Indian group Adani to start exporting from Australian Carmichael coal mine
The Adani Group’s Carmichael Coal Mine in Australia will begin exporting coal after years of fierce opposition to the project, tapping a new source of fossil fuel over decades despite global pressure to phase it out.
The Indian conglomerate, led by India’s second richest man Gautam Adani, is preparing its first coal exports and is expected to start shipping before the end of the year.
“The first shipment of high quality coal from the Carmichael mine is being assembled at the North Queensland export terminal in Bowen, ready for export as planned,” said Adani subsidiary Bravus Mining. & Resources, in a press release.
The coal is almost entirely destined for India, which remains dependent on fuel for 70% of its electricity production.
Project Carmichael has sparked mass opposition in Australia and around the world since its launch in 2010. It sparked national political controversy and a campaign to force banks and insurers not to work with Adani and subjugated the Indian conglomerate to a careful examination of its polluting and environmental activities. practices.
Adani “has galvanized possibly the biggest environmental movement in Australia over the past two decades,” said Tim Buckley, director of the Institute for Energy Economics and Financial Analysis.
But Buckley added that the group was able to resist opposition because Adani is “the second richest man in India and he is incredibly well connected politically”.
Adani said the mine will produce around 10 million tonnes per year, well below its original plan of 60 million tonnes of coal per year. It was also ultimately self-funded after a push to force financiers to avoid the project.
BNY Mellon announced last month that he would stop working with Adani in Australia, the latest institution to do so.
The mine is expected to start exporting years behind schedule.
It is the first coal mine in the Galilee Basin of Queensland, where there are vast untapped coal reserves. Campaigners fear the Carmichael mine will accelerate other projects in the region that have not yet started, blocking decades of coal supplies.
National supporters of the project say it will create jobs. Adani, who also invests billions in renewables, said he was providing much needed fuel for a rapidly growing India.
Coal consumption in India has not yet peaked and the country needs large quantities to meet the growing demand for electricity, despite Prime Minister Narendra Modi’s ambitious goals to build 500 gigawatts of power capacity. renewable.
But critics said there was little justification for the Carmichael Project. Even Modi, with whom Adani has a long-standing relationship, has said he wants to stop imports of thermal coal into India.
At the recent COP26 summit, countries agreed to “phase out” rather than “phase out” coal, in part because of resistance from China and India.
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