw people from around the world.
“The Great Barrier Reef has already been impacted by warmer waters, coral bleaching and ocean acidification associated with global warming.
“Right now, the Australian government looks set to approve more dredging to expand Abbot Point, north of the Whitsunday Islands.
“The world’s financial markets are moving away from coal, there’s no appetite to invest in new coal mines.
“The Turnbull Government faces a big test in the next fews weeks about whether they will throw taxpayer funds after a project that can’t attract private funding.
“Expanding the port at Abbot Point would be a terrible decision on environmental grounds and the economics seem less favourable every day,” said Ms Zethoven
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