Antinuclear

Australia trashes its international reputation, in its adoration of coal

Australia stands out as a major recipient of overseas public finance for coal and coal seam gas projects, grabbing some $3.96 billion of public financing from overseas governments.

Through Australia’s own Export Finance and Investment Corporation, the country financed some $1.39billion between 2009 and 2014 for coal industry projects.

But as Paris draws nearer, is Australia willing to sacrifice its international reputation and the future state of its own climate on the alter of coal?

Will Australia continue to sacrifice its international reputation on the altar of coal?, Guardian 7 June 15  Graham Readfearn Arguments that coal is the answer to poverty are based on “implausible economics with unsubstantiated evidence” says report led by Kofi Annan. We’re now well passed the halfway point on the long road to Paris and a new global climate agreement to cut greenhouse gas emissions.

Australia took its turn to defend its domestic policies and targets during United Nations talks in Germany yesterday,

You can hear the whole exchange on the UN website but in short, Australian representatives insisted that it had the policies in place to meet its “not credible” target to cut emissions by five per cent by 2020 from 2000 levels.

Just to be clear, the Australian delegation didn’t describe the target as “not credible” – that came from the government’s own Climate Change Authority back in 2013.

Australia also talked-up its Direct Action climate policy – a measure that asks taxpapers to pay for emissions reductions and leaves fossil fuel companies unaffected.

Australia’s real self-interest

As with all international multi-lateral talks, countries tend to enter into negotiations from a position of defending their self-interest.

For too long though, Australia’s self-interest appears to match that of the country’s powerful coal industry. But Australia could approach the UN process with a different self-interest in mind…….

Glencore Coal boss Peter Freyberg is the vice chairman of the World Coal Association and also a senior figure in Australia’s main mining industry lobby group, the Minerals Council of Australia.

Freyberg, who earlier this year bought a $12.4 million Sydney penthouse, told theMelbourne Mining Club his product was “still the cheapest way of bringing people out of poverty”.

Freyberg also pleaded for government policies that would help the industry to build more efficient power stations.

Financing coal

But you have to wonder how much more government assistance the coal industry thinks it deserves.

A new report from three climate change advocacy groups has found that between 2007 and 2014 “more than US $73 billion – or over $9 billion a year – in public finance was approved for coal,” according to the report.

For perspective, this $73 billion just for coal is more than half the total annual aid spending by OECD countries.

The report – Under the Rug: How Governments and International Institutions are Hiding Billions in Support to the Coal Industry – looked at the various money flows between government-backed investment banks and major public financing institutions.

Australia stands out as a major recipient of overseas public finance for coal and coal seam gas projects, grabbing some $3.96 billion of public financing from overseas governments.

Through Australia’s own Export Finance and Investment Corporation, the country financed some $1.39billion between 2009 and 2014 for coal industry projects.

None of the finance went to building power stations, according to the analysis, leaving coal mining projects as a key recipient.

So Australia has been putting its money where its mouth is on coal – the commodity that contributes more than any other to the rising levels of greenhouse gases in the atmosphere.

But as Paris draws nearer, is Australia willing to sacrifice its international reputation and the future state of its own climate on the alter of coal? http://www.theguardian.com/environment/planet-oz/2015/jun/05/will-australia-continue-to-sacrifice-its-international-reputation-on-the-alter-of-coal

June 8, 2015 - Posted by Christina Macpherson | AUSTRALIA - NATIONAL, climate change - global warming, politics international