New Bush Telegraph Independent Stories since 1987

Adani's toxic touch - going from bad to worse, and all with Australia's blessing

December 19, 2020

By Sarah Ellyard

Why is Australia’s Future Fund making investments that aren’t in the national interest; enabling mining interests and breaching human rights into the bargain? Just one more messy dealing tangled up in Adani.

“Investing for the benefit of future generations of Australia”. The tagline on the website of Australia’s Future Fund sits stark against its actions. Established in 2006, The Future Fund also states, “every dollar that we make is a dollar that adds to Australia’s wealth and contributes to its future”.

On Wednesday it came to light that the same Future Fund has invested $3.2million of Australian public money in the company Adani Ports. The information was revealed under documents requested by the Australian Centre for International Justice under a freedom of information request and shared with the ABC.

Adani Ports and Special Economic Zones, an Adani owned company, is to provide funding for the proposed rail link from Adani’s Carmichael coal mine to a port at the Great Barrier Reef. Such a rail link will be crucial in enabling coal to be exported if the development of the Carmichael coal mine continues to go ahead.

How exactly investing in a company directly involved in funding such a rail link, and whose parent company is building the most controversial coal mine in Australia’s history is “investing in the benefit of future generations of Australia” is highly questionable.

Photo credit: Stop Adani

It is well-established science that the world needs an urgent transition away from coal and all fossil fuels to prevent catastrophic climate change. The Climate Council’s 2017 report “Risky Business: Health, Climate and Economic Risks of the Carmichael Coalmine” reports over 90 per cent of Australia’s coal reserves must remain in the ground, clearly precluding the burning of all Galilee Basin coal.

Enabling the Carmichael mine through any investment of public money is far from benefiting future generations, on the contrary, it condemns them to a future of extreme weather, sea-level rise and the global health and economic crisis that is climate change.

But it is not only the environmental records of Adani Ports that are dodgy. The revelation of the Future Fund’s involvement with Adani Ports has also brought into the spotlight Adani Port’s relationship with Myanmar military companies, an involvement previously criticised by the UN. The Australian Centre for International Justice is now calling for the Future Fund to divest from Adani Ports, due to Myanmar Military involvement in human rights abuses against the Rohingya people.

The Future Fund reports on its website to incorporate environmental, social and governance (ESG) factors into its investment decision making. Among those ESG factors are listed human rights and climate change. What is more, any fund investing public money in the name of future generations should do so ethically and responsibly both in Australia and globally.

Stop Adani protest at HSBC. Photo credit: Stop Adani

With Adani Ports’ track record on both the environment and human rights, it is clear that providing funds to such a company is both in conflict with the Future Fund’s own standards and with investing in the future of generations to come.

The Future Fund must divest from Adani Ports and end the risk of taxpayer money links to Myanmar military crimes and Adani’s toxic coal project. Any investment in any Adani company is supporting the Carmichael coal mine. Join the Market Forces action and ask investors such as Allianz, HSBC and many others, to be serious about not supporting climate-wrecking coal projects.

Feature image credit: Frontline Action on Coal

If you liked this article help us to plant trees in its honour. The New Bush Telegraph practices community journalism and plants a tree for every article published, although we hope to plant a whole lot more trees than just one. You can contribute as little as $5. 


This article is in the following category/ies:

  • Categories

  • Archives

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    Join us

    For only $20 (per annum, $10 concession) you can become a member of The New Bush Telegraph Incorporated. Membership to an incorporated association shows your support and gives you voting rights at annual general meetings, access to volunteer opportunities and special member events.

    Subscribe to our newsletter
    Keep up to date with all the news from The New Bush Telegraph and be notified of new articles when they are published. It’s the best way to stay in touch and never miss out on those important local issues. You can unsubscribe at any time.
    * indicates required

    Donate to the New Bush Telegraph

    The New Bush Telegraph is a not-for-profit community initiative.

    Support us to grow and reach our goals by considering making a donation.



    #125 Spring 2019#120 Winter 2018#109 Spring 2015#108 Winter 2015#107 Autumn 2015#106 Winter 2010#105 Late Spring 2009#104 Winter 2009#103 Autumn 2009#102 Summer 2008#101 Winter / Spring 2008#100 Late Autumn 2008#99 Late Summer  2008#98 Summer 2007#97 Spring 2007#96 Winter 2007#95 Autumn 2007
    New Bush Telegraph - Independent Publishing Since 1987
    Privacy PolicyTerms & Conditions
    Copyright © New Bush Telegraph Incorporated ABN: 42106732072
    linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram