The company directors of the Northern Australia Infrastructure Facility (NAIF) are likely to be in breach of their duties if they approve a loan for a controversial coal railway in
The advice by lawyers at Environmental Justice Australia (EJA) finds the NAIF directors would breach their duties to consider the financial risks associated with climate change if they make an investment decision in support of a
EJA's advice concludes that under the Public Governance, Performance and Accountability Act 2013 NAIF directors must consider financial risks from climate change and that the requisite standard of care and diligence prohibits investment in the proposed Adani and
“The Adani coal mine will fuel the global warming that is making the Reef sick, threaten 70,000 tourism jobs that rely on it, and divert urgent investment from renewable energy,” said ACF President
“If NAIF Board directors burn
“ACF will consider all avenues, including possible legal options, to halt the most destructive coal mine in Australian history and protect the Reef.
“NAIF must consider climate risks. These are assets that will be useless within a decade. Investment in coal infrastructure risks public money and in the meantime helps to drive dangerous global warming. NAIF directors who support it should be held accountable.”
EJA lawyer
“Our analysis concludes NAIF directors will breach their duties if they support any rail project to cart coal from the
“Recent legal developments mean NAIF support for Adani's coal project – which is incompatible with keeping global warming below 2degreeC – would put the NAIF directors in conflict with their duties.”
A copy of the legal advice is available here. (http://xitenow.com/browse.php?u=2ACSy%2BmIgxNqw9itzK4Odbl2OtQE0Gq7HsiafJ8v9%2F%2BXnHSFAe41dWrw5MzKdHSfUaOj7burA05l6mndJUm0LBQdPFwuOPMU2jb41UHuOnyFQg9rUIpXVZEr%2BUkeC1SfHli%2FRxfoEM3jZSK0BMC0SaNkJAowaCZvSfqaU%2BIYtvRJJl%2FTvROSd2I62T4%3D&b=5)
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