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 11 June 2015, Energy Post, Canada will find US shale oil revolution hard act to follow:The new edition of the BP Statistical Review of World Energy, just released, reports that the US recorded the largest increase in oil production in the world, surpassing Saudi Arabia, thanks to its shale revolution. Can Canada follow the US example now that huge new shale oil deposits have been identified in the country’s remote Northwest Territories? Andrew Topf of Oilprice.com reports that the oil may well be there, but the external conditions are very different from those in the famous Bakken Formation in the US. There are many hurdles to overcome before the Northwest Territories become another Bakken. Read More here 8 June 2015 Energy Post, Going for gas: the risky strategy of the world’s largest companies: They are the biggest companies in the world and they are making a huge bet: they are staking their – and our – future on natural gas. At the World Gas Conference in Paris, the major oil companies all avowed their belief that gas will be the world’s “fuel of choice”, because it is “the cleanest fossil fuel”, “abundant” and “competitive”. But Karel Beckman argues they are overstating the case for gas. And may even be betting on the wrong horse. “The question before us today defines our industry and perhaps our society in the 21st Century.” The “question” that Robert Franklin, President of Exxon Mobil’s Gas and Power Marketing Company, was referring to, during a panel debate at the World Gas Conference in Paris (1-5 June), was that of “how to meet the world’s energy demand while reducing the risk of climate change”. The answer to both sides of this question, he said, increasingly was: natural gas. Franklin was not alone. At the 26th edition of their triennial global gathering, the gas industry made it abundantly clear that they believe gas is the foremost solution to the world’s energy problems. One CEO after the other sang the praises of what Gazprom lovingly calls the “blue fuel”. Read More here 5 June 2015, New York Times, OPEC, Keeping Quotas Intact, Adjusts to Oil’s New Normal (what world do these men live in!!): The Organization of the Petroleum Exporting Countries agreed to keep the oil pumping, with no change in its production quotas, at the group’s meeting here on Friday. Even though oil prices are about 40 percent lower than a year ago,OPEC decided to keep its output target at 30 million barrels a day in an effort to maintain market share and respond to robust production in the United States. The Qatari minister of energy and industry, Mohammed bin Saleh al-Sada, who presided over the meeting, told reporters after the gathering that the decision had been unanimous and that the 12-country group was confident that “both demand and supply were of a healthy nature.” Read More here 16 March 2018, Aljazeera, The Paris Agreement is deeply flawed – it’s time for a new deal. The Paris accord is built on speculative ‘tech fantasies’. It can not save us from climate catastrophe. Everyone heaved a sigh of relief when the ink dried on the Paris Agreement. Finally, we thought, the world’s leaders had committed themselves to doing something about climate change. But behind all the fanfare, scientists have not been quite so optimistic. And now, as of this year, they’ve arrived at a startling consensus: the Paris Agreement is deeply flawed – and we’re going to need a better one. The problem is that the Paris deal is built on the assumption that highly speculative technologies are going to save us from climate catastrophe; specifically one called BECCS, or bioenergy with carbon capture and storage. The idea behind BECCS is to grow massive tree plantations around the world to absorb CO2 out of the air, then harvest the trees, convert them into pellets, burn them in power stations for energy, capture the CO2 that’s emitted from the smokestacks and store it deep under the ground. Voila: net-negative emissions. But BECCS has never been proven at scale; it is science fiction. In order to work as the Paris deal hopes, it would require plantations covering two to three times the size of India – a third of the planet’s arable land. Not only would this make it impossible to feed the world’s population, it would also be an ecological disaster. A team of researchers led by German scientist Vera Heck has found that BECCS would trigger a 10 percent loss of global forest cover and a 7 percent loss in biodiversity. It also risks driving further water scarcity, soil depletion, and chemical loading into ecosystems. Read More here 13 March 2018, The Conversation, More of us are drinking recycled sewage water than most people realise. The world is watching as Cape Town’s water crisis approaches “Day Zero”. Questions are being asked about which other cities could be at riskand what can they do to avoid running dry. In Perth, Australia’s most water-stressed capital, it has been announced that the city is considering reusing all of its sewage as part of its future water supply. Drinking recycled sewage is a very confronting topic. But what many people don’t realise is that we already rely on recycled sewage in many Australian water supplies. Even in Australia’s biggest city, Sydney, it is an important part of the water supply. This is because many large towns discharge their treated sewage into the catchment rivers that supply the city. But Perth is now looking to recycle all of its treated sewage. At the time of writing, the city’s water storages were at a low 35.3%. Cape Town’s reserves, by comparison, are at a critical low of 23.5% – but Perth was close to that point just a year ago when it was down to 24.8%. Perth has been progressively “drought-proofing” itself by diversifying the city water supply. River flow and storage in dams accounts for only 10% of this supply. Desalination and groundwater extraction provide about 90% of the city’s supply. Only about 10% of Perth’s sewage is recycled, through advanced treatment and replenishment into its groundwater supplies. Read More here 13 March 2018, Munich RE, Natural disasters in 2017 were a sign of things to come – New coverage concepts are needed. 2017 was a wake-up call. After a number of relatively benign years, natural disasters in 2017 caused overall losses of US$ 340bn. This was the second-highest annual loss ever and almost double the previous year’s level – a figure roughly equivalent to the annual GDP of Denmark, Egypt or Israel. Insurers had to pay out a record US$ 138bn in losses. It is crucial that insurers and reinsurers take account of statistically rare loss events in their risk management calculations. One such rare event was the torrential rainfall and severe flooding that Hurricane Harvey brought to the Houston area in August. The series of three extreme hurricanes that struck within the space of just a few weeks – Harvey, Irma and Maria – is also indeed rare but by no means impossible, especially as experts predict that certain types of extreme weather events are likely to become more frequent in the future as a result of climate change. 2017 therefore gave us a foretaste of what we can expect in the future. Once again, significantly less than half the losses were covered by risk transfer solutions: the share of insured losses was higher than the previous year, but at 41% still well below the 50% mark. And this even though more than four-fifths of all losses were in North America, with its high level of insurance density. Read More here 13 March 2018, E&E News, Models assume we’ll cover Earth in trees. That’s a problem. The farmland of central Illinois might rarely be at the forefront of controversial climate action — but its moment arrived last spring when a Decatur-based ethanol plant became one of the first of its kind to launch an ambitious strategy to combat global warming. It combines the production of biofuel with a special technology designed to capture the facility’s carbon dioxide emissions. It’s a fledgling version of a much bigger geoengineering strategy that some experts hope could reduce global emissions by removing carbon dioxide from the atmosphere. It’s known as “negative emissions.” The idea calls for massive plantations of trees and other crops to draw carbon dioxide out of the air. The trees could then be harvested for the production of energy or biofuels, with carbon capture technology used to sequester their emissions. The whole process would be carbon-negative. This could theoretically cool the climate. But it would have to be done at a massive scale. It’s still almost an entirely hypothetical concept. But it has rapidly risen to prominence as a strategy for meeting the world’s climate targets established under the Paris Agreement. It’s called “bioenergy with carbon capture and storage,” or BECCS. Consider this. The Intergovernmental Panel on Climate Change, in its Fifth Assessment Report, presented more than 100 modeled scenarios that it said had a high likelihood of keeping global temperatures within 2 degrees Celsius of preindustrial levels. Nearly all of them assumed that negative emissions technology would be viable and widely used, particularly BECCS. But there’s a major problem: Research increasingly suggests that the process is not feasible at the scale necessary to make a real dent in global climate goals — at least, not without causing massive environmental or social disruptions. If that’s the case, some experts worry that the models could mislead policymakers into believing there’s a definite “out” if global emissions don’t fall fast enough in the future. 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 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 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 Germany’s “Energiewende”, which translates as energy transition, conjures up images of bright, sunlit fields scattered with wind turbines and solar panels. But to its critics, it is a story of continued reliance on coal. Both stories are illustrated in Carbon Brief’s new interactive map of Germany’s electricity generating capacity. Our series of charts show how the coal problem reveals the challenge of decarbonising heat, transport and industry – issues that have remained largely hidden in countries such as the UK. Carbon Brief has also published a timeline tracking the history of the Energiewende and the German government’s attempts to secure its future. German energy in 2016 In common with many other rich nations, Germany’senergy use is in decline, even as its economy grows. (There have been ups and downs: the first half of 2016 saw energy use increase by nearly 2% year-on-year). Germany used 320 million tonnes of oil equivalent (Mtoe) in 2015, the same amount as in 1975. UK energy use has fallen even further, and is now at 1960s levels. (To clarify, this is referring to all energy used by the countries, not just electricity.) Oil overtook coal as Germany’s number one fuel in the early 1970s and today accounts for more than a third of the total. Coal use roughly halved between 1965 and 2000. Yet it has remained relatively flat since then and still supplies more energy than all low-carbon sources combined. Access interactive map and breakdown of energy sources here 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 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. 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?
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