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Tarvold

28,043 Posts.

1366

06/08/24

11:33

Post #: 75089332
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Originally posted by enoggera: ↑

In NSW for example A development company can do a deal with the landholder promising the world in regards to rehabilitation of the site when the project ends. The legislation says that the company SHOULD ensure rehabilitation ..not MUST ..SHOULD. They will sign anything, promise everything knowing that they will never have to follow through on any of it BECAUSE BY THEN THEY WILL BE BROKE.
Here's how it works
Company A builds it with Govt help
Company A leases 80% of it to another company who collects that percentage of revenues including Tax payer funded subsidies
Company A gets enough to pay landholders rent and maintenance of site
When the sites working life ends company A is then asked by the landholder to rehabilitate his land as per their agreement.company A says "gee we would really like to do that but we got no money so sorry"
If this had been a mining company or a gas company they would have had to lodge a bond with the state Govt to cover the rehabilitation if the company falls on hard times.
Different set of rules.

What we have now is a group of investment funds scouring the planet looking for the best deal and top of the list is Govt subsidies.

When (not if) those subsidies dry up does anyone think they will hand around to clean up the mess?

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That's exactly what does happen in mining, there are mining sites all over Australia that have never been rehabilitated.

Australia gave $14.5bn in subsidies to fossil fuel producers & consumers in 23-24.
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