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 21 January 2016, Reuters, U.S. appeals court declines to block Obama carbon emissions plan. In a big victory for the Obama administration, a U.S. federal court on Thursday rejected a bid by 27 states to block its Clean Power Plan, the centerpiece of its strategy to combat climate change by reducing carbon emissions from power plants. A three-judge panel of the U.S. Court of Appeals for the District of Columbia Circuit issued a brief order denying an application seeking to stay the rule while litigation continues. The states, led by West Virginia, and several major business groups in October launched the legal challenges seeking to block the Obama administration’s proposal to curb carbon dioxide emissions from power plants. More than a dozen other states and the National League of Cities, which represents more than 19,000 U.S. cities, filed court papers backing the Environmental Protection Agency’s rule. The rule aims to lower carbon emissions from the country’s power plants by 2030 to 32 percent below 2005 levels. It is the main tool for the United States to meet the emissions reduction target it pledged at U.N. climate talks in Paris last month. For President Barack Obama, executing his climate change strategy would be a legacy-defining accomplishment. “We are confident that the plan will reduce carbon pollution and deliver better air quality, improved public health, and jobs across the country,” the White House said in a statement on Thursday. The court action means the regulation remains in place but it is not the final word in the legal fight. The appeals court still has to hear oral arguments on June 2 and decide whether the regulation is lawful. Read More here 21 January 2016, Climate News Network, Carbon capture plans need urgent aid. Call for governments to give financial backing for technology that could help save the world from overheating by preventing CO2 escaping into the atmosphere. Governments may no longer be investing in the capture of carbon dioxide in the atmosphere. But a new study says that doesn’t mean it’s a bad idea. It argues that the world just needs to think harder and spend more to make the technology work because, to contain climate change, it may prove the only realistic and affordable way to dramatically reduce carbon emissions. Many governments appear to agree, and include carbon capture and storage in their plans to keep the world from dangerous climate change, But, at the same time, many are abandoning many trials that are needed to make it work. David Reiner, senior lecturer in technology policy at the University of Cambridge Judge Business School, argues in the new journal Nature Energy that stopping trials is foolish. Effective answer In a world addicted to fossil fuel energy, but threatened with catastrophic climate change driven by the greenhouse gas emissions from those same fossil fuels, he says that one effective answer would be to capture the carbon dioxide before it gets into the atmosphere, and then store it. He writes that the only way to find out how to do this is to spend billions on a range of possible attempts at carbon capture and storage (CCS), and then choose the best one. “If we are serious about meeting aggressive national or global emissions, the only way to do it affordably is with CCS,” Dr Reiner says. “But, since 2008, we have seen a decline in interest in CCS, which has essentially been in lock step with our declining interest in doing anything serious about climate change.” Just before the UN climate change summit in Paris last December, the UK government cancelled a £1 billion competition to support large-scale demonstration projects. Since 2008, other projects have been cancelled in the US, Canada, Australia and Europe. Read More here 18 January 2016, The Conversation, Heading north: how the export boom is shaking up Australia’s gas market. You might have missed it, but last month something unusual happened in Australia’s eastern gas market. Gas in a major pipeline that normally flows from north to south started flowing in the opposite direction for the first time. This seemingly small change reflects big upheavals in Australia’s gas market as exports expand significantly. At Gladstone, Queensland, coal seam gas companies have invested around A$80 billion in equipment to chill gas to -160℃ and convert it to liquefied natural gas (LNG). This liquefied gas is then loaded onto ships and sold to overseas customers. Exports are well underway with over 80 70,000-tonne LNG cargoes loaded in 2015. As shown in the following chart, eventually three times as much gas will be exported from Queensland in the form of LNG each year as has historically been used in all of eastern Australia. Read More here 15 January 2016, Renew Economy, Australia snubs 1st major post-Paris summit after killing renewables target. ABU DHABI: Australia has chosen not to send any government representatives to the first major post Paris climate change conference, as new data confirms how the Coalition government has effectively killed the renewable energy target as an effective policy mechanism. In 2015, the world invested a record $US329 billion in renewable energy. But in Australia, the RET – the country’s primary policy mechanism – has attracted just $15 million in investment in nearly two years. The data, from Bloomberg New Energy Finance, confirms that since the Abbott government announced its review into the RET in early 2014, the scheme has been at a standstill. That remains the case – even though renewable energy certificates have jumped to record levels of $74/MWh – because utilities and financiers refuse to sign contracts, due to the lack of policy certainty and because they believe that the Coalition could change the target again. Indeed, more than half Australia’s investment in renewable energy in 2015 (of $A4.1 billion) comes from households and businesses, who spent $2.2 billion in 2015 adding rooftop solar PV to their home and commercial premises. Read More here 24 January 2019, ABC News, Antarctica’s winners and losers: How climate change will reshape the frozen continent. The rate of melting in Antarctica has almost tripled in the past five years, according to recent data. As the ice sheets retreat and seas remain ice-free for more of the year, some animals will reap the benefits, while others will suffer as their food and habitat disappears. Now scientists have attempted to quantify which animals will be the winners and losers as the frozen continent thaws. In research published in Frontiers in Marine Science today, scientists calculate the effects of pH, salinity, food availability, glacial retreat, sea ice loss, human impact and increased UV and wind on Antarctic animals in the near term for climate-driven habitat changes. The researchers calculated the net-benefit/impact of changes for each species using a simple, non-weighted scoring system. For instance, where temperature was calculated to benefit an animal, that species received 1 point. If diminished food availability was predicted, that species lost a point. Read more here 23 January 2019, Carbon Brief, Climate change’s impact on soil moisture could push land past ‘tipping point’. The impact of climate change on soil moisture could push the land past a “tipping point” – turning it from a net carbon “sink” to a source of CO2, a study finds. The research, published in Nature, shows that levels of soil moisture – which are impacted by rising temperatures and extreme events such as droughts – can have a “large negative influence” on the land’s ability to store carbon. It finds that the rate at which land absorbs carbon is likely to increase until the second half of this century as a result of the “CO2 fertilisation effect” – a phenomenon where increased CO2 levels in the atmosphere bolsters the growth and, therefore, carbon uptake of plants. However, after this point, the fertilisation is expected to “reach a peak”, the lead author tells Carbon Brief. This peak – combined with the negative impact of soil moisture changes – could turn the land “from a carbon sink to a carbon source, greatly accelerating climate change”, she says. The findings represent “a big step forward to show that soil moisture changes play a really important role” in how the land stores carbon, another scientist tells Carbon Brief. Read more here 22 January 2019, BusinessGree, Extreme weather cost global economy $215bn in 2018, AON estimates. Global cost of extreme weather last year higher than previous estimates, making 2017-18 costliest two-year period on record. The global economic costs of extreme weather hit $215bn after the planet was battered by hundreds of cyclones, floods, and wildfires last year, insurance giant Aon has estimated, further fueling concerns over the impact of increasing weather volatility in a changing climate. The figure is significantly higher than that estimated just last week by rival insurer Munich Re, which set the bill for extreme weather in 2018 at $160bn. The results mean 2017-18 was the costliest two-year period on record for extreme weather disasters at $653bn, according to Aon. Moreover, when natural disasters such as earthquakes are added to the mix, the 2018 figure rises to $235bn after 394 individual natural catastrophe events, calculates Aon’s ‘Weather, Climate & Catastrophe Insight 2018’ report, which was published today. Of the total $225bn in economic losses from natural disasters last year, private sector and government sponsored insurance programmes covered $90bn, meaning the protection gap – losses not covered by insurance – reached 60 per cent, which is the lowest level since 2005, the report said. Andy Marcell, CEO of Aon’s reinsurance solutions business, said 2018 was “another active year for natural disasters”. Read more here 18 January 2019, Politico, Pentagon: Climate change threatens military installations. Flooding, drought and wildfires driven by climate change pose threats to two-thirds of the U.S. military’s installations, the Defense Department said in a new report required by Congress. The authors of the report, which the Pentagon delivered to Congress on Thursday, note that it probably underestimates the full extent of risk to military facilities because it only looks at likely impacts over the next two decades. The UN’s Intergovernmental Panel on Climate Change has said the world needs to become carbon neutral by 2050 to prevent global temperatures from rising 1.5 degrees Celsius, which would lock in many of the most catastrophic effects of climate change. “It is relevant to point out that ‘future’ in this analysis means only 20 years in the future,” the report said. “Projected changes will likely be more pronounced at the mid-century mark; vulnerability analyses to mid- and late-century would likely reveal an uptick in vulnerabilities (if adaptation strategies are not implemented.)” President Donald Trump has regularly dismissed climate science, including reports like the the National Climate Assessment published in November by federal scientists that showed climate change was hitting all regions of the United States. 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.
