GB Reef – who funds the coal mining?
The Great Barrier Reef around NE Australia is one of the treasures of our oceans, but this beautiful and fragile habitat is in danger from dirty energy. Plans are in place to dredge parts of the reef to export coal from the country, partly paid for by U.S. tax dollars.
The Indian company GVK has told media outlets the U.S. Export-Import Bank is prepared to finance all of the mining equipment for their proposed Alpha Coal Project in Australia, something Exim has failed to refute. Now, a new report titled “Stranded: A Financial analysis of GVK’s proposed Alpha Coal Project in Australia’s Galilee Basin” reveals the severe financial constraints the project faces and shows any sensible investor should stay far away.
GVK has never successfully built or operated a coal mine, or any business, outside of India, but they plan to ship the coal mined from Alpha right through the Great Barrier Reef.
Just last week, the World Heritage Committee Warned the Australian Government that the Reef will be listed as threatened unless steps are taken to project it from imminent threats, including expanded coal ports for projects like Alpha. All the evidence points towards this project being a massive financial and ecological disaster, and US tax dollars must not be used to prop it up.
Please read the email from our friends at the Sierra Club below, and join them by adding your voice to the fight for safer oceans.
For the oceans,
Sea Guardians International P/L(Registered in Panama)
Campaign supported by Sierra Club and Oceana