The Barossa Proposal could be one of the dirtiest LNG projects in the world, leading to immense harm to the environment in the immediate vicinity, and further accelerating dangerous climate change. Due to the high climate risks associated with this project, going ahead with the financing of this project would contradict the stated purpose of JBIC which is “promoting the overseas business having the purpose of preserving the global environment, such as preventing global warming.”
The Australian public is very unlikely to benefit from this project. Our system of taxation means very little revenue would accrue to the Australian community. The public is already incurring costs for the decommissioning of offshore oil and gas, and these costs make the already dubious benefits of industry expansion smaller still.
The Barossa offshore gas development proposal is a significant, controversial and high-risk project, and it is in this light that taxpayer-backed finance facilities to support its development should be rigorously assessed and reviewed.
Jubilee Australia, The Australia Institute and The Environment Centre NT co-authored this submission to the Japan Bank for International Cooperation (JBIC) regarding the Barossa Area Development Offshore Project Proposal.