Located in central Queensland, the Galilee Basin is home to one of the largest known coal reserves on the planet. Until now, the estimated 27 billion tonne store has remained untapped, but plans to open it up to coal mining are currently underway. The most advanced of these plans is Adani’s Carmichael project.
In 2015, NAB ruled out said they have no plans to be involved in financing Adani’s proposed Carmichael coal mine. Westpac’s 2017 climate policy update also ruled out its involvement in any Galilee coal mining plans.
The biggest funding threat now comes from our own federal government’s Northern Australia Infrastructure Facility (NAIF). The NAIF is considering a billion dollar concessional loan to help Adani rip up the Galilee. Use the form to contact NAIF and tell them not to use taxpayer money to finance climate destruction.
If realised, the Galilee coal plans spell disaster for the climate, local environment and farmlands and Great Barrier Reef, as well as the cultural heritage of the region’s traditional owners, the Wangan and Jagalingou people. Find out more about the specific dangers posed in the sections below.
Tell NAIF to rule out funding Galilee coal projects
Role of finance
The two largest of the Galilee mine proposals are Adani’s $16.5 billion Carmichael and GVK Hancock’s $10 billion Alpha projects. Projects of that magnitude require billions of dollars in upfront capital to get off the ground and continue operating, and the companies turn to commercial banks, governments and export credit agencies to provide this finance as loans.
Australia’s big banks are vital supporters of fossil fuel projects, having loaned a combined $70 billion to the industry since 2008. $50 billion of that has gone to projects and companies within Australia. Find out more at our bank campaign page, or check out our bank comparison table to see where your bank stands on the issue.
We’re calling on Australia’s big banks to end their support for fossil fuels, and you can join the campaign by adding your name to our open letter. If you are a customer of ANZ, CommBank, NAB or Westpac, you can also put your bank on notice by completing the form on this page, letting them know if they choose fossil fuels, you’ll choose another bank.