Woodside’s scramble to sell a 49% stake in the Pluto LNG Train 2 processing facility to Global Infrastructure Partners (GIP) is a totally unsustainable investment as the energy provider struggles to secure new customers for the project, says Greenpeace Australia Pacific.

Processing toxic gas from the Scarborough Deep Sea Gas Drilling Project off WA’s biodiversity-rich Pilbara Coast for the next 30 years, the expanded facility will be part of Woodside’s Burrup Hub development, one of dirtiest Australian projects ever proposed.

“As the world continues to decarbonise and turn its back on fossil fuel projects, this investment by Global Infrastructure Partners in one of the biggest carbon bombs Australia will ever experience is utterly unsustainable and makes no sense. funding,” said Kate Smolski, program director for Greenpeace Australia Pacific.

“Woodside says there is a huge international market for its toxic gases around the world, but where is its long list of customers? For a fossil fuel source of this size, where is the demand? Their current clientele in no way corresponds to the scale of the project. The numbers just don’t match.

“As countries around the world pledge their commitment to net zero emissions and renewable energy, the GIP is risking their stakeholders’ coffers with an infrastructure deal that will eventually become a doomed stranded asset, costing taxpayers billions. being dismantled.”

The deal is facilitated by a $4.8 billion syndicated loan from financial institutions including National Australia Bank, Australia and New Zealand Banking Group and Westpac, which have come under fire this week from market forces for their involvement in investment, which is at odds with the banks. ‘ declared zero net liabilities.

Announced by the FID towards the end of last year, the Scarborough Gas project, which is expected to be the first stage of the dirtiest development ever proposed in Australia, still has a number of regulatory hurdles to overcome, including a process to uncertain approval and an unresolved legal issue. challenge of the primary approval process in the Supreme Court of Western Australia.

A direct threat to some of Australia’s most extraordinary marine life, Scarborough’s development involves blasting and dredging miles of seabed, driving giant concrete piles into the ocean floor and dumping millions tonnes of crushed coral and rock in the Dampier Archipelago – the richest marine biodiversity area in Western Australia – home to thousands of species of whales, sharks, fish, turtles and coral.

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