Carmichael coal mine in Australia, coal is the business risk

In Australia, will be tapped coal deposits that will soon be available for five percent of the CO2 emissions. Many groups of companies, the business is too risk

Carmichael coal mine in Australia, coal is the business risk

In Australia, will be tapped coal deposits that will soon be available for five percent of the CO2 emissions. Many groups of companies, the business is too risky.

demonstrators protest against the planned coal mining of the Indian group Adani photograph: Dan Peled/AAP/dpa

For Siemens it is a Job of The Munich-based company wants to equip for the Indian company Adani in Australia, a railway line of 200 km length with signal technology. You should annually carry 40 million tons of coal to the port of Abbot. Siemens makes 87 billion annual sales of the order volume for engineering should be at 19 million euros.

Now the group meets because of this mini project so much Protest from the German "Fridays for Future"activists on the neck, that the chief Joe Kaeser personally with the climate activist Luisa Neubauer. Whether Kaeser now wants to be preached to the exit from the project, or just to tell how important the issue of climate is: the story of The probably most controversial coal mine in the world, what are the risks companies now in the business climate killer in on the action.

Siemens suffer a reputation problem with the first agreed in December, the contract would have had to know the group. Not only because the company wants to be by 2030 in a climate-neutral. Also, because there has Long been worldwide Protest against the Carmichael Mine. The shipment of coal, the Great Barrier coral reef is threatened. A number of companies and investors have already withdrawn from the project.

the end of 2018, was announced by Adani to the mines from the current business to Finance, because no investors are found. The Analyst Tim Buckley referred to the project in August 2019 as "unbankable", so it is not financially viable – and calculated that the Mine will be converted to supports with a minimum of 2.7 billion euros from the state of Queensland and the Australian government. Including a direct tax money funded loan of 1.5 billion Euro. Without state help, the Carmichael Mine would be at the end.

The shipment of the coal, the Great Barrier coral reef

Shane Stephan, chief of the Australian coal producer New Hope, threatened to was in one of the coal industry-paid Report, European banks had fled from the financing of coal-almost – however, more and more Asian banks will take over the business. A total of 62 large companies would be excluded, to participate in the development of the Mine, writes the campaign StopAdani. 16 global insurance companies have refused to insure the project. Even Australia's big banks wanted no more loans for the Carmichael Mine type: coal has become a business risk

However, the Indian Adani Group, which has also invested in renewable energy receives, from a number of banks to continue lending. This shows an exclusive analysis for the taz by the NGO Urgewald, which has been built up with partner organisations a global database for carbon financing. Loans Adani receives, therefore, from Europe, from the Swiss Credit Suisse and the UK's Standard Chartered. Deutsche Bank placed according to Urgewald 2019 as a service provider, a bond in the amount of 81 million euros for the Adani Group in the financial markets – the credit will not be awarded. "Deutsche Bank is not involved in the financing of the Adani-Carmichael coal mine in Australia," writes the Bank on request.

The coal, the Australia in the Galilee basin in the North-East of the continent, among other things, the Carmichael Mine is planning to dismantle, would be 2030 for 5.4 per cent of global CO2 emissions, writes the Institute for Climate Analytics. That would be more than twice as much as the whole of Germany today – and the only one mining area.

withdrawal from Siemens would be a setback for the project. The signal technology global could provide a number of other companies, says Maria Leenen, CEO of the consulting firm SCI/transport, the railway industry consults the world strategically. Siemens would be the technology for the railway line, but supply would have to be written out of order. "Without the effect of that would be. With a delay of under a year would then be expected to“, says the expert of the taz.

Updated Date: 10 January 2020, 09:00

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