Posts tagged ‘Coburg’
Our friends at 350.org are engaged in a divestment campaign to move money out of the big banks that are financing fossil fuel industry. The Commonwealth Bank is preparing to finance and provide loan guarantees to the Indian company Adani to develop the Carmichael coal mine in the Galilee Basin. This requires a train line to be built to the coast and a major upgrade to the Abbot Point port facilities.
Upgrading Abbot Point port facilities endangers the Great Barrier Reef through the dredging required, and the huge increase in shipping that will occurr once the infrastructure is in place.
Adani Power Ltd already has a net debt reaching US$7.4 billion in April and the Carmichael mine and associated infrastructure risks being stranded assets and a poor investment. Energy and Finance analyst Tim Buckley said on May 13 “At the end of the day, risking another $10 billion to try to make good on a poorly timed initial $1 billion investment is looking increasingly unlikely in the face of the halving of thermal seaborne since 2010.”
Charmaine (CAM member extraordinaire) was wandering along Sydney Road and noticed a sign outside the Baptist Church in Brunswick. The sign advertised a free drop in session for women interested in learning to sew. “What a great idea,” she thought as she made her way into the building. She met Jennifer, who volunteers regularly with the Sewing Group as well as the Church. They got chatting, and crafty ideas to raise awareness about climate change were soon exchanged. (more…)