Lismore City councillor Eddie Lloyd is continuing the fight to stop the Commonwealth Bank from investing in the proposed Adani Carmichael Coal mine, near the Great Barrier Reef in Queensland.
This week she attempted to put forward a motion at the Lismore City Council meeting calling on the Commonwealth to follow the lead of other banks in refusing to invest in Adani.
With four councillors declaring an interest, there was no quorum for her motion to go ahead.
Below she sets out why she is opposed to the mine.
‘Lismore City Council is a recognised leader in renewable energy infrastructure and practices. We have a fossil fuel free investment policy and we are working on a strategy to divest from fossil fuel investing institutions,’ she said.
‘My motion to Council was also aimed at putting pressure on the Commonwealth Bank to cease investing in new coal and other fossil fuel projects and specifically asking them to rule out funding the proposed Adani Carmichael Coal mine, located at the World Heritage Listed Great Barrier Reef.
‘Despite publicly committing to action on climate change, the Commonwealth Bank loaned $3.886 billion to fossil fuel projects last year.
‘The Adani Coal Mine will become the 7th largest source of carbon pollution in the world to be located at one of the 7 natural wonders of the world.
‘But it’s not just ordinary coal they want to mine, it’s the world’s poorest quality coal – thermal coal. This coal is not wanted. The global demand for thermal coal is dropping steeply and renewable energy is now cheaper, by at least half.
‘We know that Climate change is the number one threat to the reef and yet, despite these facts, we have one of our largest banks refusing to rule out doing business with Adani.
‘This does not sit comfortably with Council’s commitment to a renewable fossil fuel free future for our community.
‘Already the ANZ, Westpac and NAB have said no to Adani. They are living up to their corporate social responsibilities. They know that coal mines are not sustainable. They see the risks associated with investing in a dying sector and a project that will cook the climate and wreck the reef.
They listened when all the economic analysts’ from Goldman Sachs to Oxford University told them that investing in these mega new coal projects makes no economic sense. Because investing in such unsustainable, unethical, reef-destroying projects will result in a reduction in the share price for their shareholders.
Currently there is a national campaign targeting the Commonwealth Bank to specifically rule out funding the Adani coal mine.
‘So far they have not done so. Is it because they believe the mine will be good for the economy? Did they gobble up Adani’s claim that the mine and related operations will generate 10,000 jobs. Did they not get the memo from Land Court of Queensland who rejected this gross over-estimation finding that the project would create in total around 2600 direct and indirect jobs?
‘Has the bank not heard the impact of the mine to the reef? To get this coal out Adani also plans to expand Abbot Point Port, dredging up 1.6 million cubic metres of sea floor so 500 extra coal ships a year can blast through the Great Barrier Reef Marine Park.
‘Corals exposed to dredge material are exposed to lower water quality which leads to coral bleaching. In recent months we have seen mass coral bleaching events threaten the destruction of the Great Barrier Reef. It is now common knowledge that half of the world’s reefs are now dead.
‘The Climate Council warns that if our Great Barrier Reef dies, Australia would lose more than $6 billion in tourist dollars and 70,000 jobs in the tourism and fisheries sectors.
‘The Adani group is facing a number of legal challenges from the regions first people, the Wangan and Jagalingou traditional owner group who firmly reject a land use Agreement with Adani.
They do not accept Adani’s offers to sign away their land and their rights. They will not take their shut-up money and they do not accept the recent amendments to the Native Title Act which has removed the very important consent rights provided to them following the Mabo decision.
The region’s first people are joined in opposition by corporations, businesses, leading climate scientists, the medical community, the tourism and fisheries sector, environmentalists, and the three big banks.
‘So why should Lismore City Council continue to support the Commonwealth Bank should they decide to fund this old coal monstrosity?
‘The right thing for Council to do is to let the Commonwealth Bank know that we are opposed to this coal mine and that we are not supporting their wishy washy stance on old coal.
‘We do not want OUR money doing THEIR dirty work.
You can email your Councillor’s and the bank to express your views.’
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