17 March 2017
Aurizon has applied for a $1.25 billion loan from the Northern Australia Infrastructure Fund (NAIF) to construct the railway link needed to open Queensland’s Galilee Basin to coal mining. And guess what? Your super fund is most likely invested in this company!
Aurizon is Australia’s largest rail freight operator, transporting 207 million tonnes of coal last financial year. That’s 45% of Australia’s total coal exports!
The company seems oblivious to the fact that coal is driving climate change, and they seem genuinely excited about opening up the Galilee Basin to coal mining, which would be disastrous for the climate.
As Aurizon is an ASX top 50 company, with a market cap of nearly $11 billion, nearly every super fund in the country is a shareholder. And if your super fund is invested in Aurizon, so are you.
But unlike a bank or an energy provider, Aurizon doesn’t regularly deal with the general public. So one of the most important voices that Aurizon will listen to are its major shareholders.
So it’s absolutely critical that your super fund hears from you about Aurizon’s plans for the Galilee. This massive project is incompatible with our national commitments in the Paris Agreement, and will set off a carbon bomb that could destroy any chance of limiting warming to below 2 degrees.