The future of Adani’s proposed Carmichael mine in the Galilee Basin has become intertwined with the Queensland state elections called for November 25, with the mega coalmine confronting serious problems in obtaining finance for the project.
Over the past year, Adani has been increasingly unable to secure the $5 billion it needs from private sources, as various financial institutions have begun shifting investments away from coal and towards renewables.
Under pressure from grassroots campaigns, Australia’s Big Four banks have ruled out financing the project.