Australia Pushes Ahead With Coal Despite Climate Concerns – Bloomberg.
Australia’s Queensland state threw its support behind plans for the nation’s largest coal project, two days after U.S. President Barack Obama called on the country to step up the fight againstclimate change.
The state will help fund a 388-kilometer (241-mile) rail line to link Adani Enterprises Ltd. (ADE)’s Carmichael coal project to the port of Abbot Point near the Great Barrier Reef, according to a statement today. Adani is seeking A$3.2 billion ($2.8 billion) from banks and South Korean lenders to help fund the project, Jeyakumar Janakaraj, chief executive officer and country head for the Adani Mining unit, said in an interview.
Adani needs the rail line to develop the A$7.2 billion project and open up a massive new coal province in the Galilee Basin. The company is moving ahead even as coal prices languish and environmental groups say the development and route to market through the Barrier Reef threaten the planet’s largest living structure.
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