A proposed ‘mega coal’ project in the Galilee Basin has been put on hold amid growing insecurity surrounding its funding deals with Chinese state-owned banks.
Climate Council’s CEO, Amanda McKenzie, said that the potential failure of the project is reflective of a broader changing demand from the Chinese market.
“This project couldn’t get the backing of Chinese state-owned banks. It doesn’t stack up environmentally or economically,” Ms McKenzie said.
The China Stone mine would have created hundreds of millions of tonnes of carbon pollution over the life of the mine.
“The coal industry promises big on Australian jobs, but the industry is on shaky ground. There will be fewer and fewer jobs in coal as the world turns to cheaper, cleaner renewables. Australia needs to make a plan or risks being left behind,” said Ms McKenzie.
The announcement comes after the Queensland Government instructed the state’s Coordinator General to provide a set timeline for the approval for the contentious Adani Carmichael coal mine.