Antinuclear

Asia turning to renewable energy, Australia’s coal industry will decline

These powerful Asian economies will decarbonise through the mass deployment of renewable energy, electric vehicles and other clean technologies. These combined efforts mean that demand for Australian coal will decline dramatically in the decades ahead.

King Coal will be dethroned, and BHP should align itself with the carbon revolt, Sydney Morning Herald, Matthew Wright, January 27, 2011 This decade will mark the beginning of the end of the fossil fuel era.Countries that are taking rapid action on climate change are reshaping the global commodities market. Coal is now among Australia’s largest exports but demand for the commodity will drop as the global economy shifts to renewable energy. This represents a risk and an opportunity for Australia and its miners.

The largest importers of Australian coal, Japan, Korea, and China, have ambitious plans to decarbonise their economies. Japan, our single biggest importer of coal, has a 25 per cent emission reduction target by 2020. South Korea is investing about $85 billion over five years (2 per cent of GDP per year) in renewable energy and other clean technologies in its ”green new deal”. And China, while increasing its consumption of Australian coal over the last few years, aims to source 15 per cent of its energy from non-fossil fuel sources by 2020.

For Australia, this would be the equivalent of a 70 per cent renewable energy target.

These powerful Asian economies will decarbonise through the mass deployment of renewable energy, electric vehicles and other clean technologies. These combined efforts mean that demand for Australian coal will decline dramatically in the decades ahead.

Companies such as BHP must get out of the coal supply chain sooner rather than later. As the impacts of climate change worsen and the calls to hold fossil fuel companies accountable grow louder, coalmining is shaping up as the asbestos liability of the 21st century. BHP’s $11 million donation to the Queensland flood appeal shows that it is feeling exposed after public calls for coalminers to pay for the flood damage….

King Coal will be dethroned, and BHP should align itself with the carbon revolt

January 27, 2011 - Posted by Christina Macpherson | AUSTRALIA - NATIONAL, energy