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 16 October 2015, The Telegraph, Arctic offshore drilling to be cut back as US says it will not issue new leases. US decision to cancel future lease sales follows decision by Royal Dutch Shell to stop exploration in Chukchi and Beaufort seas. The Interior Department announced Friday it is cancelling future lease sales and will not extended current leases in Arctic waters off Alaska’s northern coast, a decision that significantly reduces the chances for future Arctic offshore drilling. The news follows a Sept. 28 announcement by Royal Dutch Shell that it would cease exploration in the Chukchi and Beaufort seas after spending upward of $7 billion on Arctic exploration. The company cited disappointing results from a well drilled in the Chukchi and the unpredictable federal regulatory environment. Interior Secretary Sally Jewell said the federal government is cancelling federal petroleum lease sales in U.S. Arctic waters that were scheduled for 2016 and 2017. “In light of Shell’s announcement, the amount of acreage already under lease and current market conditions, it does not make sense to prepare for lease sales in the Arctic in the next year and a half,” she said in a statement. Read More here 16 October 2015, BBC News, Paris climate summit: Major oil producers back ‘effective’ deal. The leaders of 10 of the world’s biggest oil companies have offered their qualified support for a new global treaty on climate change. The producers of 20% of the world’s oil and gas say they share the ambition to limit warming to 2C. They promise to work to reduce the greenhouse gas intensity of the global energy mix. But green groups were dismissive, saying that “arsonists don’t make good firefighters”. The Oil and Gas Climate Initiative represents major producers including BP, Shell, Saudi Aramco and Total among others….However the group of 10 does not include major US oil companies such as Exxon and Chevron. Environmental campaigners were quick to pour scorn on the oil and gas producers’ initiative, saying it would do little to aid the decarbonisation of the global economy. “The oil companies behind this announcement have spent years lobbying to undermine effective climate action, each and every one of them has a business plan that would lead to dangerous global temperature rises, yet suddenly they expect us all to see them as the solution, not the problem,” said Charlie Kronick from Greenpeace. “The world should thank them for their offer of advice but politely turn it down. Arsonists don’t make good firefighters.” Read More here 15 October 2015, Carbon Pulse, Australia reapproves gigantic Adani coal mine, Indian CO2 emissions to soar. Environment Minister Greg Hunt on Thursday reapproved the construction of Adani’s Carmichael coal mine in Queensland, Australia’s biggest ever which will see around 60 million tonnes of coal exported to India annually. Hunt first approved the mine last year, but a court annulled the approval earlier this year as the government had failed to take into account the mine’s impact on two threatened species. There has also been strong public opposition against the project amid suspicions it would damage the Great Barrier Reef. The minister said on Thursday the mine had now been “approved in accordance with national environment law subject to 36 of the strictest conditions in Australian history”. Coal from the mine will cause annual CO2 emissions of around 128 million tonnes – roughly similar to the combined GHG emissions of Norway and Sweden – although those emissions will take place in India, where the coal will be exported to. Indian owner Adani has estimated coal from the mine will create 3 billion tonnes of CO2 emissions over its 60-year lifespan. “With regard to the impacts of the emissions caused by the use of the coal from the mine, recipient nations will need to meet their obligations under the United Nations Convention on Climate Change,” Australia’s Environment Ministry said. Read More here 8 October 2015, Renew Economy, Hunt stacks Climate Change Authority with Coalition advisors and ex MPs. The Turnbull government has stacked the independent Climate Change Authority with Coalition advisors and former MPs in a bid to redress what it says have been “partisan” politics from the board of the institution that it had tried to dismantle. The CCA has been a thorn in the side of the Abbott government before and since its election in 2013. The Coalition tried to dismantle the authority, but was stymied by the Senate. Ultimately, it was saved in a bizarre deal cut with Clive Palmer that led to the repeal of the carbon price. However, the CCA has continued to attack the Coalition, criticising what is saw as “weak” emissions targets, and questioning the effectiveness of the core Direct Action policy. Only on Wednesday, at the All Energy conference in Sydney, environment minister Greg Hunt said the current board members – including academic and former Greens candidate Clive Hamilton, economist John Quiggin and climate scientist David Karoly – were “some of the strongest, most outspoken partisan political players in the country in this space.” “I respect these views, but I wouldn’t say it’s a body that has no political history,” Hunt said, and foreshadowed the appointment of new members who would be “really credible people”. On Thursday, he announced the list, which includes two people who advised the Coalition on its Direct Action policy and two former Liberal and National Party politicians. As the right-wing and climate denying Catallaxy Files blog, peopled by many commentators in The Australian, observed: “Looking at the names it looks like the Authority has been stacked. Good.” Read More here 26 August 2018, Renew Economy, Morrison names leading anti-wind campaigner as energy minister. New prime minister Scott Morrison has ended the experiment of combining the energy and environment portfolios, and appointed one of the country’s most prominent anti-wind campaigners as energy minister, and a former mining industry lawyer as environment minister. Morrison on Sunday unveiled his ministry, two days after pipping the ultra-conservative candidate Peter Dutton as head of the Liberal Party. He named Dutton numbers man Angus Taylor as energy minister, and Melissa Price – a former mining company lawyer – as environment minister, and in doing so appeared to abandon any efforts to seek emissions reductions in the electricity sector, or anywhere else for that matter. Morrison said Taylor – previously the Minister for Law Enforcement and Cyber security – would be the “minister for getting energy prices down.” Adding later, when asked about emissions and the future of the National Energy Guarantee: “It’s about reliability, price, keeping the lights on and getting prices down.” Remarkably, that is almost exactly what Taylor told 2GB shock jock Ray Hadley nearly a fortnight ago: “The obsession with emissions at the expense of reliability and affordability has been a massive mistake, Ray,” Taylor said. “I do think that we’re at a point now where we can get that balance right.” The appointment of Taylor – along with the retention of Dutton as Home Affairs Minister – seems to be Morrison gift of appeasement to the “shock-jock” Gods that are as suspicious of him as they were of Malcolm Turnbull. Taylor is one of the shock-jock favourites. Taylor has campaigned against wind farms – both near his family’s property near Nimmitabel and elsewhere – for years, but came to prominence in 2013 when, as the pre-selected member for Hume, he spoke at the so-called “wind power fraud rally” in Canberra. The poorly attended rally – barely 100 people – in front of parliament house in Canberra was organised by an anonymous and particularly nasty and hate-filled website called “Stop These Things”. Radio commentator and fierce renewable energy critic Alan Jones was host. The rally was addressed by several Coalition MPs – the only other speaker still in parliament is Craig Kelly, the outspoken chair of the backbench committee on energy. Read more here 24 August 2018, The Conversation, How hydrogen power can help us cut emissions, boost exports, and even drive further between refills. Hydrogen could become a significant part of Australia’s energy landscape within the coming decade, competing with both natural gas and batteries, according to a new CSIRO roadmap for the industry. Hydrogen gas is a versatile energy carrier with a wide range of potential uses. However, hydrogen is not freely available in the atmosphere as a gas. It therefore requires an energy input and a series of technologies to produce, store and then use it. Why would we bother? Because hydrogen has several advantages over other energy carriers, such as batteries. It is a single product that can service multiple markets and, if produced using low- or zero-emissions energy sources, it can help us significantly cut greenhouse emissions. Compared with batteries, hydrogen can release more energy per unit of mass. This means that in contrast to electric battery-powered cars, it can allow passenger vehicles to cover longer distances without refuelling. Refuelling is quicker too, and is likely to stay that way. The benefits are potentially even greater for heavy vehicles such as buses and trucks which already carry heavy payloads, and where lengthy battery recharge times can affect business models. Read more here 21 August 2018, Renew Economy, Turnbull survives as puppet of right wing, as Australia burns. At least in 2009 ,Turnbull left his job as then Opposition leader with his dignity intact. On Tuesday, Turnbull survived a spill against Peter Dutton by the less than convincing vote of 48-35. He gets to continue as prime minister, at least for a time, at the cost of his credibility and his dignity and at the behest of the party’s right wing. The man who on Monday shredded Australia’s latest attempts to patch together a climate and energy policy admits he is now beholden to every whim and fancy of the right wing, and has abandoned any pretence to lead. As former PM Tony Abbott observed with more than just a hint of malevolence: “What we want to know is, where are this prime minister’s convictions? We always thought that he was convicted on climate change issues.“I think he probably still is. And it was a conversion of convenience this morning.” For once Abbott says something we can agree with. Turnbull commands no respect in his party room, or much beyond it. His business backers are in despair. It’s worth reminding us what Turnbull said nearly a decade ago after being turfed out his role as head of the Liberal Party. 17 August 2018, The Conversation, drought, wind and heat: when fire seasons start earlier and last longer. The New South Wales Rural Fire Service declared the earliest total fire bans in its history this week. The entire state was declared to be in drought on the same day. The combination of winter drought and hot, dry weather has made dangerous fires increasingly likely. Already this week two fires on the south coast have escaped containment lines and destroyed houses. The weather during these fires was 6℃ warmer than the August average, dry and extremely windy. The wind speed peaked at 104 kilometres an hour in Bega and 85km/h in Nowra, two towns close to where fires broke out. Under these conditions, bushfires will spread quickly, produce large numbers of embers and are hard to stop. Our fire seasons now start earlier and last longer. This means we’re increasingly likely to see repeats of historically large fires threatening residential areas. Fire seasons are longer. Current dry conditions are reflected in the maps of live fuel moisture produced by Dr Rachael Nolan of Western Sydney University. It looks like NSW’s fire season has already started, and it’s likely to be bad. Last year’s fire season also extended well into autumn, with serious bushfires burning in mid-April. 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. 
“Now politics is about conviction and a commitment to carry out those convictions. The Liberal Party is currently led by people whose conviction on climate change is that it is “crap” and you don’t need to do anything about it. “Any policy that is announced will simply be a con, an environmental fig leaf to cover a determination to do nothing.” And we thought he was talking about Abbott! Read more here
.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.
