What you will find on this page: LATEST NEWS; Fossil fuel emissions have stalled; does the world need hydrogen?; Mapped: global coal trade; Complexity of energy systems (maps); Mapped: Germany’s energy sources (interactive access); Power to the people (video); Unburnable Carbon (report); Stern Commission Review; Garnaut reports; live generation data; fossil fuel subsidies; divestment; how to run a divestment campaign guide; local council divestment guide; US coal plant retirement; oil conventional & unconventional; CSG battle in Australia (videos); CSG battle in Victoria; leasing maps for Victoria; coal projects Victoria
Huge task to decarbonise
Source: Australian Delegation presentation to international forum held in Bonn in May 2012
Latest News 20 August 2015, SMH, Adani mine a $20b project creating 10,000 jobs? The Abbott government’s myths busted. When it comes to Australia’s largest coal mine, the Abbott government has a difficult relationship with the truth. If you haven’t heard, Australia is under siege from a new kind of eco-warrior, one with a manual and money for legal challenges designed to endlessly frustrate economic development. At the centre of this battle is the proposed Carmichael coal mine in Queensland. The mega mine, led by Indian billionaire Gautam Adani, has had its federal environmental approval set aside. Why? Because a Queensland environment group – the Mackay Conservation Group – exercised its legal rights and used a federal court challenge to expose a flaw in the government’s assessment of that project. The government now wants to remove those legal rights and hinder the ability of green groups to access the courts. The Parliament is clearly entitled to debate whether Australia’s environment laws are working as they were intended. But it should not be too much to expect that the government defend its position with arguments that have some semblance to the truth. To make its case to protect growth and jobs and stop “vigilante litigation”, ministers have repeatedly relied on inflated numbers, distortions and blatant inaccuracies about the Adani project to make their case. Here are some: Read More here 19 August 2015, Renew Economy, The six big lies in Tony Abbott’s attack on the environment. The Abbott government has revealed plans to repeal a section of Australia’s environment laws that allows green groups to challenge approvals for mining projects and other large developments in the courts. Federal Attorney-General George Brandis said the government would seek to repeal section 487 (2) of the Environment Protection and Biodiversity Conservation Act and “return to the common law”, after it was used successfully by the Mackay Conservation Group to overturn the federal environment minister’s approval of the Carmichael mega-coal mine in Queensland’s Galilee Basin. The following is a run-down of the six big lies at the centre of the Coalition’s latest attack on the environment…Read More here 18 August 2015, The Guardian, Abbott government war on green ‘saboteurs’ is Laurel and Hardy slapstick. The Coalition’s ‘war on environmental vigilantes and saboteurs’ isn’t consistent: it’s waged against anti-coal activists but in support of anti-windfarm activists. Even for the Abbott government the inconsistencies in the latest “war on environmental vigilantes and saboteurs” are astonishing. And the slapstick nature of its attempt to use the issue as a political wedge is up there with Laurel and Hardy. When an environment group successfully uses 16 year-old national environmental laws to delay a project, the Abbott government tries to change the law to prevent them from ever doing it again. But if an anti-windfarm group can’t find a way to use existing laws and regulations to stop or delay a project, the Abbott government tries to change laws and processes to make it easier for them to succeed. The first is called green “vigilantism” and “sabotage” and the second is, according to environment minister Greg Hunt, a reasonable response because “many people have a sense of deep anxiety, and they have a right to complain.” The government calls regulations that stop fossil fuel or mining projects “green tape”, but a wind commissioner and yet another scientific committee to look at unsubstantiated health complaints regarding wind turbines is apparently no kind of “tape” at all. Read More here 18 August 2015, The Conversation, The government vs the environment: lawfare in Australia. A key feature of authoritarianism is that the government is above the law – it is not accountable to the people for its actions. In contrast, under a democratic system, the rule of law means that the government is constrained by law and can be held accountable by the people. This is particularly pertinent to the move by Attorney-General George Brandis to restrict green groups from challenging major developments under federal law, a direct response from this month’s successful appealagainst the approval of the controversial Carmichael coal mine, being developed by the Adani Group, on environmental grounds.Brandis plans to repeal section 487(2) of the Environmental Protection and Biodiversity Act and “return (it) to the common law”. His actions follow comments by Prime Minister Tony Abbott and Trade Minister Andrew Robb. Read More here 5 September 2016, Renew Economy, One small gain for battery storage, one big win for fossil fuel industry. Australia’s principal policy maker for the energy markets has waved through a rule change that could accelerate the use of battery storage to provide grid stability as more renewables enter the market. But the rule maker has shocked participants with another decision that may reinforce the dominance of the big fossil fuel utilities. The Australian Energy Market Commission late last week made two rulings that it was first asked to consider way back in 2012 (such is the glacial pace of change in Australian regulatory circles) but which seen as critical as more wind and solar enter the market and old fossil fuel generators are phased out. One of the rulings was good news and largely expected: The AEMC said it would allow “unbundling” of ancillary services for the grid – which provide fast-acting balancing responses following a “contingency” event, usually the unexpected loss of a large thermal generator. This means that these services, known as FCAS, can now be more easily provided by more players, and not just the big generators, which currently control the supply (and thus the price) of FCAS services. Allowing new players like batteries and demand response loads should increase the supply of FCAS, and lower market prices. That ruling was largely uncontroversial and expected, with any opposition by incumbents lukewarm at best. The second ruling, however, has stunned some participants in the industry, because it effectively limits the amount of battery storage and new ideas – such as aggregating power plants in homes – by leaving it in the control of the major players. The proposal was to create a “demand response” mechanisms in the spot market to respond to times of high load, and high electricity prices, as were experienced in South Australia and other states in recent months, and which used to be frequent years ago, and may well become regular again as gas prices rise. Read more here 5 September 2016, The conversation, Can, or should, we save ARENA? Once again the essential development of the renewable energy sector has been stymied by short-term, opportunistic politics. Included in the Turnbull government’s “omnibus” savings bill is a A$1.3 billion cut in the funding of ARENA, the Australian Renewable Energy Agency, a cut, coming on the heels of a couple of previous cuts, that basically wipes out any future role for ARENA. The proposed cut is part of the Abbott legacy that sought to effectively close down the renewable energy sector. Although the government has presented the bill in the name of budget repair, it is also very much a political manoeuvre designed to wedge opposition leader Bill Shorten, by claiming that he had committed to these cuts during the election campaign, and recognising that a couple of the proposed cuts are either inconsistent with “traditional Labor values”, or with declared Labor policy, such as their commitment to a 50% renewable energy target for 2030. Shorten is under considerable pressure to demonstrate his bona fides on budget repair, and especially as he has expressed a willingness to “reach across the aisle”, to work with the government on this urgent policy challenge. However, both sides seem to still be stuck in campaign mode, moving from one stunt to the next. It is all about short-term politics, not good policy and good government. Read more here 5 September 2016: THE CLIMATE CHANGE AUTHORITY’S SPECIAL REVIEW ON AUSTRALIA’S CLIMATE GOALS AND POLICIES: TOWARDS A CLIMATE POLICY TOOLKIT MINORITY REPORT Professor Clive Hamilton AM Professor David Karoly 1. Introduction 1. As Members of the Climate Change Authority who have participated fully in the processes of the Special Review, we have reached the conclusion that the majority report does not respond adequately to the Review’s terms of reference and has not followed the principles set out on the Climate Change Authority Act (Section 12). We also disagree with several, but not all, of the major recommendations and conclusions of the majority report. We find the analysis used to defend some of the report’s recommendations inadequate. Overall, we view the majority report as a recipe for further delay in responding to the urgent need to reduce Australia’s greenhouse gas emissions. 2. We regret that a consensus report has not been possible but feel that in good conscience we cannot lend our names to the majority report. After consideration, we have therefore decided to write a minority report. Access full minority report here Access Climate change Authority’s Special Review here 30 August 2016, The Guardian, Victoria to permanently ban fracking and coal seam gas exploration. Activists and farmers hail decision after inquiry into onshore unconventional gas received 1,600 submissions. Victoria is to introduce a permanent ban on all onshore unconventional gas exploration, including fracking and coal seam gas, becoming the first Australian state to do so. The premier, Daniel Andrews, made the announcement on Tuesday morning and said legislation for the ban would be introduced later this year, making the current moratorium on unconventional gas exploration permanent. A parliamentary inquiry last year into onshore unconventional gas in Victoria received more than 1,600 submissions, most of them opposed to fracking and coal seam gas exploration. A statement from the Department of Premier and Cabinet said: “It is clear that the Victorian community has spoken. They simply don’t support fracking. “The government’s decision is based on the best available evidence and acknowledges that the risks involved outweigh any potential benefits to Victoria.” The government said the move would protect the reputation of Victoria’s agriculture sector, which employs more than 190,000 people; provide certainty to regional communities; and end anxiety felt by farmers about the environmental and health risks associated with fracking. Read More here 12 December 2019, Renew Economy, No legal or moral basis for Australia’s Kyoto accounting fudge, new analysis shows. New analysis of Australia’s international climate commitments has argued there is no legal, or moral, justification for the use of surplus Kyoto-era emissions credits to meet Australia’s 2030 emissions reduction targets.A new report, authored by research group ClimateAnalytics and published by the Australia Institute, has argued that the premise of Australia’s Kyoto surplus is built on a mix of convenient emissions accounting arrangements and a disregard for previous commitments made by successive Australian governments. ClimateAnalytics’ analysis breaks down the convenient accounting that has worked in Australia’s favour, including the inclusion of Australia’s land-use emissions in baseline calculations, soft targets adopted under international treaties, and the use of averaging across compliance periods. “Any claim of overachievement under the Kyoto Protocol does not represent any real emission reductions but is technical only, resulting from anomalies under Kyoto accounting rules and deliberate accounting choices Australia made. The same is true of Australia’s 2020 Cancun pledge,” the ClimateAnalytics report says. Read more here 12 December 2019, Vox, Scientists feared unstoppable emissions from melting permafrost. They may have already started. Every year, the National Oceanic and Atmospheric Administration releases an Arctic Report Card, detailing the state of the frozen world at the top of the globe. And each year, its findings grow more dire. This year, the report revealed that the Arctic itself may now be contributing to climate change. That’s because Arctic soil contains a lot of carbon, which would stay there if the planet wasn’t warming. As the frozen ground across the Arctic starts to thaw, it releases that carbon, which turns into a greenhouse gas. Some of that carbon gets taken up by plants growing in the summertime, but more and more of it is now escaping into the atmosphere. “Thawing permafrost throughout the Arctic could be releasing an estimated 300-600 million tons of net carbon per year to the atmosphere,” the NOAA writes in the report. That’s roughly the equivalent of Japan’s annual emissions. And those emissions are going to increase. “We think that should be two to three times bigger by the end of the century based on the kind of forecasting we’ve done,” Ted Schuur, an ecologist and the author of the report’s section on permafrost, said. Read more here 6 December 2019, The Conversation, Friday essay: living with fire and facing our fears. It is only mid-November but we have to walk early to avoid the heat. A northerly wind picks up clouds of dust and pollen, sending dirty billows across the paddocks. The long limbs of the gum trees groan overhead. Leaves and twigs litter the road. We stop to pull a branch off to the side. Not even summer yet and already we are facing our first catastrophic fire rating of the season. Normally, I don’t even worry much about fires until after Xmas. In the southern states, it is January and February that are the most dangerous. We live in the Adelaide Hills and never schedule holidays away from home in those months, even though it is hot and unpleasant. Now I’m worried we will have to cancel our pre-Christmas holiday plans. Winter will be the only time we can leave. Read more here 3 December 2019, Renew Economy. Finkel says there is no political will for hydrogen targets in Australia. Chief scientist Alan Finkel says he deliberately avoided recommending national targets for hydrogen in Australia, as part of the National Hydrogen Strategy released last month, because it was unlikely he could get unanimous agreement from energy ministers. Speaking at a forum hosted by the Clean Energy Council in Sydney, Finkel said it was apparent there would be opposition to any hydrogen targets, so he instead focused on addressing some of the immediate barriers to building a hydrogen sector in Australia and addressing some of the skills and regulatory gaps. Finkel did not specify which ministers were opposed to the introduction of a national target for hydrogen, but suggested that there may have been opposition from federal ministers Angus Taylor (energy and emissions reductions) and Matt Canavan (resources). Read more here 3 November 2020, Carbon Brief: Hydrogen gas has long been recognised as an alternative to fossil fuels and a potentially valuable tool for tackling climate change. Now, as nations come forward with net-zero strategies to align with their international climate targets, hydrogen has once again risen up the agenda from Australia and the UK through to Germany and Japan. In the most optimistic outlooks, hydrogen could soon power trucks, planes and ships. It could heat homes, balance electricity grids and help heavy industry to make everything from steel to cement. But doing all these things with hydrogen would require staggering quantities of the fuel, which is only as clean as the methods used to produce it. Moreover, for every potentially transformative application of hydrogen, there are unique challenges that must be overcome. In this in-depth Q&A – which includes a range of infographics, maps and interactive charts, as well as the views of dozens of experts – Carbon Brief examines the big questions around the “hydrogen economy” and looks at the extent to which it could help the world avoid dangerous climate change. Access full article here Fossil fuel emissions have stalled 14 November 2016, The Conversation, Fossil fuel emissions have stalled: Global Carbon Budget 2016. For the third year in a row, global carbon dioxide emissions from fossil fuels and industry have barely grown, while the global economy has continued to grow strongly. This level of decoupling of carbon emissions from global economic growth is unprecedented.Global CO₂ emissions from the combustion of fossil fuels and industry (including cement production) were 36.3 billion tonnes in 2015, the same as in 2014, and are projected to rise by only 0.2% in 2016 to reach 36.4 billion tonnes. This is a remarkable departure from emissions growth rates of 2.3% for the previous decade, and more than 3% during the 2000’s. Read More here Do you want to understand the complexity of energy systems which support our high consumption lifestyles? Most people don’t give too much thought to where their electricity comes from. Flip a switch, and the lights go on. That’s all. The origins of that energy, or how it actually got into our homes, is generally hidden from view. This link will take you to 11 maps which explain energy in America (it is typical enough as an example of a similar lifestyle as Australia – when I find maps for Oz I’ll add them in) e.g. above map showing the coal plants in the US. Source: Vox Explainers Mapped: how Germany generates its electricity – another example Power to the People – Lock the Gate looks back at the wins of 2015 And there’s lots more coming up in 2016. Some of the big priorities coming up next for the “Lock the Gate” movement are: If you want to give “Lock the Gate” your support – go here for more info This new report reveals that the pollution from Australia’s coal resources, particularly the enormous Galilee coal basin, could take us two-thirds of the way to a two degree rise in global temperature. To Read More and download report The 2006 UK government commissioned Stern Commission Review on the Economics of Climate Change is still the best complete appraisal of global climate change economics. The review broke new ground on climate change assessment in a number of ways. It made headlines by concluding that avoiding global climate change catastrophe was almost beyond our grasp. It also found that the costs of ignoring global climate change could be as great as the Great Depression and the two World Wars combined. The review was (still is) in fact a very good assessment of global climate change, which inferred in 2006 that the situation was a global emergency. Read More here The Garnaut Climate Change Review was commissioned by the Commonwealth, state and territory governments in 2007 to conduct an independent study of the impacts of climate change on the Australian economy. Prof. Garnaut presented The Garnaut Climate Change Review: Final Report to the Australian Prime Minister, Premiers and Chief Ministers in September 2008 in which he examined how Australia was likely to be affected by climate change, and suggested policy responses. In November 2010, he was commissioned by the Australian Government to provide an update to the 2008 Review. In particular, he was asked to examine whether significant changes had occurred that would affect the analysis and recommendations from 2008. The final report was presented May 2011. Since then the Professor has regularly participated in the debate of fossil fuel reduction, as per his latest below: To access his reports; interviews; submissions go here 27 May 2015, Renew Economy, Garnaut: Cost of stranded assets already bigger than cost of climate action. This is one carbon budget that Australia has already blown. Economist and climate change advisor Professor Ross Garnaut has delivered a withering critique of Australia’s economic policies and investment patterns, saying the cost of misguided over-investment in the recent mining boom would likely outweigh the cost of climate action over the next few decades. Read More here Live generation of electricity by fuel type Fossil Fuel Subsidies – The Age of entitlement continues 24 June 2014, Renew Economy, Age of entitlement has not ended for fossil fuels: A new report from The Australia Institute exposes the massive scale of state government assistance, totalling $17.6 billion over a six-year period, not including significant Federal government support and subsidies. Queensland taxpayers are providing the greatest assistance by far with a total of $9.5 billion, followed by Western Australia at $6.2 billion. The table shows almost $18 billion dollars has been spent over the past 6 years by state governments, supporting some of Australia’s biggest, most profitable industries, which are sending most of the profits offshore. That’s $18 billion dollars that could have gone to vital public services such as hospitals, schools and emergency services. State governments are usually associated with the provision of essential services like health and education so it will shock taxpayers to learn of the massive scale of government handouts to the minerals and fossil fuel industries. This report shows that Australian taxpayers have been misled about the costs and benefits of this industry, which we can now see are grossly disproportionate. Each state provides millions of dollars’ worth of assistance to the mining industry every year, with the big mining states of Queensland and Western Australia routinely spending over one billion dollars in assistance annually. Read More here – access full report here What is fossil fuel divestment? Local Governments ready to divest Aligning Council Money With Council Values A Guide To Ensuring Council Money Isn’t Funding Climate Change. 350.org Australia – with the help of the incredible team at Earth Hour – has pulled together a simple 3-step guide for local governments interested in divestment. The movement to align council money with council values is constantly growing in Australia. It complements the existing work that councils are doing to shape a safe climate future. It can also help to reshape the funding practices of Australia’s fossil fuel funding banks. The steps are simple. The impact is huge.The guide can also be used by local groups who are interested in supporting their local government to divest as a step-by-step reference point. Access guide here How coal is staying in the ground in the US Sierra Club Beyond Coal Campaign May 2015, Politico, Michael Grunwald: The war on coal is not just political rhetoric, or a paranoid fantasy concocted by rapacious polluters. It’s real and it’s relentless. Over the past five years, it has killed a coal-fired power plant every 10 days. It has quietly transformed the U.S. electric grid and the global climate debate. The industry and its supporters use “war on coal” as shorthand for a ferocious assault by a hostile White House, but the real war on coal is not primarily an Obama war, or even a Washington war. It’s a guerrilla war. The front lines are not at the Environmental Protection Agency or the Supreme Court. If you want to see how the fossil fuel that once powered most of the country is being battered by enemy forces, you have to watch state and local hearings where utility commissions and other obscure governing bodies debate individual coal plants. You probably won’t find much drama. You’ll definitely find lawyers from the Sierra Club’s Beyond Coal campaign, the boots on the ground in the war on coal. Read More here Oil – conventional & unconventional May 2015, Oil change International Report: On the Edge: 1.6 Million Barrels per Day of Proposed Tar Sands Oil on Life Support. The Canadian tar sands is among the most carbon-intensive, highest-cost sources of oil in the world. Even prior to the precipitous drop in global oil prices late last year, three major projects were cancelled in the sector with companies unable to chart a profitable path forward. Since the collapse in global oil prices, the sector has been under pressure to make further cuts, leading to substantial budget cuts, job losses, and a much more bearish outlook on expansion projections in the coming years. Read full report here. For summary of report USA Sierra Club Beyond Oil Campaign Coal Seam Gas battle in Australia Lock the Gate Alliance is a national coalition of people from across Australia, including farmers, traditional custodians, conservationists and urban residents, who are uniting to protect our common heritage – our land, water and communities – from unsafe or inappropriate mining for coal seam gas and other fossil fuels. Read more about the missions and principles of Lock the Gate. Access more Lock the Gate videos here. Access Lock the Gate fact sheets here 2014: Parliament of Victoria Research Paper: Unconventional Gas: Coal Seam Gas, Shale Gas and Tight Gas: This Research Paper provides an introduction and overview of issues relevant to the development of unconventional gas – coal seam, shale and tight gas – in the Australian and specifically Victorian context. At present, the Victorian unconventional gas industry is at a very early stage. It is not yet known whether there is any coal seam gas or shale gas in Victoria and, if there is, whether it would be economically viable to extract it. A moratorium on fracking has been in place in Victoria since August 2012 while more information is gathered on potential environmental risks posed by the industry. The parts of Victoria with the highest potential for unconventional gas are the Gippsland and Otway basins. Notably, tight gas has been located near Seaspray in Gippsland but is not yet being produced. There is a high level of community concern in regard to the potential impact an unconventional gas industry could have on agriculture in the Gippsland and Otway regions. Industry proponents, however, assert that conventional gas resources are declining and Victoria’s unconventional gas resources need to be ascertained and developed. Read More here 28 January 2015, ABC News, Coal seam gas exploration: Victoria’s fracking ban to remain as Parliament probes regulations: A ban on coal seam gas (CSG) exploration will stay in place in Victoria until a parliamentary inquiry hands down its findings, the State Government has promised. There is a moratorium on the controversial mining technique, known as fracking, until the middle of 2015. The Napthine government conducted a review into CSG, headed by former Howard government minister Peter Reith, which recommended regulations around fracking be relaxed. Labor was critical of the review, claiming it failed to consult with farmers, environmental scientists and local communities. Read more here Keep up to date and how you can be involved here Friends of the Earth Melbourne Coal & Gas Free Victoria 20 May 2015, FoE, Inquiry into Unconventional Gas: Check here for details on the Victorian government’s Inquiry into unconventional gas. The public hearings have not yet started, however the Terms of Reference have been released. The state government’s promised Inquiry into Unconventional Gas has now been formally announced, with broad terms of reference (TOR). FoE’s response to the TOR is available here. The Upper House Environment and Planning Committee will manage the Inquiry. You can find the Inquiry website here. The final TOR will be determined by the committee. Significantly, it is a cross party committee. The Chair is a Liberal (David Davis), and there is one National (Melinda Bath), one Green (Samantha Dunn), three from the ALP (Gayle Tierney, Harriet Shing, Shaun Leane), an additional MP from the Liberals (Richard Dalla-Riva), and one MP from the Shooters Party (Daniel Young). Work started by the previous government, into water tables and the community consultation process run by the Primary Agency, will be released as part of the inquiry.The moratorium on unconventional gas exploration will stay in place until the inquiry delivers its findings. The interim report is due in September and the final report by December. There is the possibility that the committee will amend this timeline if they are overwhelmed with submissions or information. Parliament will then need to consider the recommendations of the committee and make a final decision about how to proceed. This is likely to happen when parliament resumes after the summer break, in early 2016. Quit Coal is a Melbourne-based collective that campaigns against the expansion of the coal and unconventional gas industries in Victoria. Quit Coal uses a range of tactics to tackle this problem. We advise the broader Victorian community about plans for new coal and unconventional gas projects, we put pressure on our government to stop investing in these projects, and we help to inform and mobilise Victorian communities so they can campaign on their own behalf. We focus on being strategic, creative, and as much as possible, fun! The above screen shot is of the Victorian State government’s Mining Licences Near Me site. Go to this link to see what is happening in your area Environment Victoria’s campaign CoalWatch is an interactive resource that tracks the coal industry’s expansion plans and helps builds a movement to stop these polluting developments. CoalWatch provides a way for everyday Victorians to keep track of the coal industry’s ambitious expansion plans. To check what tax-payer money has been pledged to brown coal projects and the coal projects industry is spruiking to our politicians. Here’s another map via EV website (go to their website and you should be able to get better detail from Google Maps: Red areas: Exploration licences (EL). These areas are held by companies to undertake exploration activity. A small bond is held by government in case of any damage. If a company wants to progress the project it needs to obtain a mining licence. Exploration Licence applications are marked with an asterix in the Places Index eg. EL4684*. Yellow areas: Mining Licences (MIN). A mining licence is granted with the expectation that mining will occur. A larger bond is paid to government. Green areas: Exploration licences that have been withdrawn or altered due to community concern. Green outline: Existing mines within Mining Licences. Purple areas: Geological Carbon Storage Exploration areas for carbon capture and storage. On-shore areas have been released by the State Government, while off-shore areas have been released by the Federal Government. The Coal Watch wiki tracks current and future Victorian coal projects, whether they are power stations, coal mines, proposals to export coal or some other inventive way of burning more coal. To get the full picture of coal in Victoria visit our wiki page. Get more info and see the full list of Exploration Licences current at 17 August 2012 here August 2015, Institute for Energy Economics & Financial Analysis – powerpoint: Changing Dynamics in the Global Seaborne Thermal Coal Markets and Stranded Asset Risk. Information from one of the slides follows. To view full presentation go here Economic Implications for Australia 83% of Australian coal mines are foreign owned, hence direct leverage of fossil fuels to the ASX is relatively small at 1-2%. However, for Australia the exposure is high, time is needed for transition and the new industry opportunities are significant: 1. Energy Infrastructure: Australia spends $5-10bn pa on electricity / grid sector, much of it a regulated asset base that all ratepayers fund much of it stranded. BNEF estimate of Australia’s renewable energy infrastructure investment for 2015-2020 was cut 30% from A$20bn post RET. Lost opportunities. 2. Direct employment: The ABS shows a fall of ~20k from the 2012 peak of 70K from coal mining across Australia, and cuts are ongoing. Indirect employment material. 3. Terms of trade: BZE estimates the collapse in the pricing of iron ore, coal and LNG cuts A$100bn pa from Australia’s export revenues by 2030, a halving relative to government budget estimates of 2013/14. Coal was 25% of NSW’s total A$ value of exports in 2013/14 (38% of Qld). Australia will be #1 globally in LNG by 2018. 4. The financial sector: is leveraged to mining and associated rail port infrastructure. WICET 80% financed by banks, mostly Australian. Adani’s Abbot Point Port is foreign owned, but A$1.2bn of Australian sourced debt. Insurance firms and infrastructure funds are leveraged to fossil fuels vs little RE infrastructure assets. BBY! 5. Rehabilitation: $18bn of unfunded coal mining rehabilitation across Australia. 6. Economic growth: curtailed as Australia fails to develop low carbon industries. In-depth Q&A: Does the world need hydrogen to solve climate change?
3 May 2016, Carbon Brief, The global coal trade doubled in the decade to 2012 as a coal-fueled boom took hold in Asia. Now, the coal trade seems to have stalled, or even gone into reverse. This change of fortune has devastated the coal mining industry, with Peabody – the world’s largest private coal-mining company – the latest of 50 US firms to file for bankruptcy. It could also be a turning point for the climate, with the continued burning of coal the biggest difference between business-as-usual emissions and avoiding dangerous climate change. Carbon Brief has produced a series of maps and interactive charts to show how the global coal trade is changing. As well as providing a global overview, we focus on a few key countries: Read More here/cdn0.vox-cdn.com/uploads/chorus_asset/file/3915730/EIA%20coal%20power%20plants.png)
21 April 2015, Climate Council, Will Steffen: Unburnable Carbon: Why we need to leave fossil fuels in the ground.Stern Commission Review
Australia’s Garnaut Review
November 2014 – The Fossil Fuel Bailout: G20 subsidies for oil, gas and coal exploration report: Governments across the G20 countries are estimated to be spending $88 billion every year subsidising exploration for fossil fuels. Their exploration subsidies marry bad economics with potentially disastrous consequences for climate change. In effect, governments are propping up the development of oil, gas and coal reserves that cannot be exploited if the world is to avoid dangerous climate change. This report documents, for the first time, the scale and structure of fossil fuel exploration subsidies in the G20 countries. The evidence points to a publicly financed bailout for carbon-intensive companies, and support for uneconomic investments that could drive the planet far beyond the internationally agreed target of limiting global temperature increases to no more than 2ºC. It finds that, by providing subsidies for fossil fuel exploration, the G20 countries are creating a ‘triple-lose’ scenario. They are directing large volumes of finance into high-carbon assets that cannot be exploited without catastrophic climate effects. They are diverting investment from economic low-carbon alternatives such as solar, wind and hydro-power. And they are undermining the prospects for an ambitious climate deal in 2015. Access full report here For the summary on Australia’s susidisation of it’s fossil fuel industry go to page 51 of the report. The report said that the United States and Australia paid the highest level of national subsidies for exploration in the form of direct spending or tax breaks. Overall, G20 country spending on national subsidies was $23 billion. In Australia, this includes exploration funding for Geoscience Australia and tax deductions for mining and petroleum exploration. The report also classifies the Federal Government’s fuel rebate program for resources companies as a subsidy.
