An Australian Conservation Foundation (ACF) investigation has discovered the publically funded Export Finance Investment Corporation (Efic) could be used as a backdoor option to finance Adani’s Carmichael coal mine.
An Australian Conservation Foundation (ACF) investigation has discovered the publicly funded Export Finance Investment Corporation (Efic) could be used as a backdoor option to finance Adani’s Carmichael coal mine.
Efic could provide loan insurance to private investors for Adani’s Carmichael coal mine, leaving Australians exposed to billions of dollars being lost to a useless stranded asset.
These findings are part of a new report from ACF exposing the web of ties between the fossil fuels industry, the government, the Northern Australia Infrastructure Facility (NAIF) and Efic.
- Five of the seven NAIF directors have close connections to the fossil fuel industry.
- NAIF Board has lack of experience with industries such as communications and renewable energy which are critical to the development from Northern Australia.
- NAIF’s chief adviser, Efic, has a track record of investing in large fossil fuel projects, backing fossil fuels over renewables at a rate of more than 100:1.
- Efic could insure private investment in Adani coal mine - Turnbull government has refused to rule it out.
Download the investigation, and watch a video below showing the web of NAIF and Efic coal interests.
“That public money could be put on the line to protect private profit from the Adani coal mine that will help destroy the Reef and Australian tourism jobs is a truly gobsmacking and outrageous idea.” said Kelly O’Shanassy, Australian Conservation Foundation CEO.
“Both NAIF and Efic must be prevented from supporting a mine that will end up being a stranded asset, potentially wasting billions in public money. The Turnbull government must take responsibility and rule it out immediately.
“When the Adani mine fails, the Australian public will be the very last people to get their money back and probably won’t.
“Public investment in coal is a losing proposition for public money, the Reef and the 70,000 tourism jobs that rely on it.”
