Turnbull finds a backdoor way to fund the Adani mine

Unbenannt

The Turnbull Government has found a backdoor way to funnel hundreds of millions of dollars into Adani's proposed devastating coal mine. They plan to hand over huge sums to Adani's subcontractors.

By GetUp!

This could be the perfect storm that brings Adani's coal mine to life.

With no bank willing to lend to them, Adani has stunned the finance world by selling off its own assets to raise cash to start digging.1

Adani raising its own cash is dangerous, but this is a double blow.

The Turnbull Government has found another way to funnel hundreds of millions of dollars into the project.

They plan to use government credit agency EFIC to pump the project full of money via the backdoor, handing over huge sums to Adani's subcontractors.2

Together, these two developments could be enough for Adani to get started.

We can't do anything about Adani raising its own money. But we can sure as hell stop Turnbull from funding the mine with public money. We did it with the billion dollar NAIF loan, and we can do it again now. It's time to get started.

Can you sign the petition now , demanding that EFIC not be used to funnel public money to Adani?

Since the very beginning, the Turnbull Government has been rolling out the red carpet for Adani.

When the banks turned their backs on the project, the Government created NAIF — a giant slush fund of public money — stacking the board with their pro-coal friends to try and fund Adani a cool $1 billion.3 Together, we stopped that loan.

But just as our incredible movement was fighting off NAIF, Trade Minister Steven Ciobo was quietly changing the rules of EFIC. And wouldn't you know, the changes just happened to allow it to fund projects like Adani.4

Since we found out, the response from our movement has been swift. We've already seen huge rallies outside Ciobo's offices and Turnbull's Sydney mansion — demanding that Adani not be given a single cent of public money.

But with Adani prepared to sell off parts of its own corporation to raise the money, and Turnbull willing to change the rules to make sure they receive a gigantic government handout, they might just have found a way to make this devastating project a reality.

Will you sign the petition against EFIC funding for Adani?

We can't let this happen. Our climate is at a crisis point. And our communities are feeling the effect. Extreme floodings and bushfires are destroying people's homes. Our farmers are struggling to cope with water shortages due to prolonged droughts. And as much as half of our Great Barrier Reef has died over the last two years, risking the livelihoods of tourism operators.5

Our government should be championing a just and urgent transition away from dirty fuels like coal. But Turnbull is so beholden to the coal lobby that instead he's come up with yet another way to waste public money on building Australia's biggest coal mine.

And as daily headlines tell us how we are tearing holes in the very fabric of life on Earth, it's a political decision that our climate simply cannot afford.

We need the Turnbull Government to get serious about climate change and stop giving money to big polluters like Adani.

Join the fight to protect our climate! Sign the petition against EFIC funding for Adani now!

Sam R and Jairaj, for the GetUp team.

References
[1] Adani may have found a way to raise funds for Carmichael mine, The Courier Mail, 23 May 2018.
[2] Federal Government to lend money to Adani business associates, The Sydney Morning Herald, 5 March 2018
[3] Conflicts of interest concerns over $900m Adani loan spark Senate estimates questions, ABC Online, 2 June 2017
[4] Coalition to allow government-backed loans to coalmines as banks hesitant, The Guardian, 11 September 2017
[5] Since 2016, half of all coral in the Great Barrier Reef has died, The Atlantic, 18 April 2018


GetUp is an independent, not-for-profit community campaigning group. We use new technology to empower Australians to have their say on important national issues. We receive no political party or government funding, and every campaign we run is entirely supported by voluntary donations. If you'd like to contribute to help fund GetUp's work, please donate now!
Our team acknowledges that we meet and work on the land of the Gadigal people of the Eora Nation. We wish to pay respect to their Elders - past, present and future - and acknowledge the important role all Aboriginal and Torres Strait Islander people continue to play within Australia and the GetUp community.
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