Funding new coal power morally criminal use of public money: Bandt
In response to reports today that the Northern Australia Infrastructure Fund (NAIF) is a step closer to funding a coal-fired power station, Greens climate and energy spokesperson Adam Bandt MP has labelled using public money to fund new coal power as a 'morally criminal' act by the government and has warned that NAIF directors may be in breach of their directors duties by approving any such loan.
“Using taxpayer dollars to fund a new coal-fired power station would be a morally criminal act by the Turnbull government,” said Mr Bandt.
“Funding a new coal-fired power station at a time where dangerous global warming threatens our way of life is not just morally contemptible, but it may also be illegal.
“If a loan is approved, NAIF directors may be in breach of their duties to consider the financial risks associated with climate change.
“In 2017, investing in a coal-fired power station is as sensible as buying a chain of Blockbuster video stores.
"Public money should not be poured into soon-to-be stranded assets just to appease the coal zealots in the backbench.
“There’s a reason the private sector isn’t interested in new coal power and it’s time for the government to face up to reality.
“Public money should be used on building the critical infrastructure of the future, like new interconnectors that will help transfer clean energy across the country.”
Media contact: Gideon Reisner, 0429 109 054
The legal advice regarding a possible breach of duties by NAIF directors was received by the Australian Conservation Foundation and can be obtained here.