Seven years ago, Anna Bligh announced the approval of what would be Australia’s largest ever coal mine. Now that mine -- Adani’s proposed $16.5 billion Galilee Basin project -- is swamped with controversies. These include the expected environmental impact of the mine, rubbery employment figures spruiked by Adani, and questions around native land use agreements.
Of more immediate concern, however, is the fact the project is financially unbankable, with Annastacia Palaszczuk announcing that she will officially veto a $1 billion railway loan to Adani, after being sworn in as Queensland Premier today. Not to mention the fact India and China are planning to end coal imports, and the commodity isn't anywhere near valuable enough to see any return on investment. So, whatever ends up being built increasingly looks like a stranded asset. And yet many politicians are still pushing for Adani to get a loan described as a “high-risk gamble” by The Institute for Energy Economics and Financial Analysis.