What you will find on this page: LATEST NEWS; Fossil fuel emissions have stalled; 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 12 March 2020, The Conversation, 1 million rides and counting: on-demand services bring public transport to the suburbs. The technology-driven revolution in urban transport is largely centred on the inner city. It has completely missed the suburbs, which lack the public transport services and shared micromobility devices, such as e-scooters, that inner-city residents enjoy. But new technologies, skilled operators and willing governments may have produced a solution for the suburbs, known as on-demand transit. According to our data collection, there have been 36 on-demand trials across Australia since October 2017, providing over 1 million rides to residents. Half of these trips have been in the past six months. Our research at the Griffith Cities Research Institute examines the social equity impacts of these services. What is on-demand transit? On-demand transit does not follow fixed routes or timetables. Riders book a trip for a cost similar to a bus fare. Vehicles are often smaller buses, 13-seater vans, or sedans and fleets that can be adjusted based on demand for rides. Unburdened by fixed stops, which are convenient for only a few people, these services can weave their way through communities, optimising routes on the fly. Read more here 6 November 2019, The Conversation. Australia could fall apart under climate change. But there’s a way to avoid it. Professor Ross Garnaut: Four years ago in December 2015, every member of the United Nations met in Paris and agreed to hold global temperature increases to 2°C, and as close as possible to 1.5°C. The bad news is that four years on the best that we can hope for is holding global increases to around 1.75°C. We can only do that if the world moves decisively towards zero net emissions by the middle of the century. A failure to act here, accompanied by similar paralysis in other countries, would see our grandchildren living with temperature increases of around 4°C this century, and more beyond. I have spent my life on the positive end of discussion of Australian domestic and international policy questions. But if effective global action on climate change fails, I fear the challenge would be beyond contemporary Australia. I fear that things would fall apart. There is reason to hope. It’s not all bad news. What we know today about the effect of increased concentrations of greenhouse gases broadly confirms the conclusions I drew from available research in previous climate change reviews in 2008 and 2011. I conducted these for, respectively, state and Commonwealth governments, and a federal cross-parliamentary committee. But these reviews greatly overestimated the cost of meeting ambitious reduction targets. 19 August The Guardian: Australia Institute says claim Australia is only responsible for 1.2% of emissions hides real contribution to climate crisis. Australia’s role as a leader in the global fossil fuel trade is underscored by a report that finds it is the world’s third biggest exporter and fifth biggest miner of fossil-related emissions. While political debate sometimes emphasises that Australia is responsible for 1.2% of global emissions at home, the analysis by progressive thinktank the Australia Institute says it trails only Russia and Saudi Arabia in exporting fossil fuels. When exports and what is burned at home are combined, Australia ranks fifth behind China, the US, Russia and Saudi Arabia in responsibility for carbon dioxide from extractive fossil industries. The premise of the report – that Australia plays a greater role in the climate crisis than global greenhouse accounting rules suggest – is not new, but it goes further than some previous analyses in comparing exports emissions from different countries. Its release follows the prime minister, Scott Morrison, facing criticism at the Pacific Islands Forum in Tuvalu over Australia’s limited response to the climate crisis and refusal to commit to a rapid transition away from coal. The government and opposition both stress the importance of the coal export industry to the economy and employment. The institute’s report, by the senior researcher Tom Swann, challenges this, finding Australia’s economy is more diverse and less reliant on fossil fuels than that of most carbon exporters. Access more here 19 March 2019, The Guardian, Toyota’s Altona site to become hydrogen production and refuelling centre. Toyota and the Australian Renewable Energy Agency (Arena) will kick in $7.4m to transform part of the carmaker’s decommissioned car manufacturing site in Altona into a commercial-grade hydrogen production and refuelling site. The new centre will demonstrate the processes required to produce hydrogen from renewable sources through electrolysis, and then the subsequent compression and storage. Arena says the centre, once operational, will produce at least 60kg of renewable hydrogen each day, with onsite solar PV and battery storage providing electricity to support the energy requirements of the project. The president and chief executive of Toyota Australia, Matt Callachor, says the new centre on the Altona site will contribute to the carmaker meeting its target of zero CO2 emissions from sites and vehicles by 2050. “Hydrogen has the potential to play a pivotal role in the future because it can be used to store and transport energy from wind, solar and other renewable sources to power many things, including vehicles like the Toyota Mirai fuel cell electric vehicle,” Callachor said. Read more here 12 April 2018 Carbon Brief. Explainer: These six metals are key to a low-carbon future. The deployment of renewables and electric vehicles is expected to skyrocket as the world strives to reduce greenhouse gas emissions. These low-carbon technologies currently rely on a handful of key metals, some of which have been little-used to date. This raises questions over whether enough of these materials can be mined to ensure a large-scale rollout. Others are concerned that bottlenecks could appear, as metal output rises to meet demand, or that the environmental impacts of mining could undermine carbon savings elsewhere. Carbon Brief takes a look at some of the metals attracting most attention and examines where they come from, the quantities available and whether they could pose risks to meeting the climate targets of the Paris Agreement. Read more here 24 September 2020, The Conversation, The good, the bad and the ugly’: here’s the lowdown on Australia’s low-emissions roadmap. “Picking winners” has been anathema to Australian policy-making for decades. The federal government’s technology investment roadmap bucks the trend, targeting public investments in specific low-emissions technologies. The first low emissions technology statement, released on Tuesday by federal energy minister Angus Taylor, flags public investment in five areas: hydrogen, energy storage, low-carbon steel and aluminium, carbon capture and storage, and soil carbon storage. It’s encouraging to see the government recognise its role in industry policy. Government support matters in the early stage of development for industries. But it’s also important the government makes the right calls on technology investment. If not, we will lock in increases to carbon emissions, and lose potential economic benefits. So here’s a closer look at the good, the bad and the ugly of the low-emissions technology roadmap. Read more here. 21 September 2020, Renew Economy, Scott Morrison’s three hundred year climate plan is a dark moment for Australia. It’s always a nervous moment when, logging onto Twitter on Sunday morning Europe time, my notifications are filled with the #Insiders hashtag. It means someone has been on there talking about climate, energy or both, and it means watching it back and picking through the pieces. Refreshingly, David Speers’ interview with Australia’s Prime Minister Scott Morrison was nicely done; interrogating the numerous holes in the government’s recent strange and clumsily-patched-together pro-gas energy policies. The questioning revealed some very, very important things about Australia’s climate policy. Let’s dive in.. Net zero by ……. 2300? A commonly held misconception (including by myself, until very recently) is that the Paris climate change agreement requires signatories to reach net zero emissions by the year 2050. This is not quite what the wording suggests, which reads that the goal is to “achieve a balance between anthropogenic emissions by sources and removals by sinks of greenhouse gases in the second half of this century”. Read more here 9 September 2020, The conversation, Research reveals shocking detail on how Australia’s environmental scientists are being silenced. Ecologists and conservation experts in government, industry and universities are routinely constrained in communicating scientific evidence on threatened species, mining, logging and other threats to the environment, our new research has found. Our study, just published, shows how important scientific information about environmental threats often does not reach the public or decision-makers, including government ministers. In some cases, scientists self-censor information for fear of damaging their careers, losing funding or being misrepresented in the media. In others, senior managers or ministers’ officers prevented researchers from speaking truthfully on scientific matters. Read more here 25 August 2020, Inside Climate News. Paying for Extreme Weather: Wildfire, Hurricanes, Floods and Droughts Quadrupled in Cost Since 1980. …. One year later, the $16.5 billion Camp Fire burned across 240 square miles and incinerated the town of Paradise in Butte County, California, about 180 miles northeast of Sonoma, killing 85 people and destroying or damaging more than 18,000 buildings. The cost of this year’s fires—the first of which have so far burned their way across more than 1,400 square miles, destroyed hundreds of structures and are still not close to being contained—can’t even be guessed at. Fire season is just beginning. And global warming is going to make it worse, according to a new analysis commissioned by the nonprofit advocacy organization Environmental Defense Fund that looks at the cost of climate-linked natural disasters.The report details how the financial impacts of fires, tropical storms, floods, droughts and crop freezes have quadrupled since 1980. “It shows what happens if we don’t do anything about global warming,” said EDF’s Elgie Holstein. “There’s no denying the trends and the fact this all becomes more expensive going forward.” Read more here 30 July 2020, Washington Post, Wildfires, record warmth and rapidly melting ice: Arctic climate goes further off the rails this summer. The Arctic summer of 2020 is one that has been marked by raging fires in the Far North, with smoke extending more than 1,000 miles downwind, along with alarming new temperature records and ice melt. While rapid Arctic climate change is not exactly news — the region is warming at about three times the rate of the rest of the world — the manifestations of this phenomenon are increasing in severity, scope and societal consequences. This week, for example, with blazes raging across Siberia, smoke smothered the skies all the way into portions of Alaska. In Svalbard, a Norwegian Arctic archipelago that has seen staggering warming rates in recent years, all-time temperature records were set, turning already receding glaciers into mush, covered by so much turquoise meltwater that it was visible from space. Read more here 1 July 2020, The Conversation, Today, Australia’s Kyoto climate targets end and our Paris cop-out begins. That’s nothing to be proud of, Mr Taylor. Today marks the end of Australia’s commitments under the Kyoto climate deal as we move to its successor, the Paris Agreement. Emissions Reduction Minister Angus Taylor on Wednesday was quick to hail Australia’s success in smashing the Kyoto emissions targets. But let’s be clear: our record is nothing to boast about. Taylor says Australia has beaten Kyoto by up to 430 million tonnes — or 80% of one year of national emissions. On that record, he said, “Australians can be confident that we’ll meet and beat our 2030 Paris target”. The fact that Australia exceeded its Kyoto targets means it’s accrued so-called “carryover” carbon credits. It plans to use these to cover about half the emission reduction required under the Paris commitment by 2030. But there’s been little scrutiny of why Australia met the Kyoto targets so easily. The reason dates back more than 20 years, when Australia demanded the Kyoto rules be skewed in its favour. Using those old credits to claim climate action today is cheating the system. Let’s look at why. Read more here 12 April 2018 Carbon Brief. Explainer: These six metals are key to a low-carbon future. The deployment of renewables and electric vehicles is expected to skyrocket as the world strives to reduce greenhouse gas emissions. These low-carbon technologies currently rely on a handful of key metals, some of which have been little-used to date. This raises questions over whether enough of these materials can be mined to ensure a large-scale rollout. Others are concerned that bottlenecks could appear, as metal output rises to meet demand, or that the environmental impacts of mining could undermine carbon savings elsewhere. Carbon Brief takes a look at some of the metals attracting most attention and examines where they come from, the quantities available and whether they could pose risks to meeting the climate targets of the Paris Agreement. Read more here Fossil fuel emissions have stalled 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 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. 
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/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.
