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 17 December 2015, The Guardian, There is a new form of climate denialism to look out for – so don’t celebrate yet. After the signing of a historic climate pact in Paris, we might now hope that the merchants of doubt – who for two decades have denied the science and dismissed the threat – are officially irrelevant. But not so fast. There is also a new, strange form of denial that has appeared on the landscape of late, one that says that renewable sources can’t meet our energy needs. Oddly, some of these voices include climate scientists, who insist that we must now turn to wholesale expansion of nuclear power. Just this past week, as negotiators were closing in on the Paris agreement, four climate scientists held an off-site session insisting that the only way we can solve the coupled climate/energy problem is with a massive and immediate expansion of nuclear power. More than that, they are blaming environmentalists, suggesting that the opposition to nuclear power stands between all of us and a two-degree world. That would have troubling consequences for climate change if it were true, but it is not. Numerous high quality studies, including one recently published by Mark Jacobson of Stanford University, show that this isn’t so. We can transition to a decarbonized economy without expanded nuclear power, by focusing on wind, water and solar, coupled with grid integration, energy efficiency and demand management. In fact, our best studies show that we can do it faster, and more cheaply. Read more here 17 December 2015, Renew Economy, Tasmania switches gas fired generator back on as hydro runs low. Hydro Tasmania has announced that it will re-assemble and restart its Tamar Valley gas-fired generators for the first time in 18 months in response to the driest spring in the state ever recorded. The state-owned company, which powers the local grid mostly with hydro and wind energy, and exports some of that to the mainland, says hydro levels have sunk to around 25 per cent after the driest September to November period on record, although better inflows have been received in recent weeks. It says that restarting the Tamar Valley gas generators, which operate as a combined cycle gas turbine (broadly equivalent to base load rather than peaking) makes “good commercial sense”. Presumably because it allows the limited hydro to be conserved for higher pricing peaking events. The fall in hydro reservoirs is not just a problem in Tasmania. Earlier this year, Snowy Hydro decided to pay $234 million for the Colongra gas-fired power plant in NSW. Even though the plant had only operated for a total of 300 hours in 5 years, and rising gas prices basically priced it out of the market, Snowy Hydro bought the gas peaking plant as an insurance against the risk of declining water levels. Its gas plants in Victoria performed a similar role in the last drought in that state. Read more here 14 December 2015, Renew Economy, Hidden gem in Paris deal condemns coal to early demise. When France foreign minister Laurent Fabius brought the gavel down on Saturday night and declared the Paris Agreement on climate change action was sealed, the reaction was almost immediate. Within the conference hall it was greeted with cheers, hugging and great emotion. Outside, the agreement to cap temperature rises “well below 2°C” and as low as 1.5°C signalled a remarkable achievement that had one major implication: the end of the fossil fuel era is nigh. ….But if that is what the fossil fuel industry and the Coalition government are really thinking, then the evidence suggests that they are kidding themselves. One little gem, alerted to me by the Potsdam Institute’s Malter Meinshausen (on the dance floor of the COP after party of all places) puts the agreement in a new perspective. It is this paragraph, article 17, in the decisions text of the deal: “Clause 17. Notes with concern that the estimated aggregate greenhouse gas emission levels in 2025 and 2030 resulting from the intended nationally determined contributions do not fall within least-cost 2 ̊C scenarios but rather lead to a projected level of 55 gigatonnes in 2030, and also notes that much greater emission reduction efforts will be required than those associated with the intended nationally determined contributions in order to hold the increase in the global average temperature to below 2 ̊C above pre-industrial levels by reducing emissions to 40 gigatonnes or to 1.5 ̊C above pre-industrial levels by reducing to a level to be identified in the special report referred to in paragraph 21 below”; OK, now for a quick translation. The world currently emits around 50 gigatonnes of greenhouse gas emissions a year. Even if all the pledges put together by 186 nations before and during the Paris climate talks were enacted, these emissions would grow to around 55 gigatonnes of GHG emissions a year by 2030. But to meet the 2°C target, the world will need to reduce those emissions to 40 gigatonnes a year. And to reach that level, they are likely going to have to reverse direction before 2020. What’s more, if the world does move to that aspirational goal of capping temperatures to 1.5°C above pre-industrial levels, then it is going to have to move a lot faster, and a lot more dramatically than that. That trajectory will be outlined by a new IPCC report due in 2018. Read More here 13 December 2015, Renew Economy, Lomborg legacy: Why Turnbull Coalition still doesn’t get it. In the final, frantic, virtually sleepless hours in Paris before the global climate deal was finalised on Saturday, Australia found itself on the outer of a powerful international movement. Canada, once joined at the hip with Australia as one of the developed world’s two “climate dunces”,signed up to the Coalition for High Ambition – a 100-strong grouping of countries pushing for an ambitious climate treaty that sought to limit global warming to 1.5°C. Then came Brazil, breaking away from its traditional allies India and China to declare that “if you want to tackle climate change, you need ambition and political will.” It was not a formal voting block, but its influence in the final days of the talks was critical. This was acknowledged by the cheers in the plenary session on the final day of the Paris talks when Marshall Islands foreign minister Tony de Brum walked in at the head of his coalition colleagues. Australia was not among them. It had found itself marginalised as we explained on Friday, by the lingering impact of Tony Abbott’s war on climate policies and renewable energy. Foreign minister Julie Bishop then made a last minute bid to sign Australia up. But it wasn’t until the Coalition had arrived on the floor of the plenary session where France announced – to general acclimation – that the finalised text would be soon released, that Bishop managed to secure her “pin”. By then, it was all but over. Read More here 14 November 2018, The Conversation, The bitter lesson of the Californian fires. California is burning, again. Dozens of peoples have been killed and thousands of buildings destroyed in several fires, the most destructive in the state’s history. The California fires are just the most recent in a series of major wildfires, including fires in Greece in July this year that killed 99 people, Portugaland Chile in 2017, and Australia. Why do wildfires seem to be escalating? Despite president Donald Trump’s tweet that the California fires were caused by “gross mismanagement” of forests, the answer is more complex, nuanced, and alarming. What caused the California fires? The current California fires reflect a complex mix of climate, social, and ecological factors. Fuels across California are currently highly combustible due to a prolonged drought and associated low humidity and high air temperatures. Indeed, it is so dry fires burn freely through the night. Such extreme weather conditions have the fingerprints of climate change. Read More here 9 November 2018, Renew Economy, Malcolm Turnbull’s double back-flip on 100 per cent renewable energy. Nearly four years after he gushed about electric cars and the thrilling prospects of a battery storage-driven energy revolution, Malcolm Turnbull has shaken off his political shackles and rejoined Team Renewables. In his first major media appearance since being ousted as Prime Minister and leader of the Liberal Party, Turnbull answered audience questions on ABC TV’s Q&A program – including one on energy from tech billionaire and founder of the new Fair Dinkum Power brand and movement, Mike Cannon-Brookes: “Our vision is that Australia can get to 100 per cent renewables and beyond, and that this transition… is not only good for the planet, it presents one of the greatest economic opportunities for our country,” Cannon Brookes said. “So my question to you is, what’s your advice to get politicians on board with our vision? And will you join us?” Turnbull – after some prevarication – conceded that running Australia on 100 per cent renewable energy generation was “theoretically” achievable, with the right mix of generation, storage and supporting technology. This is something he has acknowledge before, when speaking for instance at the launch of the BZE 100 per cent renewable energy plan when he was languishing on the Coalition back-bench. As prime minister, of course, he seized on the blackout in South Australia to demonise renewables and has been dismissing the federal and state renewable targets from Labor as “reckless”. But now he’s back on board with 100 per cent renewables, and it doesn’t seem quite so reckless. Read More here 3 November 2018, The Guardian, Adani yet to sign royalties deal despite claiming to be close to financing mine. The Adani mining company has still not signed a royalties agreement with the Queensland government, despite its claims to be just weeks away from green-lighting the Carmichael mine. This week, Adani’s Australian mining head, Lucas Dow, gave a series of interviews claiming the company was close to financing a slimmed-down, $2bn integrated Carmichael mine, rail and port proposal. Analysts say the strategy is to get the mine into production while spending as little upfront cash as possible. Guardian Australia understands it relies heavily on vendor financing agreements, in which payments to contractors and suppliers are effectively withheld for several years. Adani now insists it can start Carmichael for a fraction of the investment previously required. But Queensland government sources say the slimmed-down plan calls into question Adani’s eligibility to delay payment of royalties.The Queensland treasurer, Jackie Trad, confirmed in a statement that Adani had not yet signed any royalties deal. The government and Adani reached an in-principle agreement about royalties 18 months ago that it is understood would have allowed Adani to defer royalty payments analysts estimate are worth up to $315m in the early years of production. Three days before that agreement was reached, the government adopted a “transparent framework” to allow “first movers” in resource areas to defer royalty payments, which would accrue interest. The framework also served as a compromise to secure support from members of Labor’s left faction uncomfortable with providing direct assistance to Adani. “Our position was originally put to Adani in May last year and we are awaiting their agreement to these terms,” Trad told the Guardian on Friday. Guardian Australia understands clauses in that framework now appear problematic for any formal royalties deal. Access more here 2 November 2018, Renew Economy, A “bat symbol” for renewables: Cannon-Brookes launches “fair dinkum” power. Scott Morrison’s grasp on his favourite Alan Jones-approved energy policy slogan, “fair dinkum power,” continues to slip, as the campaign to reclaim it for renewables rather than coal gains serious momentum. As we reported here yesterday, tech billionaire Mike Cannon-Brookes late Wednesday launched a series of tweets challenging the Morrison government over its labelling of “baseload” and coal power as “fair dinkum” generation, and called for a “movement” to embrace wind and solar – and to dub that “fair dinkum power”. Since then, Cannon-Brookes has registered the brand, created a new Twitter handle, crowd sourced a logo (see above), and is in the process of putting in place “some sort of licensing plan” to use @fairdinkumpower to promote local innovation in renewable energy, storage and other future-supporting technologies. “We’re going to give away the logo, we’re going to open-source it if you like, and try to get people to put their people power behind it,” Cannon-Brookes told The Project on Network Ten on Thursday night. “(It will be a sort of) bat symbol for renewable energy generation, if you like, for people to rally behind. “We’ll use it to promote a lot of Aussie innovations, put it on the side of the (Tesla/Neoen big battery in South Australia). Show the world what we do.” Access 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.
