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 30 October 2015, Renew Economy, With latest fires crisis, Indonesia surpasses Russia as world’s fourth-largest emitter. New analysis reveals even more troubling news about Indonesia’s fires crisis. Emissions from this year’s fires have reached 1.62 billion metric tons of CO2—bumping Indonesia from the sixth-largest emitter in the world up to the fourth-largest in just six weeks. The analysis from Guido van der Werf with the Global Fire Emissions Database also reveals that: While the country may finally be getting some relief as heavy rainfall interruptsmonths of record-breaking fires and toxic smog in South Sumatra and Kalimantan, the damage to human health, the economy and the global climate has already been done. Read More here 28 October 2015, One Step Off the Grid, How Garnaut & Co plan to help communities take power back from the grid. Eleven years ago, Richard Turner was trying to nut out how to fit his kids’ cubby house with a solar panel and battery, to run a light and a television at night, when the sun wasn’t shining. Long story short, it was no easy DIY task. “Back then, there was no industry at all,” says Turner. The only suitable solar hardware he could find was from a local hobby shop. And then he needed to find a battery to match, and wiring, and make it all safe…“I worked it out, because I did physics and maths at school, and I enjoyed it. But I also did commerce and marketing, and I saw an enormous opportunity here to provide people with a fully branded and integrated (solar and storage) system. …There were no barriers to how big you could go.” Back in 2004, Turner took up that opportunity and the result was ZEN Technologies, now a highly successful Australian solar and storage company based in Adelaide. But since then another opportunity has presented itself to Turner, and that is to provide Australian consumers with an option to use 100 per cent renewable energy to power their homes, businesses or entire communities, at a cost cheaper than electricity from the grid. Read More here 28 October 2015, Climate Home, Australia PM Turnbull stands by coal amid moratorium calls. Recently annointed prime minister is defending mine expansion plans, to the ire of Pacific neighbours and climate campaigners. When Malcolm Turnbull ousted Tony Abbott as prime minister last month, climate watchers were hopeful he would reverse Australia’s coal-friendly stance. There was some sign of that this week, as newly appointed chief science advisor Alan Finkelenvisioned a world free of fossil fuels. Yet it has been business as usual for the country’s bullish mine expansion plans, which threaten international climate goals. That is despite 61 prominent Australians, from rugby player David Pocock to Nobel laureate Peter Doherty, backing Pacific islanders’ calls for a moratorium. Dismissing the idea, Turnbull told national journalists: “Coal is a very important part, a very large part, the largest single part in fact, of the global energy mix… and likely to remain that way for a very long time.” He variously argued that coal-fired power would reduce poverty in developing countries and that if Australia stopped exporting the black stuff, others would. “It would make not the blindest bit of difference to global emissions,” the Guardian reported him saying. Read More here 19 October 2015,ENOVA, Australia’s First Community-Owned Energy Retailer Awarded Licence. Enova Community Energy has moved one step closer to becoming Australia’s first community-owned energy retailer. On Friday 16 October, the Australian Energy Regulator (AER) approved Enova’s application for a retail licence, subject to completion of Enova’s current capital raising by late November. The approval means that when Enova succeeds in raising the necessary capital, it can get down to business in the Northern Rivers region of New South Wales, with its groundbreaking business plan that could change the way energy is marketed. Read more here 30 August 2018, NOAA, A hot, dry summer has led to drought in Europe in 2018. Prolonged heat and dryness during the summer of 2018 has turned formerly green fields into dusty, dying patches of soil all across Europe, leading to drought across many countries. If you were an astronaut 250 miles above earth zipping over Europe at the end of August, instead of seeing green blanketing much of the continent, you’d be surprised to see a huge amount of brown. This drastic color change has happened over just a couple of months. In fact, all it takes to see a green Europe would be to go back in time to the beginning of June, after spring rains helped create a verdant green blanket. So what happened in the following two months? It’s more like what hasn’t happened a lot. And that’s rain. A prolonged dry spell coupled with soaring, record-breaking temperatures has been a horrible combination for farms from Scandinavia and England in the north to France, Netherlands, and Germany to the south. In particular, July was incredibly hot for northern Europe. Temperatures in late July exceeded 90°F as far north as the Arctic Circle! In Norway, the far northern city of Badufoss hit 92°F on July 17. The city normally sees fewer than 25 days a year with a high over 68°F. In neighboring Finland, the town of Kevo also reached 92°F. Finland as a whole set its all-time hottest July as well. Read more here 30 August 2018, The Conversation, Spring is coming, and there’s little drought relief in sight. So far, 2018 has been very warm and exceptionally dry over large parts of mainland Australia. The Bureau of Meteorology’s climate outlook for spring, released today, shows that significant widespread relief is unlikely. The chance of a spring El Niño, along with other climate drivers, is likely to mean below-average rainfall for large parts of the country in the coming months. A dry winter for most of Australia Winter rainfall has been below average over most of Australia’s eastern mainland. Large parts of New South Wales are on track to have winter rainfall in the lowest 10% of records. This has compounded drought conditions in the east after mixed rainfall last year and a dry start to 2018 for much of the country. But it’s not just the lack of rainfall that has made the impact of drought severe. Another factor was the warmer than average daytime temperatures. Warmest January-August on record for some The 2017-18 summer average temperature was Australia’s second-warmest in 108 years of records, while autumn was Australia’s fourth-warmest on record. Winter 2018 is likely to be among the five warmest winters on record in terms of maximum temperatures. Many of the above-average daytime temperatures have been focused over the country’s southeast. In fact, South Australia, New South Wales and Victoria are all on track for their warmest maximum temperatures for the January to August period. The below-average rainfall combined with above-average maximum temperatures resulted in a rapid and intense drying of the landscape. This has led to unusually severe fire weather conditions in July and August – conditions more typically seen at the end of spring than the end of winter. Read more here 28 August 2018, The Guardian, ‘No real appetite’: former farmers chief lashes ministers over climate link to drought. Brent Finlay, former president of the National Farmers’ Federation, says Scott Morrison and Barnaby Joyce are the latest who are failing the bush. The former president of the National Farmers’ Federation, Brent Finlay, has accused politicians of “jumping in front of the cameras” while shirking effective policy work on drought and climate change. As Scott Morrison and his special drought envoy, Barnaby Joyce, toured south-west Queensland on Tuesday, Finlay described the former deputy prime minister and agriculture minister as the last in a long line of ministers who had “no real appetite” for national drought policy in a changing climate. “Climate change and connectivity are the two biggest issues facing the bush. Climate change is real and we have to have a national drought policy framed on what we know about climate change – the two are interlinked,” Finlay told Guardian Australia. “Instead of jumping in front of the cameras when a drought is on, we need them to do the grunt work on effective financial measures that allow our farmers to build up cash reserves in the good times to draw upon when the dry comes again.” He also called on governments to start rewarding good farmers who prepare for drought rather than the “less efficient” farmers. Finlay said politics had caused a failure of a national drought policy which should apply some structure to how farmers cope in drought and the nature of government assistance. “I went to Labor and the Coalition in 2013 when nowhere in Australia was in drought,” Finlay said. “The Labor government had dropped the exceptional circumstances funding program and I made the comment, this is gone now, what is the national drought policy? “Labor said they would do a policy before the 2013 election. [Former Coalition agriculture shadow spokesman] John Cobb said there would be something on drought. When Barnaby was appointed, he said it will be in the agriculture white paper. It was not there. Read more here 27 August 2018, Renew Economy, On first day as PM, Morrison learns difference between Big Battery and Big Banana. On his first day as prime minister, Scott Morrison got to test his theory that the Tesla big battery in South Australia is about as useful as the Big Banana in New South Wales. It didn’t work out well. Remember this? “I mean, honestly, by all means have the world’s biggest battery, have the world’s biggest banana, have the world’s biggest prawn like we have on the roadside around the country, but that is not solving the problem,” Morrison mocked in July last year, just a few months after waving a lump of coal around parliament. Well, it turns out that the Tesla big battery is more useful than the Big Banana in Coffs Harbour, or even the Big Prawn near Ballina, judging by the impacts of a dramatic loss of two transmission line on Saturday that caused major power outages in NSW and Victoria. The Tesla big battery, also known as the Hornsdale Power Reserve, was able to play a key role in helping keep the grid stable and the lights on in South Australia on Saturday, in its biggest threat since the 2016 blackout. It did solve a problem. Morrison’s Big Banana, on the other hand, wasn’t able to lift a finger to help customers in NSW. Such a shame they didn’t have a battery to help them. Here’s what happened. On Saturday, a dramatic loss of two major transmission lines just after 1pm – which the Australian Energy Market Operator blamed on lightning strikes – resulted in major load shedding in NSW and Victoria, including whole suburbs in Sydney and Newcastle, and elsewhere, and even two pot lines at the Tomago smelter in the Hunter Valley. The grids in South Australia or Queensland were both “islanded” by the explosion, which meant they were cut off from the main grid, but neither state lost power. 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.
