Odds stacked against development of Galilee coal: new report

23.06.15 By

A RAPID global transition away from coal and mounting evidence that
development of Galilee coal would lock the world into a future of dangerous
climate change is increasing the likelihood the proposed mine will never go
ahead, a new Climate Council report has revealed.

Export markets for Galilee coal are dwindling fast, with only India
remaining a possibility and it is wavering in its commitment to importing coal,
the ‘Galilee Basin – Unburnable Coal’ report found.

The financial sector was rapidly coming to grips with the potential of
the Galilee Basin’s vast fossil fuel reserves to permanently alter the climate
and the investment risks associated with coal, The Climate Council’s Tim
Flannery said.

“Galilee Basin
coal would emit more than Australia’s entire emissions each year,” he said.

“With the global
trend away from coal gathering momentum, the implications for Australia’s
thermal coal export industry are unmistakeable and the industry’s future looks
increasingly shaky.”

The report revealed:

Climate Council councillor Professor Will
Steffen said over 90% of Australia’s known, extractable coal in existing
reserves must stay in the ground in order to effectively tackle climate change.

“Therefore, the most pressing challenge
Australia faces is how to phase out coal mines well before their reserves are
exploited and new mines cannot be built,” he said.

“The odds are increasingly stacked against
the development of re are two undeniable trends occurring globally. Uptake of
renewable energy is accelerating and coal-fired power plants are increasingly
closing.”

“For Australia to fight these trends is
economically, socially and environmentally unwise.

“Rather, we need to be preparing for – and
indeed joining and facilitating – this transition to a clean energy world.”

The
Climate Council is an independent, crowd-funded organisation providing quality
information to climate change to the Australian public.

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media enquiries, please contact Senior Media Advisor Jessica Craven on 0400 424
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Odds Stacked Against Development Of Galilee Coal – New Report.pdf