QLD GOVERNMENT SHOULD HEED MARKET OUTLOOK AND END SUPPORT FOR UNNECESSARY ABBOT POINT EXPANSION THAT WILL HARM THE REEF
A new report by the Institute for Energy Economics and Financial Analysis released today finds Adani’s Carmichael mine proposal is likely to become a stranded asset due to the company’s own restructuring and changes in the global coal market.
These significant changes raise serious questions about the need for additional port capacity at Abbot Point, according to Felicity Wishart, Great Barrier Reef campaign director at the Australian Marine Conservation Society.
“Adani’s new corporate structure will mean its Carmichael mine project will need to be competitive in the global market and the reality is it’s not. This means the last thing the Queensland government should be doing is supporting the Abbot Point coal port expansion alongside our troubled but precious Great Barrier Reef,” she said.
“The Queensland government has the opportunity to stop the Abbot Point coal port expansion dead in its tracks, rather than leaving it to slowly wither away, creating uncertainty for years to come.
“The Queensland Government should give tourism operators and concerned local communities certainty and reject its support for the Abbot Point port expansion plan.
“It should also stop wasting the tax payer funded time and resources of the Department of State Development on Abbot Point expansion.
“The government should review the capacity of all the ports along the Reef coast to determine if there is a need for any further expansion, rather than follow in the footsteps of the Newman Government.
“It has always made little sense to expand massive coal ports on the doorstop of the Reef, placing the Reef’s wetlands, marine life and $6 billion tourism icon at risk.
“It makes even less sense now there’s mounting evidence the extra port capacity may never be needed,” she said.
Media contact: Siobhan Lyttle 0432 828 004
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