01.04.2016 - $1 trillion wasted on unneeded coal while Future Fund considers backing Adani
There is almost $1 trillion in the pipeline for new coal developments, even as the sector is facing structural decline, a new report from The Sierra Club, Greenpeace and CoalSwarm has revealed. And in Australia, as investors back away from Adani’s controversial Galilee Basin coal mine and superannuation companies haemorrhage members’ money on fossil fuel investments, our $118 billion sovereign wealth fund, The Future Fund, is considering bankrolling the project. There are too many coal plants in the world, but the fossil fuel industry is intent on building more anyway. That’s the contention of a new report released this week by The Sierra Club, Greenpeace and CoalSwarm, which estimates it would cost $981 billion to construct all the proposed coal developments in the world, even as the industry faces what many analysts say is a terminal decline...............................................Full Article: Source
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