Govt destabilised planning and approvals landscape: Adani
INDIAN energy giant Adani, which is proposing a massive coal mine in Central Queensland, has hit out at "constant changes" Federal Government environmental regulations creating higher risks for the investment community.
The criticism came in a submission to a Senate inquiry examining a Greens bill to make the World Heritage Committee's Great Barrier Reef recommendations into Commonwealth law.
It comes after environmental groups hit out at the government for not doing enough to protect the reef, while the mining lobby has said the existing protection regime is more than enough.
Adani chief executive Harsh Mishra wrote in the submission that constant changes to Commonwealth environmental law had increasingly destabilised the planning and approvals landscape.
He also wrote numerous changes to the laws and approvals processes had increased the risk to investors, arguing the latest Greens amendments had the "potential to seriously jeopardise investment in Queensland".
The submission also said the impact of such changes on investors could have "substantial consequential impacts on the livelihood of regional coastal communities" along the reef coast.
Echoing the submissions of the Queensland Resources and Council and Ports Australia, Mr Mishra wrote the bill appeared to based on the assumption that the predominant cause of impacts related to port development.
"The increase in development proposals occurred at t time of the resources boom, however the apparent appetite of industry to meaningfully progress these developments has been severely tampered by market forces," the submission reads.
"Hence, the urgency for reactive management measures does not appear to have been realised and it could be argued that port related development remains no higher than medium risk to the reef."
The Senate committee inquiry is due to report on the bill in mid-June.