Galilee Basin coal mines don’t stack up economically or environmentally The global Carbon Tracker Initiative analysis shows the Galilee Basin coal mines are high risk for investors.
“The Galilee Basin mega coal mine proposals are as financially disastrous as they are environmentally catastrophic,” Senator Larissa Waters, Australian Greens environment spokesperson, said.
“Global demand for coal is dwindling and hauling millions of tonnes of it hundreds of kilometres before shipping it through our World Heritage Great Barrier Reef makes absolutely no sense economically or environmentally.
“This global report finds the Galilee Basin coal mines are already unviable under a low-demand scenario.
“It’s no wonder that the big names have all pulled out of the Abbot Point coal port expansion, including Rio, BHP, Anglo American Coal and Lend Lease.
“If the Galilee Basin was a country, burning its coal would make it the seventh largest emitter of CO2 from fossil fuel burning on the planet.
“Instead of ticking off on these mega Galilee Basin coal mines, the Abbott Government needs to listen to the tens of thousands of Australians who marched on the weekend for climate action to save our children and grandchildren’s futures,” Senator Waters said.