Carmichael Coal Mine's Proposed $21.7 Billion Project Could Bring Destruction to The Great Barrier Reef : Regions : Venture Capital Post

By Staff Writer

Apr 06, 2016 11:30 PM EDT

To go with Climate-warming-UN-COP21-Australia-coal,FEATURE by Madeleine Coorey A photo taken on November 18, 2015, shows some of the coal operations at the Port of Newcastle as Australia plans to dramatically ramp up coal exports -- which is the nation's second most valuable export -- to boost economic growth over the next decade despite climate change activists arguing new planned mines are 'carbon bombs' incompatible with limiting temperature rises. As the world meets for climate change at talks in Paris, environmentalists say hopes of curbing global warming to less than two degrees Celsius (3.6 Farenheit) are incompatible with Australia's coal expansion plans. (Photo : WILLIAM WEST/AFP/Getty Images)

This file photo taken on September 22, 2014, shows fish swimming through the coral on Australia's Great Barrier Reef. Populations of marine mammals, birds, reptiles and fish have dropped by about half in the past four decades, with fish critical to human food suffering some of the greatest declines, WWF warned on September 16, 2015. In a new report, the conservation group cautioned that over-fishing, pollution and climate change had significantly shrunk the size of commercial fish stocks between 1970 and 2010. (Photo : WILLIAM WEST/AFP/Getty Images)

The Carmichael mine which is Australia's largest proposed coal project gets approval for its lease to tap on the massive fossil fuel reserves situated in the Galilee Basin. The project is led by the Indian mining company Adani, and site an approximate 60 metric tons of coal shipped to Asia via a port that piles it out right next to the Great Barrier Reef.

Environmentalists instantaneously criticized the go signal representing the final major regulatory hurdle for a mine that some cite as the passport toward a considerable expansion of extracting coal from the heart of Queensland. The Australian Conservation Foundation calls it 'grossly irresponsible' to approve a project expected to generate billions of tons of climate pollution for many years to come when global warming is already taking its toll on the world's biggest reef, as reported by Gizmodo.

According to The Australian report, Carmichael coal mine has a proposal of $21.7 billion in the remote heart of Queensland, Australia located in the upper north of the Galilee Basin. The coal mine company said that the project will create 10,000 jobs. The infrastructure will include accommodation as well as airport. The mine plans to provide India with sufficient coal to generate power for up to 100 million people. Green groups called Adani's suggested billions, a 60 million tonne a year a 'carbon bomb' that helps forward the world over the warming target of less than 2C world leaders conceded in Paris in December.

Although Adani gets government approval for its new mine, it doesn't mean that everything will be fine with the coal mine. Even if Adani has been granted three licenses to mine an approximated 11 billion tonnes of thermal coal in the Carmichael area, the company still has to comply with conditions to start mining in the region, as reported by Crikey.

"The mine's environmental authority had about 140 conditions to protect local flora and fauna, groundwater and surface water resources, as well as controls on dust and noise. A further 99 stringent and wide-ranging conditions apply to the rail and port elements of the project."

Before the project can go ahead, it still need more approvals including secondary approvals for an airport, power, port facilities, rail and road works. Additionally, it needs to secure funds for the project, however, the four major banks, ANZ, NAB, Westpac and the Commonwealth Bank refused to back up the project.