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Mining projects financing to boost as Great Barrier Reef recovers

2022-08-09

With about two-thirds of the Great Barrier Reef in Australia seeing a recovery, recording the highest amount of coral cover in nearly four decades, bank financing for mining projects like Adani Australia and Tata is reportedly expected to revive. Foreign banks earlier had been hesitant to lend to the coal mining projects due to the potential damage to the Great Barrier Reef, a UNESCO-protected area. The site has previously suffered from widespread and severe bleaching because of rising ocean temperatures, reasons that environmentalists had cited to lobby against the coal mining projects in Australia, following which, foreign banks had stopped financing these projects.

Tata Power will import coal worth Rs 140 billion from Indonesian mines this year and owns a 30% stake in the coal mine. Adani Australia has started exporting coal from its Carmichael mine this year onwards.

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