As Malcolm Turnbull heads to Paris climate talks, Labor leader Bill Shorten commits to an emissions reduction target almost twice that set by the Coalition. Meanwhile, neither leader looks likely to come clean on their compromised position on coal.
Report says 2°C climate target world mean no new coal mines, peak oil by 2020, and muted gas growth – and put $2trn of fossil fuel assets at risk.
Regulatory risk and growing competition from wind, solar and natural gas is creating a global tipping point for coal.
Global coal industry is set for rapid fall by 2040, according to IEA’s most climate-friendly scenario in the World Energy Outlook 2015.
All British coal power plants will be taken offline by 2025, but the 28% power gap they leave behind will mostly be filled by gas and nuclear.
New cost analysis from US investment bank Lazard show wind and solar generation far cheaper than conventional technologies such as coal, gas and nuclear, and delivering much cheaper carbon abatement.
OECD deal to end export credits for new coal plant technology marred by Turnbull government-led compromise that could allow up to 16,000MW of extra coal plants – already in the planning pipeline – to be financed.
Changes in China are driving a structural shift in international thermal coal markets.
Australia will struggle to make real emissions reductions without making structural change away from coal in the energy sector.
A two-year high in black coal output helped deliver a continued rise in emissions on Australia’s NEM, and pushed coal to 75.6% in the generation mix.