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Where science talks and bullshit walks (and Memes live)

Adani facing growing pressure on fears investors may have been misled

The amount of new coal power being built around the world fell by nearly two-thirds last year, prompting campaigners to claim the polluting fossil fuel was in freefall.

The dramatic decline in new coal-fired units was overwhelmingly due to policy shifts in China and India and subsequent declining investment prospects, according to a report by Greenpeace, the US-based Sierra Club and research network CoalSwarm.

The report said the amount of new capacity starting construction was down 62% in 2016 on the year before, and work was frozen at more than a hundred sites in China and India. In January, China’s energy regulator halted work on a further 100 new coal-fired projects, suggesting the trend was not going away.

It looks like Adani want to cheat mine investors of share of the $3 billion revenue stream from operation of the rail line.

Key Points

  • Which company in its complex corporate web has applied for a $1 billion subsided loan
  • Fears money could be shifted to a tax haven and investors may have been misled
  • The loan would finance a 400-kilometre railway from Queensland's Abbot Point Coal Terminal to a planned massive mine in the Galilee Basin
  • It is "absolutely possible" investors have been misled about the loan
  • In fact, the proponent of the rail project is an Australian shell company ultimately owned by Atultya Resources, an Adani family-controlled entity registered in the secretive Cayman Islands.
  • The Cayman Islands-controlled rail company has rights to a royalty stream worth up to $3 billion from the proposed mine, the ABC recently revealed — a payment that would come at the expense of shareholders in the publicly listed Adani Enterprises
  • "We think there is a huge public interest in the NAIF revealing which Adani entity has applied for the loan,"

Tags: Environment, Coal, Mining, Australia, Queensland, Adani, Matt Canavan

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