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Tipping point: Miners say anti-coal impact like a 'howling cyclone'

Business

The mining industry has told the Federal Government that “the winds of change in financial markets are fast strengthening into a howling cyclone for Queensland’s export industries’’.

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In a submission to a Federal Government inquiry the Queensland Resources Council said the rapid implementation of policies aimed at decarbonising global investment and insurance portfolios has had a cumulative impact in Queensland.

“The scope, scale and fervour with which these financial changes are being pursued is unprecedented,’’ the QRC said.

The submission said the impact was flowing through to engineering and farming and had reached a critical point where it was affecting exports.

It said the mining equipment and technology companies now had to make a special case for banking services if they have more than 30 per cent of their business working for coal companies.

“The speed and confluence of these financial trends risks compromising the future of our industry.

“This, in turn, compromises the future of Queensland’s economy, including the families and communities supported by the resources sector.

“QRC is concerned that the incremental pressure of shareholder and investor agitation for more rapid action on climate change has now reached a critical tipping point for Queensland’s export industries, and in particular the regional businesses that rely upon them.’’

An example of the impact has been the insurance sector’s rejection of the Adani Carmichael mine.

BMD, which is helping develop the Adani rail line recently said it had been unable to access insurance.

Insurance companies and banks have been pressured by superannuation and other investment funds to move away from fossil fuels because of the risk it poses to funds

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