Category Archives: The Mitigation Battle

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31 July 2015, Renew Economy, Investors have lost their shirts on Peabody; now taxpayers are in the line of fire: The U.S. coal sector is in financial distress, a fact that’s been apparent for some time now and is made more evident with this week’s second-quarter earnings report from Peabody Energy. Peabody continues to tank for the main reasons many other major coal producers continue to tank: It made too many top-of-the-cycle, multibillion-dollar debt-funded acquisitions and its executives have continued to pretend that they can’t see the oversupply in a seaborne coal market that is in structural decline. Meanwhile, Alpha Natural Resources has been delisted from the New York Stock Exchange, Arch Coal is fighting to stay in play, and Walter Energy filed for bankruptcy this month. Some key detail from the latest numbers on Peabody, the biggest non-government-owned coal producer in the world: Read More here

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30 July 2015, The Guardian, World Bank rejects energy industry notion that coal can cure poverty, World Bank’s climate change envoy: ‘We need to wean ourselves off coal’. Bank has stopped funding new coal projects except in ‘rare circumstances’: The World Bank said coal was no cure for global poverty on Wednesday, rejecting a main industry argument for building new fossil fuel projects in developing countries. In a rebuff to coal, oil and gas companies, Rachel Kyte, the World Bank climate change envoy, said continued use of coal was exacting a heavy cost on some of the world’s poorest countries, in local health impacts as well as climate change, which is imposing even graver consequences on the developing world. “In general globally we need to wean ourselves off coal,” Kyte told an event in Washington hosted by the New Republic and the Center for American Progress. “There is a huge social cost to coal and a huge social cost to fossil fuels … if you want to be able to breathe clean air.” Coal, oil and gas companies have pushed back against efforts to fight climate change by arguing fossil fuels are a cure to “energy poverty”, which is holding back developing countries. Peabody Energy, the world’s biggest privately held coal company, went so far as to claim that coal would have prevented the spread of the Ebola virus. However, Kyte said that when it came to lifting countries out of poverty, coal was part of the problem – and not part of a broader solution. Read More here

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29 July 2015, The Guardian, Tony Abbott wrong on coal being ‘good for humanity’, Oxfam report finds: Report says Australia must embrace renewables and coal exacts an ‘enormous toll’ on health, drives climate change and is ineffective in delivering electricity to world’s poor. Tony Abbott is mistaken in claiming coal is “good for humanity”, with the fossil fuel causing numerous health problems and ineffective in delivering electricity to the world’s poor compared with renewables, a new Oxfam report has found. The Powering Up Against Poverty study argues the Australian government’s continued embrace of coal exports is out of step with an international shift towards clean energy and would do little to help the one in seven of the world’s population who do not have electricity to light their homes or cook food. Abbott has said coal, a major export commodity for Australia, is the “foundation of prosperity” for the foreseeable future. The prime minister, along with the mining industry, has said the fossil fuel will raise living standards in developing countries while bolstering Australia’s economy. Read More here

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27 July 2015, With the Abbott government stalling Australia’s efforts to tackle global warming, leadership from state governments is needed now more than ever. In 2010, the Victorian government introduced the Victorian Climate Change Act. It is currently considering the future of the state’s climate laws. They are calling for public submissions on the Act by Sunday 2 August.  It is getting a bit late but ..… Friends of the Earth is proud to join Environmental Justice Australia, Environment Victoria, and the Australian Conservation Foundation to call on the Andrews government to to adopt world leading climate change laws – the Victorian Climate Charter. The Climate Charter proposal would make Victoria a world leader on climate change. It sets binding emission reductions targets for Victoria, establishes a ‘climate test’ for decisions that affect emissions, and gives citizens the right to take the government to court if it is not meeting its climate obligations. It is critical that Victorians use the Climate Change Act review to demand action, and counter calls from industry to go soft on tackling global warming. Your voice is important! Climate action will only happen if the community demands it. The Climate Change Act review is a great opportunity to do just that. Environmental Justice Australia and Friends of the Earth have joined forces to make it quick and easy for you to have your say. Click below and we’ll send your submission directly to the review committee. Go here to sign. Access Charter here