Posts Tagged ‘wellbeing’

Coal and csg rush clashes with health and climate obligations

Thursday, February 21st, 2013

Australia is currently in the middle of a coal rush. Coupled with the exploration of coal seam gas expanding at a rapid rate across Queensland and New South Wales, this looks (on paper) to be one of the country’s biggest and most rapid industry expansions in our short history.

Australia is currently the world’s largest exporter of metallurgical coal and ranks sixth in exports of thermal coal. In 2012, we sold around $60 billion worth of coal, mostly to Japan, South Korea and Taiwan.

Looking to the future, Australia’s national energy policy, the Energy White Paper, anticipates strong demand from these nations for Australian coal and prioritises coal production as a core element of energy for the coming decades.

Around 30 new coal mines and coal mine expansions are planned for New South Wales and Queensland, and if they proceed would more than double Australia’s current coal exports of more than 300 million tonnes per annum.

Much of the current expansion of coal is predicated on rising demand from China, and India; a stable global economic environment; and industry denial about climate science.

These assumptions have shaky foundations and investors should heed the clear warning from risk experts of the imminent destruction of value of high-carbon investments and that climate change will continue to deliver systemic shocks to regional and global economies.