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 20 August 2015, The Guardian, BP lobbied against EU support for clean energy to favour gas, documents reveal. BP was part of oil and gas lobby that successfully undermined EU renewable energy targets and subsidies in favour of gas as a climate fix in 2011. The fossil fuel giant BP helped spur a concerted industry push to curb EU policy support for renewable energies such as wind and solar in favour of gas, the Guardian has learned. The European commission last year outlawed most subsidies for clean energy from 2017, and ended nationally-binding renewable targets after 2020, despite opposition from environmentalists and clean energy firms. The policy decisions were however requested by BP, Shell, Statoil and Total, and by trade associations representing a plethora of oil and gas majors. “It is clear that the fossil fuel companies worked strongly together to get rid of the binding renewable targets and ensure there would be no binding efficiency targets either,” Wendel Trio, the director of Climate Action Network Europe told the Guardian. In October 2011, the Dutch oil and gas firm Shell first proposed that a sole greenhouse gas target take the place of policies that also supported renewables. Shell argued this would allow gas to cut coal-fired emissions, using the EU’s Emissions Trading System (ETS) as a policy lever. Papers obtained by the Guardian in an access to documents request show that just four weeks later, BP also asked Barroso to discuss a similar idea with Jean-François Cirelli, the president of its Eurogas trade association. Read more here 20 August 2015, SMH, Adani mine a $20b project creating 10,000 jobs? The Abbott government’s myths busted. When it comes to Australia’s largest coal mine, the Abbott government has a difficult relationship with the truth. If you haven’t heard, Australia is under siege from a new kind of eco-warrior, one with a manual and money for legal challenges designed to endlessly frustrate economic development. At the centre of this battle is the proposed Carmichael coal mine in Queensland. The mega mine, led by Indian billionaire Gautam Adani, has had its federal environmental approval set aside. Why? Because a Queensland environment group – the Mackay Conservation Group – exercised its legal rights and used a federal court challenge to expose a flaw in the government’s assessment of that project. The government now wants to remove those legal rights and hinder the ability of green groups to access the courts. The Parliament is clearly entitled to debate whether Australia’s environment laws are working as they were intended. But it should not be too much to expect that the government defend its position with arguments that have some semblance to the truth. To make its case to protect growth and jobs and stop “vigilante litigation”, ministers have repeatedly relied on inflated numbers, distortions and blatant inaccuracies about the Adani project to make their case. Here are some: Read More here 19 August 2015, Renew Economy, The six big lies in Tony Abbott’s attack on the environment. The Abbott government has revealed plans to repeal a section of Australia’s environment laws that allows green groups to challenge approvals for mining projects and other large developments in the courts. Federal Attorney-General George Brandis said the government would seek to repeal section 487 (2) of the Environment Protection and Biodiversity Conservation Act and “return to the common law”, after it was used successfully by the Mackay Conservation Group to overturn the federal environment minister’s approval of the Carmichael mega-coal mine in Queensland’s Galilee Basin. The following is a run-down of the six big lies at the centre of the Coalition’s latest attack on the environment…Read More here 18 August 2015, The Guardian, Abbott government war on green ‘saboteurs’ is Laurel and Hardy slapstick. The Coalition’s ‘war on environmental vigilantes and saboteurs’ isn’t consistent: it’s waged against anti-coal activists but in support of anti-windfarm activists. Even for the Abbott government the inconsistencies in the latest “war on environmental vigilantes and saboteurs” are astonishing. And the slapstick nature of its attempt to use the issue as a political wedge is up there with Laurel and Hardy. When an environment group successfully uses 16 year-old national environmental laws to delay a project, the Abbott government tries to change the law to prevent them from ever doing it again. But if an anti-windfarm group can’t find a way to use existing laws and regulations to stop or delay a project, the Abbott government tries to change laws and processes to make it easier for them to succeed. The first is called green “vigilantism” and “sabotage” and the second is, according to environment minister Greg Hunt, a reasonable response because “many people have a sense of deep anxiety, and they have a right to complain.” The government calls regulations that stop fossil fuel or mining projects “green tape”, but a wind commissioner and yet another scientific committee to look at unsubstantiated health complaints regarding wind turbines is apparently no kind of “tape” at all. Read More here 19 June 2018, Perspective Journal, Trajectories of the Earth System in the Anthropocene. We explore the risk that self-reinforcing feedbacks could push the Earth System toward a planetary threshold that, if crossed, could prevent stabilization of the climate at intermediate temperature rises and cause continued warming on a “Hothouse Earth” pathway even as human emissions are reduced. Crossing the threshold would lead to a much higher global average temperature than any interglacial in the past 1.2 million years and to sea levels significantly higher than at any time in the Holocene. We examine the evidence that such a threshold might exist and where it might be. If the threshold is crossed, the resulting trajectory would likely cause serious disruptions to ecosystems, society, and economies. Read more here 17 June 2018, Resilience, Leaked U.N. climate change report shows inverted thinking on growth. The Reuters news service managed a genuine journalistic coup by getting an advance copy of a U.N. climate change report not due out until October. Given what the report says—it’s dire—and the fact that the climate isn’t going to stop changing while the report gets reviewed, somebody decided to get the ball rolling. Reuters has so far chosen not to make the entire draft available. But from its reporting we can see already the contradictory thinking that remains a barrier to facing up to climate change, to wit: Global warming is on course to exceed the most stringent goal set in the Paris agreement by around 2040, threatening economic growth… This kind of thinking is so obviously inverted, and yet the inversion is entirely invisible to most people. While it may be true that global warming threatens economic growth, it is far more salient to say that economic growth threatens us with global warming. There is a partial but perhaps unconscious recognition of this fact in the following from the Reuters story: The report outlines one new scenario to stay below 1.5°C, for instance, in which technological innovations and changes in lifestyles could mean sharply lower energy demand by 2050 even with rising economic growth. Generally speaking, changes in lifestyle on a scale necessary to bring about “sharply lower energy demand” would mean an end to economic growth. What is supposed to keep growth going in this scenario is, of course, technological innovation. While it is true that innovation can make energy production less carbon intensive, what it can’t do is prevent people from using more energy, especially if supply continues to grow and the price remains affordable. Energy efficiency generally makes energy cheaper even as the person being efficient saves money. Without caps on the absolute amount of energy we can all use, energy efficiency just leads to higher energy consumption. This is called the Jevons Paradox. Read More here 13 June 2018, Carbon Brief, Sea level rise due to Antarctic ice melt has ‘tripled over past five years’. The rate of sea level rise resulting from the melting of the Antarctic ice sheet has tripled over the past five years, according to new research from a global team of scientists. The study, published in Nature, finds that ice loss from Antarctica has caused sea levels to rise by 7.6mm from 1992-2017, with two fifths of this increase occurring since 2012. At a press conference held in London, scientists said the results suggest that Antarctica has become “one of the largest contributors to sea level rise”. A glaciologist not involved in the paper tells Carbon Brief that the findings show “there now should be no doubt that Antarctica is losing ice due to regional climate change, likely linked to global warming”. Melting continent The new research was carried out by a team of scientists from the Ice Sheet Mass Balance Inter-comparison Exercise (IMBIE). The international group was established in 2011 with the aim of creating a comprehensive view of how melting in world’s polar regions could be contributing to sea level rise. In its last assessment report, released in 2012, it found that ice melt in Antarctica was causing global sea levels to rise by 0.2mm a year. (Over the past two decades, global sea levels have risen around 3.2mm a year in total.) However, the new analysis finds that Antarctic ice melt is now driving sea level rise of 0.6mm a year – suggesting that the rate of melting has increased three-fold in just five years. The results show that Antarctic ice melt has become “one of the largest contributors to sea level rise”, says Prof Andrew Shepherd, co-leader of IMBIE and director of the Natural Environment Research Council (NERC) Centre for Polar Observation and Modelling based at the University of Leeds. Speaking on the sidelines of a press conference held in London, he explains the significance of the new findings to Carbon Brief. Read more here 6 June 2018, Climate Central, Global Conveyer Belt: Ocean Current Slowing. June 8 is World Oceans Day, a time to raise awareness about the importance of the oceans to our planet. Ocean currents and broader circulations move vast amounts of water around the world, redistributing heat and energy, and helping regulate the global climate. Wind-driven currents like the cold California Current and the warm Gulf Stream are drivers of local climates. But a larger ocean circulation caused by differences in temperature and salinity drives even greater amounts of water around the world. This thermohaline circulation, also known as the global ocean conveyor belt, involves both surface and deep water throughout the global ocean. But the conveyor appears to be slowing down. Fresh water from the melting Greenland ice sheet is running into the North Atlantic, decreasing the salinity of the ocean there so the water does not sink as much. Reconstructions from corals in combination with global simulations indicate the conveyor is slowing, with one estimate indicating a 15 percent slowing of the conveyor since the middle 20th century. This slowing circulation means less heat is transported into the North Atlantic, so the water there is colder, and this leaves the warmer water to dwell longer in the western Atlantic. The warming water can add additional fuel to coastal storms along the East Coast of the U.S., and its slower movement means higher sea levels there, as the slower speed effectively piles up water along the coastline. The conveyor also brings nutrient-rich water into the Atlantic from the deeper waters of the Southern Ocean, so the slowdown diminishes the supply of these nutrients that aid the growth of seaweed and algae, which are among the components at the base of the ocean food web. 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.
