EFIC, NAIF and Adani


Environmental Justice Australia exposed serious flaws in plans for a government subsidy to support Adani’s Carmichael project – a proposal for the world’s largest new coal mine.

Export credit agency transactions are typically seen as a safe bet. But EJA’s research has revealed the legal framework governing the operation of Australia’s Export Finance and Insurance Corporation (EFIC) contains Constitutional, political and legal roadblocks that would preclude loans and payments for projects like Adani’s Carmichael coal mine. Read our report and analysis by lawyer David Barnden.

The Northern Australia Infrastructure Facility (NAIF) considered lending $1 billion in taxpayers’ money to a coal railway to service Adani’s mine. EJA exposed NAIF board members’ conflicts of interest, raised serious questions about NAIF’s Risk Appetite Statement and its Anti-Money Laundering policy and advised that NAIF’s officials would breach their duties if the loan proceeded.

We are taking steps to challenge the view that these ventures take a responsible position on climate change. Financial support of new coal infrastructure would breach government officials’ duties as laid out in this media release. The board members of NAIF that were looking to fund the venture have not yet accounted for their company links that raise concerns conflict of interest. Read our Senate inquiry submission (PDF download) and read the hearing transcript.


The real risks of EFIC support for Adani: report, analysis

NAIF directors’ duties: background

NAIF conflicts of interest: background

NAIF Senate Inquiry: submissions, hearing

Adani misleading jobs figures: ACCC referral, background

Adani NAIF application: background, EJA letter to Bombay Stock Exchange


Australian govt releases climate risk guidelines following landmark court cases

December 21, 2018

NT’s deal with gas company to cost consumers $2.7 billion and enable fracking

December 10, 2018

World first legal action to test trustee duties on climate risks filed against A$50 billion fund

October 3, 2018

A 23-year-old is taking a $50bn super fund to court over climate change

July 25, 2018

Double standards on climate risks – Government protects big investors but not taxpayers

July 23, 2018

EJA files complaint with Ombudsman about EFIC

July 6, 2018

EFIC fail: support for Adani opens legal and political risks

June 8, 2018

Fracking the Northern Territory

May 25, 2018

Onslow Beach by Stu Rapley

NAIF: Any port in a storm

February 1, 2018