Report names Australia’s ‘big four’ banks as heaviest lenders to coal and gas expansion in Barrier Reef area, sparks calls for customer boycott.
It might seem ironic, but environmentalists and farmers fighting the expansion of coal mining and coal seam gas across Australia are the only thing likely to moderate the rude economic awakening we face when the global carbon bubble bursts and the fossil fuel industries start their inevitable, terminal decline.
The latest Cedex report finds the total amount of electricity supplied by Australia’s coal-fired generators at its lowest level in the history of the NEM. But while the report links the introduction of the carbon price to falling emissions and rising renewables output, the reduced demand for coal looks more like the new normal.
Australia’s huge coal industry is resting on a speculative bubble that ignores global carbon budgets and exposure to rapid devaluation
A new report released by Deutsche Bank says the global coal market faces a combined threat of steadily growing supply and a levelling-off or decline in demand. A threat, it says, that should guide rational decision-making to delay all major expansion. But will governments really act rationally?
Report says US President likely to continue his climate push – particularly in curbing power plant emissions – in his State Of The Union address next week.
Global mining giant’s coal chief talks climate risk, extreme weather, the absolute ceiling on GHG emissions and thermal coal’s inevitable decline.
The mobility of people and goods worldwide remains 98% dependent on cheap oil. But the supply is running out, and the environmental impact is unacceptable.