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 Fixed charges for households will jump more than 20 per cent to $1.07 a day, meaning that with GST, households will pay a minimum $428 a year on fixed charges, no matter how little electricity they consume. The consumption rate has been cut to 22c/kWh but this means nothing for households that consume around 7kWh a day – pensioners and single person households for instance, and others who pay attention to energy efficiency. Their annual bill will now be more than $1,050 – which equates to a rate of 42c/kWh, probably the highest in the world. And their ability to offset that with solar is greatly reduced because so much of the cost is unavoidable. But small businesses – butchers, restaurants, takeaway food installations, or anyone using refrigeration and cooking – face an even greater proportion of fixed charges under the new scheme. Read More here 15 June 2015, Climate News Network, Long-lived CO2 warms world for many millennia. The heat given off by burning fossil fuels warms the Earth far less than the carbon dioxide emitted, which research shows traps the heat in the atmosphere for thousands of years. Gun the engine, and the ignition of fossil fuel produces not just working energy but heat that dissipates quickly into the atmosphere. But it also produces carbon dioxide that dissipates into the atmosphere. And in less than two months, according to new research, that pulse of carbon dioxide will have engendered more heat for the planet than the original touch of the accelerator. Xiaochun Zhang and Ken Caldeira of the Carnegie Institution at Stanford, California, in the United States report in Geophysical Research Letters that the carbon dioxide warming exceeds the heat released by a single act of oil combustion in just 45 days. Light the gas in the cooking stove and the heating cost to the planet is exceeded in 59 days. Burn a lump of coal, and the atmosphere feels the greater heat in just 34 days. And in all three cases, the pulses of carbon dioxide will go on heating the planet – and on, and on. “Ultimately, the warming induced by carbon dioxide over the many thousands of years it remains in the atmosphere would exceed warming from combustion by a factor of 100,000 or more,” said Professor Caldeira. Read More here 12 June 2015, The Carbon Brief, Letting the fox into the chicken coop! UN welcomes oil groups’ help to fight global warming: The UN will accept an unusual offer from six of Europe’s largest oil and gas groups to help it fight global warming as countries work on sealing a new international climate change agreement due in December. The proposal from companies including Royal Dutch Shell and Britain’s BP was “very, very welcome”, the UN’s top climate official, Christiana Figueres, told the Financial Times. Chief executives of the six companies wrote to Figueres in May saying they wanted to help countries devise a global carbon-pricing system ahead of the climate agreement. The move laid bare a transatlantic rift between some of the world’s largest energy groups, after US oil producers, Chevron and ExxonMobil, declined to join. Pilita Clark, Financial Times Read More here 18 March 2016, Climate News Network, Emissions standstill boosts Paris hopes. The link between global economic growth and emissions growth has been further weakened as greenhouse gas levels show no increase for the second year in succession. The world continued to make progress towards a low-carbon economy during 2015, according to analysis by the International Energy Agency (IEA). It says analysis of preliminary data for the year reveals that global energy-related emissions of carbon dioxide − the largest source of man-made greenhouse gas emissions − showed no increase for the second year in a row.The IEA announcement will be doubly welcome as some Arctic temperatures continue to warm bizarrely. It comes a day after reports from Fort Yukon in Alaska said temperatures there had reached up to 10°C higher than expected for this time of year. Fatih Birol, the IEA’s executive director, said of the emissions report: “The new figures confirm last year’s surprising but welcome news. We now have seen two straight years of greenhouse gas emissions decoupling from economic growth. Landmark agreement “Coming just a few months after the landmark COP21 agreement in Paris, this is yet another boost to the global fight against climate change.” Significantly, the global economy continued to grow in 2015 by more than 3%, which the IEA says is further evidence that the link between economic growth and emissions growth is weakening. In more than 40 years, it says, there have been only four periods in which emissions stood still or fell compared to the previous year. Three of those – the early 1980s, 1992 and 2009 – were associated with global economic weakness. But the recent stall in emissions comes amid economic expansion. According to the International Monetary Fund, global GDP grew by 3.4% in 2014 and 3.1% in 2015. The IEA says global emissions of CO2 stood at 32.1 billion tonnes in 2015, having remained essentially flat since 2013. Its preliminary data suggest that electricity generated by renewables was critical, accounting for around 90% of new electricity generation in 2015. And wind alone produced more than half of new electricity generation. Read More here 17 March 2016, Science Daily, Biogas: The flexible way to greater energy yield. Biogas is an important energy source that plays a central role in the energy revolution. Unlike wind or solar energy, biogas can be produced around the clock. Could it soon perhaps even be produced to meet demand? A team of international scientists, including microbiologists from the Helmholtz Centre for Environmental Research (UFZ), scientists from Aarhus University and process engineers from the Deutsches Biomasseforschungszentrum (DBFZ), have been studying the feasibility of this kind of flexible biogas production. Among their findings, for example, is the discovery that biogas production can be controlled by altering the frequency at which the reactors are fed. If the intervals are longer, more biogas is produced, according to the researchers’ paper in the Applied and Environmental Microbiology journal. Biogas production has long been a valuable technology, as the constant feed of organic raw materials such as energy crops, manure, sewage sludge, catch crops and plant residues helps produce energy around the clock. The ability to produce energy at a constant rate is a clear advantage over other renewable energy sources such as wind or solar energy, which depend on the wind or sun for production. As a result of this ability, Germany currently has around 8,000 biogas plants installed, with a total electricity output of approximately 4,500 megawatts. Around seven percent of the electricity generated in Germany now comes from biomass. It is hoped that even more electricity will be produced from this source in the future. Scientists from the UFZ, the University of Aarhus (Denmark) and the DBFZ succeeded in increasing the production of methane, the most valuable component of biogas, by up to 14 percent… Read More here 17 March 2016, Renew Economy, What will shake Malcolm Turnbull from his climate coma? First, the good news. According to the International Energy Agency, energy-related carbon dioxide emissions stayed flat for the second year in a row in 2015 – a clear sign that the nexus between economic growth and increasing energy emissions has been broken.The IEA says that the two biggest economies and energy consumers, the US and China, both achieved significant cuts in the last year (by 2 per cent and 1.5 per cent respectively), as coal-fired generation was replaced by gas in the US, and by wind and solar and energy efficiency in both countries. And the world can do more, says the International Renewable Energy Agency. By doubling its capacity in renewable energy – principally wind and solar – by 2030, the world can keep on track to meet its Paris climate targets, save $4.2 trillion in fuel, boost its GDP by $1.3 trillion and generate some 9 million jobs. Too easy. But here’s the bad news. While the world’s two biggest emitters are managing to bring their energy emissions under control, those of Australia are continuing to soar – by around 4.5 per cent since the Coalition government dumped the carbon price nearly two years ago. Coal generation, declining in US and China, is rebounding in Australia. Large-scale renewable energy investment has come to a complete standstill under any policy over which the Coalition government has control. Indeed, it is nearly a year since a compromise deal was reached on the large-scale renewable energy target – cutting it from 42,000GWh to 33,000GWh, and more than six months since Malcolm Turnbull raised hopes of a turnaround when he became prime minister. Turnbull declares himself entirely satisfied with the status quo, possibly encouraged by the fact that while 47 per cent of people say that climate and clean energy policies might influence their vote, more than half say it won’t. “We have effective and responsible climate change policies that are working,” Turnbull told parliament on Wednesday. “We are on track to beat and meet our 2020 emission reduction target. Our 2030 target is responsible and in line with that of comparable countries.” Turnbull was speaking in response to a question from Greens MP Adam Bandt, who asked if Turnbull agreed with the assessment of chief scientist Alan Finkel, who on the same day that new data showed a stunning rise in average global temperatures, said that under current policies we are losing the battle against climate change? Read More here 11 March 2016, Washington Post, United Airlines is flying on biofuels. Here’s why that’s a really big deal. On Friday, United Airlines will launch a new initiative that uses biofuel to help power flights running between Los Angeles and San Francisco, with eventual plans to expand to all flights operating out of LAX. It’s the first time an American airline will begin using renewable fuel for regular commercial operations, and the occasion is part of a bigger movement when it comes to clean transportation in the U.S. The renewable fuel used to power United’s planes will be coming from a Los Angeles refinery operated by AltAir Fuels, which is using the facility to produce both renewable jet fuel and diesel fuel using a technology developed by Honeywell UOP, a major supplier and technology licenser in the petroleum industry. Back in 2013, AltAir and United announced their partnership, in which United will purchase up to 15 million gallons of biofuel over a three-year period. Friday’s launch will be the first application of that agreement. The flights will use a mixture of 30 percent biofuel and 70 percent traditional fuel, and United says that the biofuel will help reduce greenhouse gas emissions by about 60 percent compared with regular fuel. In general, the idea behind renewable fuels is to use a biological source — for example, plant or animal matter — rather than a geological one, like oil. The Honeywell UOP technology that’s being applied at the AltAir refinery can utilize a range of difference sources, from used cooking oil to algae. The technology has been in the works since 2007, when the company was awarded a grant from DARPA to develop green jet fuel, according to Veronica May, vice president and general manager of renewable energy and chemicals at Honeywell UOP. Currently, its technology allows for the production of diesel fuel that can be used in any proportion with existing diesel engines — up to 100 percent. Its jet fuel can replace up to 50 percent of petroleum fuel in existing aircraft. Altogether, both fuels can offer up to about an 80 percent reduction in greenhouse gas emissions compared with traditional fuel, the company says. Read More here 7 June 2019, The Conversation, Why there’s more greenhouse gas in the atmosphere than you may have realised. This week brought news that atmospheric carbon dioxide (CO₂) levels at the Mauna Loa atmospheric observatory in Hawaii have risen steeply for the seventh year in a row, reaching a May 2019 average of 414.7 parts per million (ppm). It was the highest monthly average in 61 years of measurements at that observatory, and comes five years after CO₂ concentrations first breached the 400ppm milestone. But in truth, the amount of greenhouse gas in our atmosphere is higher still. If we factor in the presence of other greenhouse gases besides carbon dioxide, we find that the world has already ticked past yet another milestone: 500ppm of what we call “CO₂-equivalent”, or CO₂-e. In July 2018, the combination of long-lived greenhouse gases measured in the “cleanest air in the world” at Cape Grim Baseline Atmospheric Pollution Station surpassed 500ppm CO₂-e. As the atmosphere of the Southern Hemisphere contains less pollution than the north, this means the global average atmospheric concentration of greenhouse gases is now well above this level. Read more here 7 June 2019, The Conversation, NZ has dethroned GDP as a measure of success, but will Ardern’s government be transformational? When you’re in politics, words are a high-stakes game. Voters and journalists hold you to them and there is a risk in using words that are hard to live up to. This is particularly true for politicians whose reputation is founded on sincerity and authenticity. New Zealand’s Prime Minister Jacinda Ardern saddled herself with the word “transformational”. She used it heavily in the heady days of the 2017 election campaign, although less so in the compromised reality of a coalition government. Still, it is the aspiration she is held to. The 2019 well-being budget is held to it by association. But how do we know transformation when we see it? Read more here 5 June 2019, Washington Post, ‘It is horrid’: India roasts under heat wave with temperatures above 120 degrees. NEW DELHI — When the temperature topped 120 degrees (49 Celsius), residents of the northern Indian city of Churu stopped going outside and authorities started hosing down the baking streets with water. Churu — home to more than 100,000 people — has been the hottest place in India in recent days, part of a summer heat wave suffocating most of the country as temperatures rise above normal even for this sweltering time of year. According to weather website El Dorado on Wednesday, five of the hottest 15 places on the planet over the previous 24 hours were in India or neighboring Pakistan. In Churu, the mercury hit 118 degrees, down from 122 degrees on Monday. That temperature is just shy of India’s all-time high, recorded in 2016. Read more here 3 June 2019, The Conversation, Explaining Adani: why would a billionaire persist with a mine that will probably lose money? By mid-June, if everything goes as expected, Adani Australia will receive the final environmental approvals for its proposed Carmichael coal mine and rail line development. Newspaper reports based on briefings from Adani suggest that, once the approvals are in place, the company could begin digging “within days”. On Friday the Queensland government approved Adani’s plan to protect a rare bird, apparently leaving it with just final regulatory hurdle: approval for its plan to manage groundwater. Its billboards in Brisbane read: “We can start tomorrow if we get the nod today”. But several big obstacles remain. Even after governments are out of the way, it will have to deal with markets and companies that aren’t keen on the project. 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.
