Don’t invest in Australia coal mines, scientists warn banks in bid to halt climate change

Science has added its voice to the call for international financial institutions to halt investments in coal-mining projects in Australia’s resource-rich Galilee Basin.

A joint open letter published by nine leading Australian scientists on Friday pleads for banks and investors to play no part in facilitating the development of the Queensland basin, warning of “dangerous” and “irreversible” changes in the global climate system if left to go ahead.

“Projects such as the Carmichael Mine would not be able to achieve financial closure without the support of banks to both finance and advise on its construction,” the letter states, referring to the HK$120 billion mega-mine run by Indian firm Adani, which is on course to be Australia’s biggest.

“Banking institutions are therefore in a unique position to influence decisions vital to the future health of the planet and its peoples.”

This comes as nine new coalmines have been proposed in the area, home to the largest untapped coal reserve in the world.

Environmentalists fear pollution from extensive coal-mining projects and ports would damage the nearby Great Barrier Reef and have been calling on the world’s financiers to divest from such projects. Scientists are also backing this claim.