The government and in particular environment minister Greg Hunt have disappointed (but not surprised) us yet again.It is clear to almost anyone that has read about or seen the destruction to the Leard Forest, and the cultural lands of the Gomeroi people, being carried out by Whitehaven is a travesty and an embarrassment.
Download the full report here and the summary findings here.Investments in coal, oil and gas increase financial risk without increasing returns, according to a new report aimed at Australian investors such as universities, religious groups and local councils.According to the report, published by The Australia Institute and released today in partnership with 350.org Australia and Market Forces, portfolios containing coal, oil and gas companies risk lower returns in the long run while portfolios avoiding these companies can provide competitive returns. Climate proofing your investments: Moving funds out of fossil fuels concludes that investors who divest from companies such as Whitehaven Coal, Woodside Petroleum and Origin Energy need not sacrifice their investment returns. “Investors have traditionally been reluctant to screen out fossil fuel companies because of the perception of increased financial risk,” Dr Richard Denniss, Executive Director of The Australia Institute said. “Our findings show that fossil free investment portfolios can not only provide similar returns on investment but they also help mitigate the risk of an ‘unburnable carbon’ bubble bust.
It is a given, coal mining (or any fossil fuel fossicking) is a scourge, destroying the land and the surrounding environs. And to what end? To produce a toxic product that severely limits our chances of a safe future. But it is not only the present and the future that the mining industry endangers, it destroys traditions of the past and those people who have cherished and cared for this beautiful country for generation upon generation.