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Adani's Potemkin village

15 Jan 2019

Throughout the long struggle over Adani’s Carmichael mine, I’ve argued that the project is not only environmentally disastrous but also financially unviable. Adani’s objective has been to keep the project alive, both to avoid bringing the losses to date onto the Adani Group’s books and to maximise the chance that an Australian government will pay the company to go away — or at least stop the project in a way that leaves open the possibility of a claim under insidious investor–state dispute settlement system, or ISDS, that applies between Australia and India even after the lapsing of our trade agreement.

On the other side, Labor governments would clearly like Adani to pull up stumps and leave, but they don’t want to be blamed for the loss of (largely imaginary) jobs or to be sued under the ISDS. Given that no financial institution in the world seems willing to finance this appalling project, that has seemed like a good bet.

Read the full article on Inside Story.

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