Welcome to Say What Wednesday. Today's question is from our listener, Sam.
"Hi Louis, love the podcast! I’m wondering if you could do an episode on Adani. I’ve seen lots of protests over this and am just wondering what your thoughts are?
Why are people so opposed to it? Seen the school kids striking or the media saying it will be the end of the world?"
A wide range of groups are opposed to the project for different reasons – So let us go through each one in detail – not platitudes
What is it? - Adani Group is an Indian multinational conglomerate – diverse businesses include energy, resources, logistics, agribusiness, real estate, financial services, and defence and aerospace.
“Environmental groups have worked hard to link the development of the Carmichael mine to the destruction of the reef”
Side note: Lower Coal Prices - Infrastructure Fund Report – (own Aus Coal Mines, grain of salt) - found coal-producing basins in NSW and SEQ would cut their production by more than a third, due to a drop in coal prices – No longer profitable
Jobs: Queensland’s unemployment rate is at 6.4% (higher in regional areas).
Economic Growth (GDP): $930 million to Mackay region’s GDP and $3bn to the Queensland p.a. for 60 years.
Biggest: Alleviating poverty: Coal from Adani’s mine will help lift people in India out of poverty - used to generate electricity in a country where many people have no access to power
For those who are interested in an economic analysis of the Carmichael mine the link below, from ACIL Allen Consulting, provides this.
Some reading for those interested in learning more about coral bleaching, coral destruction specifically related tot eh Great Barrier reef.
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