April 1, 2016

Financing Adani’s Carmichael Coal Mine would be “Back to the Future” for Australia’s Future Fund

MELBOURNE, April 1st: 350.org Australia says Peter Costello, Chairman of Australia’s $117bn Sovereign Wealth Fund, must say no to investing in Adani’s ill-fated mega coal project in the Galilee Basin when he meets with India’s Finance Minister today.

Media are reporting that finance for the $16.5bn project will be discussed when Costello and Minister Jaitley meet today and that Jaitley may ask Costello’s Fund to back the coal project, which would cook the climate and wreck the Reef.

“As temperatures soar to terrifying levels, the Reef undergoes a major bleaching event exacerbated by climate change and coal prices continue to plummet, it would be unthinkable for Australia’s sovereign wealth fund to invest in one of the world’s largest coal projects,” said 350.org Australia’s Community Campaigner Moira Williams.

“The irony of the Future Fund investing in a project that would jeopardise our future on this planet can’t be overstated. Peter Costello must say no to helping finance Adani and no to this project that would take us back to a very miserable future.

“Any decision to back this train-wreck of a coal project would run counter to Prime Minister Turnbull’s repeated argument that the Australian economy must transition away from mining and instead focus upon innovation.

“There is nothing innovative about gauging great wads of coal out of the ground, burning it and wrecking the climate and the great Barrier Reef. If the Future Fund is serious about investing in the future and if it is serious about backing the Prime Minister’s call for Innovation, it will show Adani and their Government messengers the door,” concluded Williams.

Media Contact: Charlie Wood 0427 485 233