Korean investors rule out Adani’s Carmichael project!

Inbox – sejin.pak8@gmail.com



Rosemary to me
11:09

Dear Sejin:


Isnt this really great? Perhaps you saw it elsewhere. We need all others to do so. We are doing well on it. The big three French banks have pulled out.


very warmly, and will talk on Saturday


Rowe

"Permaculture enables what is morally required and scientifically necessary" Bill Mollison


Blue Mountains Permaculture Institute bmpi.com.au

78 Cascade St Katoomba NSW 2780 Australia
Ph: 61 (0) 47 793 3464 Skype: rowemor

-------------------

Begin forwarded message:

From: "Julien, on behalf of Market Forces" <contact@marketforces.org.au>

Subject: Korean investors rule out Adani’s Carmichael project!

Date: 5 November 2018 10:38:45 am AEDT

To: "Rosemary Morrow" <rowemorrow@gmail.com>

Reply-To: contact@marketforces.org.au


Dear Rosemary
Great news! Three Korean financial institutions have ruled out funding Adani’s Carmichael mega coal mine in the Galilee Basin!

The Korea Development Bank, its infrastructure investment arm “KIAMCO”, and the Korean Export Import Bank have all confirmed they will not finance the Carmichael coal mine and associated infrastructure. This makes 35 financial institutions worldwide to rule out supporting Adani’s dirty coal export plans!

Check out the news here, share the win and please help us out by chipping in to support this campaign if you can.

The confirmations were sent to the Wangan and Jagalingou (W&J) traditional owners, whose land Adani wants to tear up for the Carmichael mega mine. We’re supporting the W&J to arrange meetings with Korean financial institutions Adani could approach to finance the Carmichael mine, rail line and, in particular, the Abbot Point coal port.
Adani is getting closer to financial close largely by downscaling the project’s first phase and reducing initial capital costs. We also know Adani wants to sell a stake in the Abbot Point coal export terminal. This could raise hundreds of millions of dollars Adani could then redeploy for the mine or rail project.

In September, the Courier Mail reported Adani was “holding talks with Korean finance companies” and hoping to complete a deal within months, making this work even more urgent. I’m heading to Seoul today and Market Forces will be supporting the W&J all week to tell Korean financial institutions: if you invest in Adani now, it could be the transaction that destroys the W&J’s heritage and culture, and ignores their rights to free, prior and informed consent over how their land is used.

Keep an eye on our website for more news and updates during the week. We’re aiming for even more institutions to do the right thing and say no to Adani’s dangerous coal export plans.

Ready for the final push?

We’re in this campaign for the long haul but chasing Adani around the world to cut off finance options is hard work. Its now a race against time for us and Adani. They need to reach financial close before elections in Australia and India which, depending on the outcome, could change the level of political support for Adani.

They’re going to try everything to get their coal mine over the line and we need to be everywhere.

We need help! We need people to come on board as regular donors to enable our campaigns to stop Adani, and shift finance rapidly away from fossil fuels and into clean, renewable energy.

Can you help us by becoming a monthly donor to Market Forces?

Personally, I’ve been campaigning to stop this project for seven years. Market Forces has been working to stop new coal mines and export ports since we started operating in 2013. I can’t wait for the day when we can say there there will be no new coal in Australia but we seriously need to ramp up our campaigning capacity and that means more people contributing to make our work possible.

Last month we learned not just that it was possible, but essential to minimise global warming to below 1.5ºC. The gap between that scenario and business as usual is a chasm but we at Market Forces are prepared to escalate our work and support the movement to make it possible.

We have the ambition. We just need the resources to scale up our campaigns another level. Can you be part of not just stopping Adani but draining the financial support out of dirty fossil fuels and into renewables? Please click here to join us as a monthly donor.

Thanks for your support,

Julien, on behalf of Market Forces

P.S. You can see some media coverage of this breaking news here.





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