What you will find on this page: LATEST NEWS; Fossil fuel emissions have stalled; Analysis: Record surge of clean energy in 2024 halts China’s CO2 rise; 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 2 June 2015, Inside Climate News, Bonn Climate Talks Aim to Build a Springboard to Paris, Not a Sinkhole: Six months before what may be the last chance for a global climate agreement in Paris, negotiators get to work on the draft text. As climate talks begin this week in Bonn to work on the draft text of a global agreement, the task of delegates expands to include the twin UN objectives of alleviating poverty and combating global warming. Delegates were also met with a new warning that the widely accepted target of limiting warming to 2 degrees Celsius may not be enough. Six months from the start of a Paris conference where the United Nations hopes to complete a far-reaching deal on the climate crisis, negotiators meeting in Bonn, Germany this week and next are back to working on their unwieldy draft text even as the treaty’s goals slide over distant horizons. Read More here 28 May 2015, Renew Economy, Tide turns on fossil fuels as Norway quits coal, ANZ goes green. In Europe overnight, the Norwegian parliament voted to instruct the government pension fund – the largest in the world – to cut its exposure to fossil fuel risk. In Australia, ANZ Bank made the biggest yet issue of an Australian-domiciled “green bond”. In the US, institutional shareholders tried to force oil giant Chevron to return money to shareholders, rather than risk it searching for yet more oil reserves. Read More here 22 May FastFT: Axa to ditch coal investments by the end of 2015. Axa, one of the world’s largest insurers, has become the first global financial institution to shun investments in coal companies. The French group, which has more than $1trn in assets under management, will sell EUR500m of coal assets between now and the end of the year, its chief executive, Henri de Castries, said at a business and climate change conference in Paris on Friday, reports Pilita Clark, environment correspondent. It will also invest EUR3bn in renewable energy between now and 2020. The move makes the French group by far the biggest recruit to an international fossil fuel divestment campaign that aims to stigmatise the use of coal, oil and gas because of their impact on the climate. Read More here 25 February 2016, Climate News Network, Carbon budget is only half as big as thought. Fossil fuel use will have to fall twice as fast as predicted if global warming is to be kept within the 2°C limit agreed internationally as being the point of no return, researchers say. Climate scientists have bad news for governments, energy companies, motorists, passengers and citizens everywhere in the world: to contain global warming to the limits agreed by 195 nations in Paris last December, they will have to cut fossil fuel combustion at an even faster rate than anybody had predicted. Joeri Rogelj, research scholar at the International Institute for Applied Systems Analysis in Austria, and European and Canadian colleagues propose in Nature Climate Change that all previous estimates of the quantities of carbon dioxide that can be released into the atmosphere before the thermometer rises to potentially catastrophic levels are too generous. Instead of a range of permissible emissions estimates that ranged up to 2,390 billion tons from 2015 onwards, the very most humans could release would be 1,240 billion tons. Available levels In effect, that halves the levels of diesel and petrol available for petrol tanks, coal for power stations, and natural gas for central heating and cooking available to humankind before the global average temperature – already 1°C higher than it was at the start of the Industrial Revolution – reaches the notional 2°C mark long agreed internationally as being the point of no return for the planet. In fact, the UN Framework Convention on Climate Change summit in Paris agreed a target “well below” 2°C, in recognition of ominous projections − one of which was that, at such planetary temperatures, sea levels would rise high enough to submerge several small island states. The Nature Climate Change paper is a restatement of a problem that has been clear for decades. Carbon dioxide proportions in the atmosphere are linked to planetary surface temperatures and, as they rise, so does average temperature. For most of human history, these proportions oscillated around 280 parts per million. Read More here 25 February, Renew Economy, Coalition digs deeper into fossil fuels with new “growth centre”. The federal government has announced the establishment of a $15.4 million fossil fuel “growth centre”, to help prop up Australia’s oil, gas, coal and uranium sectors during what it describes as a “challenging time” for the industry. Part of the government’s $248 million Industry Growth Centres Initiative, the Oil, Gas and Energy Resources Growth Centre was unveiled on Wednesday by federal energy minister Josh Frydenberg and minister for innovation and industry, Christopher Pyne. The ministers said they hoped the facility – in which the Turnbull government is investing $15.4 million over four years – would help position Australia’s energy and resources sector for the next wave of investment. It will be chaired by long-time oil and gas industry executive, Ken Fitzpatrick, with a board and management team drawn from across the oil, gas, coal seam gas, coal and uranium industries. According to the website, the growth centre’s mission is to reduce industry costs, direct research to industry needs, improve work skills, facilitate partnerships and reduce regulatory burdens. It will also have a particular focus on improving knowledge and techniques needed to unlock Australia’s marginal gas resources like coal-seam gas – a controversial and high-cost field of exploration and production that AGL Energy recently ruled out of its repertoire to focus, instead, on the “evolution” of the energy industry. Pyne says the new growth centre – which will be known as National Energy Resources Australia, or NERA – will work closely with researchers from universities and the newly streamlined CSIRO, the irony of which was not lost on critics of the scheme. Read More here 25 February 2016, Renew Economy, Graph of the Day: The myth about energy subsidies. Ever hear the story about why renewable energy can’t compete without a subsidy? You hear it all the time from the fossil fuel industry. And the response from renewables? Take away fossil fuel subsidies, and they’d be glad to compete on level terms. This graph below, displayed today by David Hochschild, a commissioner with the California Energy Commission, at the Energy Productivity Summer Study in Sydney, illustrates why the fossil fuel and nuclear industries don’t want that to happen. Studies by the International Energy Agency point out that global subsidies for fossil fuels outstrip those for renewable energy nearly 10-fold. The International Monetary Fund said if climate and environmental costs were included, then the fossil fuel subsides increased another 10 times to nearly $5 trillion a year. 23 February 2016, Climate Home, A flying fairy tale: Why aviation carbon cuts won’t take off. Ten days ago the airline industry stunned the world. After years of prevarication the world’s top airlines and leading manufacturers said they would take climate change seriously. The UN’s aviation body, ICAO for short, announced a carbon emissions standard that would apply to new aircraft from 2020, and to all new deliveries of in-production aircraft – current types, or minor variations on current types – as from 2028. Aircraft that don’t meet the standard will not be allowed to be produced after 2028. None of the operational aircraft currently in the fleet will be affected. The statement was widely acclaimed, notably by the US government. But will it really have any significant impact on reducing emissions? Our contention is it will not, riddled as it is with flaws. It will not be a “rigorous and challenging” standard as industry claimed, nor will it save the 650 megatonnes of CO2 emissions by 2040 that the White House proudly proclaimed. ICAO and states shaped the standard around parochial national manufacturer interests instead of the need to mitigate climate change. Aircraft designers will still face many challenges developing the next generation of airliners, but this standard will not be one of them. Beyond business as usual? New generation aircraft are generally some 10-15% more fuel efficient than those they replace. They need to be to sell. This translates to an average annual efficiency improvement of between 0.5% and 1.0%. Constant market pressures result in a continuously improving line when you plot the average fuel consumption of new aircraft types against their entry into commercial service date. Yet ICAO intends to regulate this ever improving trend with a flat (time independent) carbon standard. Even if the stringency is initially set at a level that will have an impact, its effect will quickly fade over time as market-driven improvements cut in. The maximum theoretical effect of the standard at maximum stringencies is just 1 gigatonne of CO2 between 2020-2040, while total CO2 emissions from aviation over this period will be in the order of some 31 Gtonnes, i.e. a potential saving of just 3%. Read More here 19 June 2019, Reuters, Emissions need to be halved to avoid 3C warming: scientists. LONDON (Reuters) – Emissions need to be halved by 2030 to limit warming to 1.5 degrees Celsius but temperatures are on track to reach double that by the end of the century even if countries’ current plans are fully implemented, research by scientists shows. A group of European researchers, Climate Action Tracker, tracks countries’ progress toward the globally agreed aim of limiting warming to well below 2C and a more ambitious target of 1.5C. Public concerns about climate change are growing and have led to protests around the world. However, energy-related carbon dioxide emissions were at a record high last year and new renewable power capacity has stalled after years of strong growth. At the same time, methane, a more potent greenhouse gas than carbon dioxide, has risen in recent years due to oil and gas production, including fracking. Read more here 7 June 2019, The Conversation, Why there’s more greenhouse gas in the atmosphere than you may have realised. This week brought news that atmospheric carbon dioxide (CO₂) levels at the Mauna Loa atmospheric observatory in Hawaii have risen steeply for the seventh year in a row, reaching a May 2019 average of 414.7 parts per million (ppm). It was the highest monthly average in 61 years of measurements at that observatory, and comes five years after CO₂ concentrations first breached the 400ppm milestone. But in truth, the amount of greenhouse gas in our atmosphere is higher still. If we factor in the presence of other greenhouse gases besides carbon dioxide, we find that the world has already ticked past yet another milestone: 500ppm of what we call “CO₂-equivalent”, or CO₂-e. In July 2018, the combination of long-lived greenhouse gases measured in the “cleanest air in the world” at Cape Grim Baseline Atmospheric Pollution Station surpassed 500ppm CO₂-e. As the atmosphere of the Southern Hemisphere contains less pollution than the north, this means the global average atmospheric concentration of greenhouse gases is now well above this level. Read more here 7 June 2019, The Conversation, NZ has dethroned GDP as a measure of success, but will Ardern’s government be transformational? When you’re in politics, words are a high-stakes game. Voters and journalists hold you to them and there is a risk in using words that are hard to live up to. This is particularly true for politicians whose reputation is founded on sincerity and authenticity. New Zealand’s Prime Minister Jacinda Ardern saddled herself with the word “transformational”. She used it heavily in the heady days of the 2017 election campaign, although less so in the compromised reality of a coalition government. Still, it is the aspiration she is held to. The 2019 well-being budget is held to it by association. But how do we know transformation when we see it? Read more here 5 June 2019, Washington Post, ‘It is horrid’: India roasts under heat wave with temperatures above 120 degrees. NEW DELHI — When the temperature topped 120 degrees (49 Celsius), residents of the northern Indian city of Churu stopped going outside and authorities started hosing down the baking streets with water. Churu — home to more than 100,000 people — has been the hottest place in India in recent days, part of a summer heat wave suffocating most of the country as temperatures rise above normal even for this sweltering time of year. According to weather website El Dorado on Wednesday, five of the hottest 15 places on the planet over the previous 24 hours were in India or neighboring Pakistan. In Churu, the mercury hit 118 degrees, down from 122 degrees on Monday. That temperature is just shy of India’s all-time high, recorded in 2016. Read more here 27 January 2025, Carbon Brief: A record surge of clean energy kept China’s carbon dioxide (CO2) emissions below the previous year’s levels in the last 10 months of 2024. However, the new analysis for Carbon Brief, based on official figures and commercial data, shows the tail end of China’s rebound from zero-Covid in January and February, combined with abnormally high growth in energy demand, stopped CO2 emissions falling in 2024 overall. While China’s CO2 output in 2024 grew by an estimated 0.8% year-on-year, emissions were lower than in the 12 months to February 2024. Other key findings of the analysis include: As ever, the latest analysis shows that policy decisions made in 2025 will strongly affect China’s emissions trajectory in the coming years. In particular, both China’s new commitments under the Paris Agreement and the country’s next five-year plan are being prepared in 2025. 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. 
This graph, that Hochschild sourced from DBL Investors, shows the accumulated energy subsidies in the US under federal programs. Oil and gas dominate, followed by nuclear. Federal renewable energy subsidies, in the form of investment and tax credits, are a small fraction. “The fossil fuel industry hates to talk about that,” Hochschild told RenewEconomy in an interview after his presentation. “There is a myth around subsidies, but there is no such thing as an unsubsidised unit of energy.” Read More hereAnalysis: Record surge of clean energy in 2024 halts China’s CO2 rise
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.
