The Australian argues that the Governments decisions based on pressures from green groups would undermine wealth, jobs and social wellbeing, especially for the poor and disadvantaged, if they do not make sense economically.
Westpac appears to have ruled out funding the controversial Adani mine with a new climate change action plan that will limit its exposure to thermal coal projects.
The Australian questions that whose interests does the bank serve-its shareholders, its customers or green activists, and says the size of the market for Adanis coal is such that its hard to see why banks would judge such projects a bad risk.
Westpac is not alone: Commonwealth Bank quit an advisory role on the project in August 2015; National Australia Bank said in September 2015 that it would not finance the project; ANZ said in December 2016 it is scaling down its exposure to mining.
The Australian points out that political and economic decisions based on pressures from green groups often undermine the national interest.
The IPA estimates that Federal environmental laws alone are costing the nation $176b a year in lost economic opportunities and jobs.
On top of that, green tape multiplies. In 1971 the first environmental laws covered just 57 pages. But now there are more than 5000 pages of legislation and regulations.
The Australian argues that for the sake of infrastructure projects, the Turnbull government must press ahead with amending laws to stop delaying tactics of green lawfare in the courts, including that by outsiders, sometimes funded from overseas, with no connection to projects under challenge.
And it says appealing to some, boasts about green business erode wealth, jobs and social wellbeing, especially for the poor and disadvantaged, if they do not add up economically.
