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 9 December 2015, Energy Post, New: renewables can now play important role in industrial development. Thanks to massive cost reduction, renewable energy can now be used by developing countries in their industrial growth strategies, which was unthinkable until recently, writes John Mathews of Macquarie University in Australia in a new publication from UNIDO, “Promoting Climate Resilient Industry“. Mathews notes that renewables can help countries expand manufacturing and create jobs, reduce local pollution, increase energy security and reduce import costs from fossil fuels. Oh, yes – and they reduce greenhouse gas emissions. The necessity to align industrial development strategies with climate change mitigation provides a chance to bring a fresh perspective to both issues. Energy has not been a central concern in industrial development strategies in the past. This was for the simple reason that it was always assumed that countries would industrialize using fossil fuels – in the same way that Western countries had relied on fossil fuels in the 19th and early 20th centuries, followed by East Asian countries as they likewise depended on coal, oil and gas in the second half of the 20th century. Renewable sources are now within reach of almost all industrializing countries, or will be so within a few short years. This changes everything. But a coal-driven industrial pathway does not look so attractive in the 21st century, especially when being pursued at the scale envisaged by China, India and other industrializing giants. One fresh perspective is that renewable energy sources can now be factored into development strategies. This was not even feasible just a few years ago because of concerns that costs were greater than those associated with consuming fossil fuels. But as China and other emerging giants have placed more and more emphasis on renewable sources – with a focus on water, wind and sun – so they have driven down the costs, with global repercussions. Renewable sources are now within reach of almost all industrializing countries, or will be so within a few short years. This changes everything. Read More here 8 December 2015, The Conversation, Removing CO2 from the atmosphere won’t save us: we have to cut emissions now. Over 190 countries are negotiating in Paris a global agreement to stabilise climate change at less than 2℃ above pre-industrial global average temperatures. For a reasonable chance of keeping warming under 2℃ we can emit a further 865 billion tonnes of carbon dioxide (CO2). The climate commitments to reduce greenhouse gas emissions to 2030 are a first step, but recent analyses show they are not enough. So what are the options if we cannot limit emissions to remain within our carbon budget? Emitting more than the allowance would mean we have to remove carbon from the atmosphere. The more carbon we emit over the coming years, the more we will need to remove in future. In fact, out of 116 scenarios consistent with 2℃ published by the Intergovernmental Panel on Climate Change, 101 scenarios require the removal of CO2 from the atmosphere during the second half of this century. That’s on top of the large emission reductions required. So how do we remove carbon from the atmosphere? Several technologies have been proposed to this effect. These are often referred to as “negative emissions technologies” because the carbon is being removed from the atmosphere (in the opposite direction to emissions). In a study published today in Nature Climate Change, which is part of a broader release by the Global Carbon Project, we investigate how big a role these technologies could play in halting global warming. We find that these technologies might play a role in climate mitigation. However, the large scales of deployment currently used in most pathways that limit warming to 2℃ will be severely constrained by environmental and socio-economic factors. This increases the pressure to raise the level of ambition in reducing fossil fuel emissions now. Read More here 8 December 2015, BBC News, UK ‘scores well’ on climate, for now. Denmark, the UK and Sweden have topped the international rankings in an index of countries combating climate change. The annual table is compiled by green groups Germanwatch and Climate Action Network. They analysed progress in the 58 countries producing more than 90% of energy-related CO2 missions. The organisers congratulated the UK for its performance to date, but say the government lacks a coherent vision for the future. The index takes into account emission levels, trends in emissions, energy efficiency, progress towards renewable energy and climate policy. It ranked the UK fifth in the world, after Denmark. The first three places were left empty because the organisers say no major nation is doing enough to cut emissions. Wendel Trio, one of the principal authors, told BBC News the UK had earned its slot because of overall low emissions, climate policy over several years, a fast-growing renewables sector from a low base, and a commitment to phase out coal. But he said the UK was in danger of losing its grade. …..Kit Vaughan from the charity Care International pointed out that the review had been done two months ago – before the government’s recent “reset” which downgraded renewable energy. He said: “It is clearly out of date. Both Denmark and the UK have recently gone backwards at high speed, slipping from climate champions to carbon culprits. “It shows how quickly this government is able to take a wrecking ball to previously progressive climate action and just how quickly enlightened climate policy can be ripped up and systematically dismantled.” Read More here 5 December 2015, Climate News Network, Saudis still hooked on oil habit. COP21: Despite making pledges to cut back on its large-scale fossil fuel emissions, Saudi Arabia’s oil production is continuing to run at record levels. PARIS, 5 December, 2015 − Saudi Arabia, the world’s biggest oil exporter and one of the world’s top per capita emitters of greenhouse gases, has traditionally voiced little concern about climate. So there was some surprise when, in advance of the current UN climate change summit in Paris, the country announced that it was aiming to cut back on its C02emissions. The problem is that the pledge comes with some important caveats that seem to render the whole exercise meaningless. More than 180 countries have so far submitted pledges – referred to in UN jargon as Intended Nationally Determined Contributions (INDCs) − to the summit to cut back on emissions of greenhouse gases. Export revenues Under the Saudi plan, there will be an annual cutback of up to 130 million tonnes of emissions by 2030. But they say that such cutbacks will only be made as long as there is “a robust contribution from oil export revenues to the national economy”. They also warn that should any agreement made at the Paris talks create what is termed an “abnormal burden” on the country’s economy, then the climate-related commitments would be weakened. Read More here 24 October 2018, New York Times, Scientists Push for a Crash Program to Scrub Carbon From the Air. With time running out to avoid dangerous global warming, the nation’s leading scientific body on Wednesday urged the federal government to begin a research program focused on developing technologies that can remove vast quantities of carbon dioxide out of the atmosphere in order to help slow climate change. The 369-page report, written by a panel of the National Academies of Sciences, Engineering and Medicine, underscores an important shift. For decades, experts said that nations could prevent large temperature increases mainly by reducing reliance on fossil fuels and moving to cleaner sources like solar, wind and nuclear power. But at this point, nations have delayed so long in cutting their carbon dioxide emissions that even a breakneck shift toward clean energy would most likely not be enough. According to a landmark scientific reportissued by the United Nations this month, taking out a big chunk of the carbon dioxide already loaded into the atmosphere may be necessary to avoid significant further warming, even though researchers haven’t yet figured out how to do so economically, or at sufficient scale. And we’ll have to do it fast. To meet the climate goals laid out under the Paris Agreement, humanity may have to start removing around 10 billion tons of carbon dioxide from the air each year by mid century, in addition to reducing industrial emissions, said Stephen W. Pacala, a Princeton climate scientist who led the panel. That’s nearly as much carbon as all the world’s forests and soils currently absorb each year. Access More here 22 October 2018, Renew Economy, Renewable hydrogen to be trialled in Sydney gas network. An Australian-first project that will demonstrate the potential for green hydrogen to be stored and transported for use via Australia’s existing gas networks has won the backing of the Australian Renewable Energy Agency. The $15 million, two-year trial – led by gas network operator, Jemena – will produce renewable hydrogen from solar and wind energy, and inject it into the local LNG network. Jemena – which has a network of 1.3 million gas customers in New South Wales – will produce the green hydrogen via a demonstration-scale 500kW electrolyser, which it will build at its facility in western Sydney. ARENA said on Monday that it would contribute $7.5 million in funding to the trial – known as Project H2GO – in an effort to test renewable hydrogen for domestic use and demonstrate the potential for its storage in gas networks. According to ARENA, Hydrogen can be safely added to the natural gas mains at concentrations of up to 10 per cent without affecting pipelines, appliances or regulations. The trial with Jemena, however, would explore the technical, regulatory, environmental and economic barriers to the production and use of hydrogen in various Australian conditions. Some of the hydrogen produced by the electrolyser will also be used in a gas engine generator for electricity generation back into the grid, as well as in an onsite Hydrogen Refuelling Station for fuel cell vehicles. Access more here 20 October 2018, Carbon Brief, Solar geoengineering may not halt ocean warming, study says. Spraying aerosols high in the stratosphere could dampen global warming over land, but may not prevent the oceans from heating up, new research says. The findings suggest that this type of “solar geoengineering” – a set of techniques that aim to tackle global warming by reflecting sunlight back into space – may not necessarily stem sea level rise or prevent damage to the world’s marine ecosystems. The research indicates that solar geoengineering could carry “major uncertainties and risks”, the lead author tells Carbon Brief. The study also raises the issue of whether global average temperature “is the best metric to control” when addressing the impacts of climate change, another scientist tells Carbon Brief. Scientists have suggested that releasing aerosols into the atmosphere – a technique known as “stratospheric aerosol injection” – could cool the planet in a similar way to a large volcanic eruption. When a volcano erupts, it sends an ash cloud high into the atmosphere. The sulphur dioxide released in the plume combines with water to form sulfuric acid aerosols, which reflect away incoming sunlight, temporarily cooling the Earth. Artificially introducing aerosols into the atmosphere – via a plane or a high-altitude balloon – could have a similar cooling effect, researchers say. The idea has never been tested, but previous research using computer simulations suggests that releasing aerosols could help limit global temperature rise to 1.5C – the aspirational target of the Paris Agreement – and keep rainfall from becoming irregular. However, an aerosol sunshade would not protect the planet from rising CO2 emissions – which is causing oceans to become more acidic and crops to become less nutritious, among other problems. The new study, published in Nature Geoscience, identifies, for the first time, another potential downfall of the proposed technique: it may not be able to limit warming in the deep ocean. Access more here 10 October 2018, The Guardian, Dutch appeals court upholds landmark climate change ruling. A court in The Hague has upheld a historic legal order on the Dutch government to accelerate carbon emissions cuts, a day after the world’s climate scientists warned that time was running out to avoid dangerous warming. Appeal court judges ruled that the severity and scope of the climate crisis demanded greenhouse gas reductions of at least 25% by 2020 – measured against 1990 levels – higher than the 17% drop planned by Mark Rutte’s liberal administration. The ruling – which was greeted with whoops and cheers in the courtroom – will put wind in the sails of a raft of similar cases being planned around the world, from Norway to New Zealand and from the UK to Uganda. Marjan Minnesma, the director of the Urgenda campaign which brought the case, called on political leaders to start fighting climate change rather than court actions. She said: “The special report of the IPCC emphasises that we need to reduce emissions with much greater urgency. The Dutch government knows that as a low-lying country, we are on the frontline of climate change. Our own government agencies recently concluded that in the worst case scenario sea levels might rise by 2.5 to 3 metres by the end of the century. The court of appeal’s decision puts all governments on notice. They must act now, or they will be held to account.” Jesse Klaver, the leader of the Dutch Greens welcomed the decision as “historic news”. He told the Guardian: “Governments can no longer make promises they don’t fulfil. Countries have an obligation to protect their citizens against climate change. That makes this trial relevant for all other countries.” The Dutch government must now decide whether to appeal to the Netherlands’ supreme court, or explain how it will nearly double the entire amount of greenhouse gas emission cuts it has made since 1990 within one year. One of two newly opened coal plants would have to be shut down to comply with the original court ruling, according to a report by CE Delft in 2016. Government sources did not immediately respond to requests for comment but an appeal is thought likely. However, legal sources cautioned that its success was far from assured, given the conservative nature of two courts in The Hague which had now ruled for the Urgenda campaign, and its 886 citizen co-litigants. 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.
