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 2 June 2015, Inside Climate News, Bonn Climate Talks Aim to Build a Springboard to Paris, Not a Sinkhole: Six months before what may be the last chance for a global climate agreement in Paris, negotiators get to work on the draft text. As climate talks begin this week in Bonn to work on the draft text of a global agreement, the task of delegates expands to include the twin UN objectives of alleviating poverty and combating global warming. Delegates were also met with a new warning that the widely accepted target of limiting warming to 2 degrees Celsius may not be enough. Six months from the start of a Paris conference where the United Nations hopes to complete a far-reaching deal on the climate crisis, negotiators meeting in Bonn, Germany this week and next are back to working on their unwieldy draft text even as the treaty’s goals slide over distant horizons. Read More here 28 May 2015, Renew Economy, Tide turns on fossil fuels as Norway quits coal, ANZ goes green. In Europe overnight, the Norwegian parliament voted to instruct the government pension fund – the largest in the world – to cut its exposure to fossil fuel risk. In Australia, ANZ Bank made the biggest yet issue of an Australian-domiciled “green bond”. In the US, institutional shareholders tried to force oil giant Chevron to return money to shareholders, rather than risk it searching for yet more oil reserves. Read More here 22 May FastFT: Axa to ditch coal investments by the end of 2015. Axa, one of the world’s largest insurers, has become the first global financial institution to shun investments in coal companies. The French group, which has more than $1trn in assets under management, will sell EUR500m of coal assets between now and the end of the year, its chief executive, Henri de Castries, said at a business and climate change conference in Paris on Friday, reports Pilita Clark, environment correspondent. It will also invest EUR3bn in renewable energy between now and 2020. The move makes the French group by far the biggest recruit to an international fossil fuel divestment campaign that aims to stigmatise the use of coal, oil and gas because of their impact on the climate. Read More here 18 February 2016, Energy Post, Biofuels are back on the EU agenda. Biofuels are returning to the political agenda in Europe as EU policymakers start to shape a strategy for reducing greenhouse gas emissions from transport after 2020. Biofuels producers continue to argue that they are an essential part of the solution, even as the low oil price puts an end to several cutting-edge projects, the European Commission prepares to publish a new report about indirect land-use change (ILUC) and some stakeholders urge a full focus on electrification. Sonja van Renssen investigates. “Are we competitive? Certainly not in the short term, but the long term is what matters,” said Artur Auernhammer, a Member of the German Parliament and Chairman of the German Bioenergy Association (BBE) in his opening speech at a “Fuels of the Future” conference in Berlin, Germany, on 18 January. “Certified sustainable biofuels from Europe must be a key element in the European decarbonisation strategy both at present and beyond 2020.” Dr Veit Steinle from the German Federal Ministry of Transport and Digital Infrastructure concurred: “If the Energiewende is to be implemented properly in Germany, we need an energy transition in transport. Of course we’re putting money on biofuels in this regard.” “If we look at the current development of oil prices, it is very certain that at least in the short to medium term, the regulatory framework will be very, very important for the perspectives of biofuels.” – Bernd Kuepker, European Commission It is equally obvious for EU biofuels producers that they are part of the solution. But others have moved on. Jos Dings, Executive Director of Brussels-based NGO Transport and Environment, said in an interview: “The big change since the [EU’s] first climate and energy package [in 2008] is the rise of electric vehicles. In contrast, we’ve seen very little progress in liquid fuels.” Still, Gernot Klepper, Chairman of the Board for ISCC System, which certifies bio-based feedstocks and renewables, reminded delegates in Berlin that biofuels make up about a fifth of final energy consumption in transport in 2050, in the International Panel on Climate Change (IPCC)’s two degrees scenario. Read More here 15 February 2016, Science Daily, Removing carbon dioxide from the atmosphere. You may as well learn the expression “carbon-negative technology,” or Bio-CCS, right away, because it has become a talking point in technological circles. Gemini explains why. There exists a method, or technology, that is capable of reducing the level of carbon dioxide in the atmosphere. “In practice, the methods consists of capturing carbon dioxide emitted by “climate-neutral” processes such as the combustion of organic waste, pellets or sawdust,” explains SINTEF research scientist Mario Ditaranto, a specialist in combustion technology. It is then stored safely underground for ever, thus reducing its concentration in the atmosphere, because it has been eliminated from the natural carbon dioxide cycle. This is the only method we have to lower the level of atmospheric carbon dioxide, which is an important cause of our climate problems. The method is called Bio-CCS, and it is not new. Until now it has suffered from a rather mixed reputation as insignificant, expensive and limited in its range of applications. However, in the light of climate change and the recent COP21 summit in Paris, it is on the of everyone in the climatology field. In Norway, it has led to SINTEF, the environmental organisation Bellona and certain branches of Norwegian industry working together for a rapid breakthrough. “Superlight” geoengineering The reason for the growing popularity of Bio-CCS is that at the very least it can be regarded as an extremely mild and non-hazardous form of geo-engineering. The aim of geo-engineering is to counteract anthropogenic climaste changes by means of physical interventions. Launching huge sunshades into space and spraying >> millions of ?? tonnes of sulphur into the atmosphere to filter sunlight are a couple of suggestions. These have naturally led to heated debates about both the ethics and safety of such solutions. After all, what might be the consequences if we fix things in ways that only make them worse? Unavoidable More than 1000 estimates brought together in the latest report from the Intergovernmental Panel on Climate Change (IPCC)https://www.ipcc.ch/report/ar5/) show that even a significant but gradual brake on carbon dioxide emissions will not be sufficient if we are to avoid a serious climatic crisis. Read More here 15 February 2016, Renew Economy, Nuclear commission findings spell more trouble for wind and solar in Australia. The South Australian Royal Commission into the nuclear fuel cycle has conceded that nuclear power is not a viable alternative for Australia, but has urged authorities to consider it anyway – in what could have serious implications for the roll out of renewable energy across the country. The commission delivered the results of its “tentative” findings on Monday, indicating that it supports the establishment of a nuclear waste facility in the state, the storing of spent nuclear fuel and the expansion of uranium mining. On the subject of nuclear generation, the commission admitted that it wasn’t viable in South Australia in the foreseeable future (2030) – even with a significant carbon price and a sharp reduction in the cost of capital. It conceded that Australia should only adopt “proven” new nuclear technologies such as “small modular reactors” and next generation “fast reactors” , but that these were some way off, and likely to be very costly. But commission chairman Kevin Scarce wants the nuclear generation dream to continue. He admitted that while there were real risks in nuclear generation – and there are “no guarantees on its safety” – he doesn’t “think the positive side of nuclear power is being presented.” Despite the findings of the commission on the high costs of nuclear, and its unsuitability to the South Australian market in particular, he wants nuclear energy to be part of the national consideration because of the challenges Australia faces in meeting its emissions abatement task. In effect, he and the nuclear proponents are betting that Australia will fall short in its climate targets; and given the record of the Coalition government on climate policy – including the repeal of the carbon price, the slashing of the renewable energy target, the attack on key institutions and slow progress on energy efficiency – that is a fair bet. Read more here 15 February 2016, Renew Economy, Tasmania energy prices to soar as supply crisis forces switch to diesel gen-sets. Energy consumers in Tasmania – already facing a trebling in wholesale electricity prices since the state lost its grid connection to the mainland, now face yet another trebling in prices as the government turns to highly expensive diesel gen-sets to protect its rapidly depleting hydro resources. The Tasmania government late Friday announced it would turn to diesel gen-sets to ensure the lights would not go out and was ordering at least 200MW of containerised diesel generators to be installed as hydro levels continue to fall and the repair to the Basslink cable to the mainland is further delayed. Tasmania enjoys among the cheapest costs of wholesale energy in the country when it relies only on hydro and wind energy. But prices doubled to around $90/MWh when it decided to import 40 per cent of its needs from Victoria in the face of the driest spring on record which forced hydro levels to fall to near record levels. That cost rose further to more than $110/MWh when the Basslink cable failed in December, and the government had to accelerate its plan to bring back its Tamar Gas power station into production. That has brought back 280MW of gas capacity into production, and Hydro Tasmania is now planning to add another 75MW of gas and up to 200MW of diesel power in “containerised diesel generation.” The cost of diesel generation is expected to be at least $300/MWh and may be more. As some diesel was switched on at the weekend, the average price of electricity jumped to more than $160/MWh on Friday and Saturday. This compares to prices of around $40/MWh last summer. The situation is highlighting the fact that wind energy and solar energy would have provided much cheaper power, and obviously much cleaner power, except the state authorities have passed up opportunities to accelerate the deployment of those technologies, despite having a large hydro resource to act as a battery. Read more here 20 March 2019, Desmog Global Banks, Led by JPMorgan Chase, Invested $1.9 Trillion in Fossil Fuels Since Paris Climate Pact. A report published today names the banks that have played the biggest recent role in funding fossil fuel projects, finding that since 2016, immediately following the Paris Agreement’s adoption, 33 global banks have poured $1.9 trillion into financing climate-changing projects worldwide. The top four banks that invested most heavily in fossil fuel projects are all based in the U.S., and include JPMorgan Chase, Wells Fargo, Citi, and Bank of America. Royal Bank of Canada, Barclays in Europe, Japan’s MUFG, TD Bank, Scotiabank, and Mizuho make up the remainder of the top 10. This report comes as March has already brought deadly weather to places such as the American Midwest, where historic flooding has left four dead and farm losses could reach $1 billion, and Mozambique, where Tropical Cyclone Idai has devastated the East African country and President Filipe Nyusi estimated that more than a thousand people are likely dead. Both disasters have been linked to climate change. “Increased flooding is one of the clearest signals of a changing climate,” said 350.org co-founder Bill McKibben in a statement published by ThinkProgress, adding that flooded Nebraska’s “current trauma is part of everyone’s future.” Read more here 19 March 2019, The Guardian, Labor signals it won’t use Kyoto credits in final emissions policy. The shadow climate change minister, Mark Butler, has given a strong hint at a candidates’ forum in a key Victorian marginal seat that Labor won’t use carry-over credits from the Kyoto period in its final emissions policy. According to an attendee at the forum held in the electorate of Corangamite on Monday, Butler told the gathering he was not personally keen to use carry-overs if Labor won the coming federal election. Carry-over credits are an accounting system that allows countries to count credits from exceeding their targets under the soon-to-be-obsolete Kyoto protocol periods against their Paris emissions reduction commitments for 2030. Marian Smedley, a Greens candidate in last year’s Victorian election, told Guardian Australia Butler told the forum Labor was still taking submissions on carry-overs but he was not keen to use “dodgy accounting”. Smedley said Butler told the event it “might not even be legal” to use carry-over credits. Butler disputes he used that phrase. He told Guardian Australia he did not use the word legal. He said he told Monday’s gathering it still wasn’t clear how the Paris rule book would treat carry-over credits from Kyoto. Read more here 19 March 2019, The Guardian, Toyota’s Altona site to become hydrogen production and refuelling centre. Toyota and the Australian Renewable Energy Agency (Arena) will kick in $7.4m to transform part of the carmaker’s decommissioned car manufacturing site in Altona into a commercial-grade hydrogen production and refuelling site. The new centre will demonstrate the processes required to produce hydrogen from renewable sources through electrolysis, and then the subsequent compression and storage. Arena says the centre, once operational, will produce at least 60kg of renewable hydrogen each day, with onsite solar PV and battery storage providing electricity to support the energy requirements of the project. The president and chief executive of Toyota Australia, Matt Callachor, says the new centre on the Altona site will contribute to the carmaker meeting its target of zero CO2 emissions from sites and vehicles by 2050. “Hydrogen has the potential to play a pivotal role in the future because it can be used to store and transport energy from wind, solar and other renewable sources to power many things, including vehicles like the Toyota Mirai fuel cell electric vehicle,” Callachor said. Read more here
14 March 2019, Climate Home News, US and Saudi Arabia block geoengineering governance push. The US and Saudi Arabia blocked a Swiss push to develop geoengineering governance at the UN Environment Assembly this week.Switzerland withdrew its resolution at the summit in Kenya on Wednesday evening, after several failed attempts at compromise, the International Institute for Sustainable Development (IISD), an observer organisation, reported in a summary of the talks. The proposal would have directed the UN agency to study controversial geoengineering technologies, as a first step towards discussing if and how they should be regulated internationally. But the US and Saudi Arabia opposed any move that could crimp their ability to tackle climate change through geoengineering – and continue producing fossil fuels, according to two sources observing the negotiations, who asked not to be named. Brazil also voiced opposition, but less forcibly, they said.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.
