Guest essay by Eric Worrall
Greens have scored a major coup in Australia, as their PR campaign has apparently just convinced all four of the big Australian banks to close the door to lending to major new coal projects. My question – who in their right mind would invest in such a failed business environment?
A federal minister just called Westpac ‘unAustralian’ for its new climate change policy
SIMON THOMSEN APR 28, 2017, 1:34 PM
The controversial Adani coal mine in Queensland is unlikely to get funding from Australia’s big four banks after the second biggest, Westpac, tightened its funding criteria.
Westpac released its third Climate Change Action Plan today, which has a $10 billion target for lending to climate change solutions by 2020 and $25 billion by 2030.
But the detail in the document that has unleashed a political storm is the tightened criteria for funding coal mines.
Westpac CEO Brian Hartzer said: “We will limit lending to new thermal coal projects to existing coal producing basins only, and where the energy content of the coal ranks in the top 15% globally.”
The bank’s tougher criteria rule out Adani’s new $16 billion Carmichael coal mine in Queensland’s Galilee Basin to supply the Indian market.
Westpac’s decision means all four of Australia’s big banks have now turned their back on the project, with NAB ruling out support in 2015 after the CBA parted ways with the project, while ANZ CEO Shayne Elliott said his bank was “not involved and has no plans to be involved in any financing” of the mine.
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Australian politicians must share some blame for this setback. This new roadblock to mining investment is just another addition to Australia’s maelstrom of green tape for new mining projects, created through years of spineless pandering to every outrageous green demand.
According to JoNova;
… The Adani central mining project application has been running for seven years and faced more than 10 court challenges. It includes a 22,000-page environmental impact statement.
In the Pilbara in Western Australia, the Roy Hill iron ore mine had to obtain 4000 separate licences, approvals and permits just for the pre-construction phase.
The Turnbull government vowed to review environmental laws to prevent activist groups’ legal challenges to development projects ranging from dams and roads to coalmines. It said challenges under section 487 of the Environment Act, which allows anyone with a “special interest in the environment” the right to challenge, were becoming more “vexatious and frivolous” . Of 32 legal challenges under the act that went to court, developers spent a cumulative 7500 days — or 20 years — in court even though 28 of the environmental cases were defeated and three required only minor technical changes to go ahead. …
Read more: http://joannenova.com.au/2017/04/176b-a-year-lost-to-green-tape-7k-per-australian/
This political idiocy is having a real impact on the Australian economy. Australia is facing a looming shortfall of domestic energy, a crisis engineered by defective government policies which make exploration more expensive and enhanced recovery techniques such as fracking extremely difficult to permit – a crisis which recently prompted the Australian Federal government to impose export restrictions on gas.
Government to impose export restrictions on gas companies to shore up domestic supply
By political correspondent Louise Yaxley
The Federal Government has decided to impose export restrictions on gas in a bid to ensure there are no domestic shortages.
By July 1, it intends to regulate so that it could force producers to boost supply for Australian users before they are allowed to export.
Resources Minister Matt Canavan said intervening in the market was aimed at protecting thousands of manufacturing jobs threatened by unreliable supply and high prices.
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The other pillar of the Australian economy is agriculture, but Aussie farmers are also facing serious problems caused by out of touch politicians – Aussie Farmers also face a growing barrage of bureaucratic obstacles to doing business.
Farmers seeing red over red tape
31 March 2017
Tony Mahar, NFF CEO
Red tape is often the topic of political chest beating, but rarely do we see apolitical efforts to understand the detail of an industry’s regulatory woes.
That’s why the farm sector was chuffed when the Treasurer directed the Productivity Commission to undertake an inquiry into ‘regulation of the Australian agricultural sector’ in 2015.
After much anticipation, the fruits of that inquiry were released this week: 717 pages detailing (in their words) the ‘vast and complex array’ of regulations each farm business is expected to comply with.
We weren’t surprised by the finding that regulation amounts to a ‘substantial burden’ on farm businesses and the broader supply chain, but we still shake our head at some of the specifics – like dust limits which are lower than the ambient dust levels in the bush; or environmental laws which focus on single trees at the expense of entire landscapes.
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There is little doubt in my mind that a combination of domestic green lunacy and an unfavourable global economic environment is having a catastrophic impact on perceptions of Australia’s international business credibility, a crisis of our own making.
When investors compare Australia’s growing snarl of green tape, the anti-business efforts of Australian politicians, with bold initiatives by leaders like President Trump to remove political obstacles to doing business, it isn’t difficult to see where the next wave of business investment and jobs growth will land.
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The answer is a resounding YES!
Australians have officially sacrificed their economy on the bloody altar of Leftist ideology/Climate Change.
One would think Germany and Spain would be cautionary tales to any country wishing to waste money on expensive wind and solar government projects, but, alas….
Australia has huge coal deposits capable of producing electricity at US$0.06/kWh, but Australia has opted for expensive wind/solar power at US$0.30/kWh…
Energy, by definition, is the motive force of an economy, so when a silly country decides to spend 5 TIMES more for electricity than other countries, its goods and services become uncompetitive and the cost for EVERYTHING increases to unsustainable levels…
Germany has learned its lesson and is now building 100+ coal-fired plants to bring down its cost of energy… Spain has learned nothing and now suffers from a debilitating 25% unemployment rate…
Leftism is a mental disease, which destroys economies and forces people to live under tyranny.
When will people finally start learning the lessons of history?
Since we are now discussing the ultimate collapse of Western civilization, and the role the political left is playing in that, it is worthwhile to look at some of their tactics.
While we all agree that the war on coal is no more than an attack on the foundation of our economy, we need also look at the attack on our base culture.
Specifically, our schools are being used to groom children for pedophiles; this is being done under various guises.
The normalisation of aberrant sexuality has historical precident; as do the consequences..
Historically, every culture that normalised deviant sexual behaviour was soon followed by collapse.
With our grooming of children, acceptace of “trans-sexuality”, homosexual “marriage”, and the explosion of victimhood, we are well down the track. I believe we are beyond the point of no return.
OK.
So I went off on a tangent pointing out how Australia has gone down the rabbit hole, and is leading the rush in the collapse of civilization.
Is that any reason to put my rant into moderation?
What good is a rant if you can’t just cut loose?
I am shattered! Shattered I tell you!
In the US gas from fracking in the Marcelus and other shales has crashed the price. There are huge reserves, companies keep finding more of the stuff and improving technology. Gas is displacing coal for electricity generation. Gas plants are cheaper than coal to construct, whatever the other merits.
Australia has a huge shale gas potential in the Beetaloo basin in the northern territories, population density one tenth that of Siberia. One well was horizontally fracced and production tested to prove the potential, and then the green administration turned round and impossed a fraccing ban.
There is an estimated 500tcf (perhaps more than 10% could be extracted) in one shale seam alone, and there are a few more horizons. The greens are concerned about earthquakes, soil pollution, aquifer contamination (flaming faucets) etc, as per the gaslands film. Years may roll by while reports are written, studies undertaken and bureaucracies commissioned, meanwhile the price of energy drives manufacturing jobs away. How many blue collar manufacturing jobs is one green bureaucrat’s job worth?
A PR film by the Australian company running the project:
Perhaps the geology or economics wont work out, but the role of green governance in throwing sand into the gears of western economies is maddening to behold.
Reblogged this on Climatism and commented:
Yes. Australian politicians have bowed down to the (vocal) minority activist green mob, forcing it to follow and implement feel-good, overreaching green regulations, and economically destructive schemes and scams (wind / solar).
However, in my opinion, the majority ACTIVIST media is to blame – The Left wing, virtue-signalling MSM gunning for the “save the planet” candidate over the reasoned and rational thinker. Those who dare convey reasoned thought, instantly and lovingly enshrined in print as a science “denier”. Forever condemned.
However, those isolated, smeared and slimed (silent majority) “deniers” aren’t to be taken for granted or for fools.
Just think – Trump. ))
Same thing happening in Canada… Nothing as high profile as banks not funding fossil fuel developments but is give it less than a year before that happens in Canada now the cat is out if the bag…
Same thing happening in Canada… Nothing as high profile as banks not funding fossil fuel developments but is give it less than a year before that happens in Canada now the cat is out if the bag…
The fossil fuel industry can be regulated and/or taxed right out of business.
I wonder what it takes to get to a revolution going? Impoverishment was a pretty good driver at one time when there was no political option to put a stop to life crushing things. Political options are definitely shrinking. As a preventative, they’ve been dumbing us down, scaring us, and penning us up in regulatory stockyards for easy control. They know that most people are trusting and they even are laughing, cheering them on and reviling the minority that puts up any resistance!
Ozzies are the biggest surprise. I never thought from the ones I used to know half a century ago that the “pommies” had more guts and resolve (Brexit) than the stubborn self actuated folks from downunder. I used to want to go there. I used to enjoy Europe in those old days and some of the enjoyment was meeting the in-your-face, iconoclastic Ozzies.
Us Australians have been captured by the bureaucrats and are being held prisoner. Our crime is ignorance and faith in the media and “she’ll be right mate”. What’s worse we have been building the gaol and are paying the gaoler.
The way out of gaol isn’t clear and the chance for parole is precarious. We’re stuck with stacking the senate with one person and one issue parties. The other mobs in there think they are gaolers but are actually prisoners too.
“Greens have scored a major coup in Australia, as their PR campaign has apparently just convinced all four of the big Australian banks to close the door to lending to major new coal projects.”
Shouldn’t this provide opportunities for younger, funner, smarter competitors? (:
Here, I think I can help.There is a vintage movie called “It’s a Wonderful Life” starring Jimmy Stewart and Donna Reed. I recommend every one in Oz ought to sit down and watch as the fall weather gets starts to get cooler and the banks start to get a little bigger.
When Aussies watch this American classic, I would like to draw their attention to several themes.
1. Notice the main character, George Baily and the antagonist, Mr. Potter. They are both bankers. The bad guy would like to have a monopoly, but there is one little building and loan business that makes home loans to the community in Bedford Falls — which prevents the Mr. Potter from dominating the banking business. When the small competitor is absent from the town, notice that the name of the town is not Bedford Falls, but Pottersville. Mr. Potter has a monopoly on banking and prefers that people live in his little apartment buildings, etc.
2. Notice the old house that Jimmy and Donna fix up to live in. This is symbolic of love and marriage. If these two do not find each other, the whole town is empty at its heart, like the old house with the broken windows. But when they do find each other, the whole town is full of families living in their own homes. Pay special attention to the blessing of bread, salt and wine that Jimmy and Donna bring to each home they provide the loan for.
3. Notice that Jimmy had always wanted to travel the world and become an architect. All of his friends and his brother go on to take exciting opportunities and do well while Jimmy stays back. Mr. Potter knows that Jimmy actually hates working in the building and loan business, but only did it temporarily to keep his father’s business from being swallowed by the Big Bank. But in the end, in a spiritual sense, you can see that the architecture of Bedford Falls is altered to something beautiful by both Jimmy and Donna together.
So don’t think its all just applying the correct economic model — although free competition is important too. It’s also all about love and all about home, and being useful in service to others. Good luck Australia.
Also keep in mind that Donna Reed is one of those all time magnificently good looking women.
I still have fond memories of lying on the floor in front of the old B&W TV, indulging in my teenage fantasies involving her.
Ahhhh, the good old days……..!