Berliner Boersenzeitung - Australia's new climate promise meets mining reality

EUR -
AED 4.199862
AFN 80.043816
ALL 97.70498
AMD 438.408229
ANG 2.046469
AOA 1048.57472
ARS 1357.862336
AUD 1.759964
AWG 2.058271
AZN 1.94751
BAM 1.957878
BBD 2.309021
BDT 139.766542
BGN 1.95518
BHD 0.43105
BIF 3361.842712
BMD 1.143484
BND 1.469115
BOB 7.902147
BRL 6.385898
BSD 1.143699
BTN 98.045083
BWP 15.268742
BYN 3.742559
BYR 22412.284747
BZD 2.297168
CAD 1.562765
CDF 3294.376841
CHF 0.938569
CLF 0.027735
CLP 1064.30891
CNY 8.205668
CNH 8.211495
COP 4695.430829
CRC 582.02551
CUC 1.143484
CUP 30.302324
CVE 110.518304
CZK 24.808686
DJF 203.219608
DKK 7.459998
DOP 67.695764
DZD 150.332354
EGP 56.761054
ERN 17.152259
ETB 153.33761
FJD 2.569694
FKP 0.842849
GBP 0.843102
GEL 3.121539
GGP 0.842849
GHS 11.720611
GIP 0.842849
GMD 80.617699
GNF 9896.853183
GTQ 8.788214
GYD 239.617042
HKD 8.972907
HNL 29.742099
HRK 7.534988
HTG 149.62688
HUF 403.374948
IDR 18606.484404
ILS 3.995679
IMP 0.842849
INR 98.075301
IQD 1497.963929
IRR 48140.672912
ISK 144.364991
JEP 0.842849
JMD 182.363596
JOD 0.810701
JPY 164.523895
KES 148.080909
KGS 99.997775
KHR 4599.09258
KMF 492.271421
KPW 1029.133033
KRW 1550.758564
KWD 0.350306
KYD 0.952983
KZT 583.401479
LAK 24676.382965
LBP 100740.933136
LKR 342.102703
LRD 228.016108
LSL 20.299784
LTL 3.376411
LVL 0.691682
LYD 6.226299
MAD 10.461739
MDL 19.744356
MGA 5122.808029
MKD 61.513424
MMK 2401.013763
MNT 4091.88438
MOP 9.24353
MRU 45.310609
MUR 52.154657
MVR 17.615425
MWK 1984.518141
MXN 21.892148
MYR 4.836787
MZN 73.125658
NAD 20.30005
NGN 1785.081679
NIO 42.091924
NOK 11.53227
NPR 156.878599
NZD 1.892809
OMR 0.439683
PAB 1.143579
PEN 4.145698
PGK 4.692
PHP 63.689199
PKR 322.63338
PLN 4.282552
PYG 9133.696277
QAR 4.16347
RON 5.04964
RSD 117.144183
RUB 89.621013
RWF 1623.74716
SAR 4.288532
SBD 9.537146
SCR 16.778946
SDG 686.090247
SEK 10.9629
SGD 1.470046
SHP 0.898599
SLE 25.899618
SLL 23978.286214
SOS 653.489453
SRD 42.242568
STD 23667.808369
SVC 10.006623
SYP 14867.889915
SZL 20.308665
THB 37.319317
TJS 11.310161
TMT 4.013629
TND 3.390437
TOP 2.678151
TRY 44.927071
TTD 7.739318
TWD 34.214167
TZS 3047.384435
UAH 47.386806
UGX 4150.351545
USD 1.143484
UYU 47.600532
UZS 14636.594511
VES 112.403468
VND 29810.625681
VUV 138.173916
WST 3.152695
XAF 656.63398
XAG 0.031728
XAU 0.00034
XCD 3.090322
XDR 0.819634
XOF 655.216626
XPF 119.331742
YER 278.150838
ZAR 20.301774
ZMK 10292.725543
ZMW 29.818743
ZWL 368.201354
  • CMSC

    0.0000

    22.23

    0%

  • BCC

    -0.0300

    87.47

    -0.03%

  • RBGPF

    0.4600

    67.96

    +0.68%

  • CMSD

    -0.0311

    22.2

    -0.14%

  • BCE

    -0.1150

    21.86

    -0.53%

  • NGG

    -0.0200

    71.03

    -0.03%

  • RYCEF

    -0.2850

    11.865

    -2.4%

  • SCS

    0.0000

    10.37

    -0%

  • RIO

    0.7000

    59.24

    +1.18%

  • RELX

    -0.5550

    53.8

    -1.03%

  • JRI

    -0.0100

    12.95

    -0.08%

  • GSK

    0.3500

    41.15

    +0.85%

  • AZN

    -0.6500

    72.35

    -0.9%

  • BP

    0.1300

    29.05

    +0.45%

  • BTI

    1.2650

    47.44

    +2.67%

  • VOD

    -0.0500

    10.21

    -0.49%

Australia's new climate promise meets mining reality
Australia's new climate promise meets mining reality / Photo: PETER PARKS - AFP

Australia's new climate promise meets mining reality

Flood, fire and drought-battered Australia is trying to clean up its act on climate change, but dependence on fossil fuel riches could stymie the national makeover.

Text size:

Centre-left Prime Minister Anthony Albanese swept to power in May promising weary Australians that he would tackle climate change.

He followed through on a key plank of that promise Thursday, nearly doubling the country's 2030 emissions reduction target to 43 percent.

Albanese faces a thorny dilemma: Australians want real steps to slow global heating, but they live in a country that depends on exporting the fossil fuels that cause it.

Australia's emissions -- while high per person -- account for just over one percent of global emissions.

Much more significant are the fossil fuels dug up in Australia and burned overseas.

Estimates differ, but these could account for anywhere between three and five percent of global emissions, making Australia one of the world's largest carbon polluters.

Another beneficiary of the May election wants to put an end to that.

"You don't end the climate wars by opening up new coal and gas mines," said Australian Greens leader Adam Bandt, whose party now holds the balance of power in the Senate and wants radical energy reform in return for working with the government.

The sticking point for the Greens, Bandt told AFP, was that the government had pledged support for 114 new coal and gas projects already in Australia's investment pipeline.

Modelling by the Greens found these projects would more than double Australia's emissions.

"None of these new projects the government wants to open are factored into their climate modelling," Bandt said.

- Wilder climate -

First discovered in 1791, Australia's vast coal deposits make it the world's second-largest exporter.

It is also one of the top exporters of gas -- mostly natural gas and gas exploited from coal seams.

Fossil fuels account for about a quarter of Australian exports, with most destined for Japan, China and South Korea, according to Reserve Bank of Australia analysis.

Domestically, about 70 percent of electricity comes from coal and gas, according to official figures.

Given the economic sensitivities, the Albanese government has so far dodged calls to set a deadline for withdrawal from the sector, arguing international markets will decide when coal is no longer viable.

The approach may quell dissent from the coal and gas industry, used to getting its way after a decade of conservative governments.

But it could cause economic turmoil, with central bank analysts warning coal demand could fall by up to 80 percent by the middle of the decade, leaving "stranded assets" that cannot be sold.

Already the strains are starting to show.

Mining giant BHP on Thursday announced it had been unable to sell its coal assets in the populous state of New South Wales.

The country's largest energy producer and carbon emitter AGL is also facing an uncertain future.

When AGL tried to split off the most polluting parts of its business, green-minded tech billionaire Mike Cannon-Brookes sought to buy the company to stop the plan.

His bid was rejected, but Cannon-Brookes successfully lobbied fellow investors to block the demerger, arguing it would hurt shareholders and delay coal-fired power station closures.

Greenpeace Australia's chief executive David Ritter said AGL's experience was a lesson to listen to the call for climate action.

"Every corporation that makes the same mistakes can expect to also run into real turbulence very, very quickly," he told AFP.

This turbulence will come from activists, but also from the Australian public who have seen first-hand how a wilder climate can turn on them.

- After the 'Black Summer' -

Australia's 2019-20 "Black Summer" bushfires scorched 24 million hectares of land, cloaked cities in smoke, and killed more than 30 people along with an estimated tens of millions of wild animals.

In the two subsequent years, dramatic floods swamped Australia's east coast, this year killing more than 20 people as waters reached rooftops and torrents swept cars off roads.

Before the bushfires, veteran firefighter Greg Mullins tried to warn the government it was not prepared for the infernos to come.

For 14 years, Mullins had led the fire service in Australia's largest state, New South Wales, and he was joined by other retired emergency services leaders in sounding the alarm that climate change had dramatically escalated the fire threat.

"It was all political. Because we mentioned climate change, they just locked us out," he told AFP.

He and fellow members of Emergency Leaders for Climate Action are calling for far more ambitious emissions cuts -- 75 percent by 2030.

"We've lost the last decade of climate action, they've got to do a lot of catching up," he said.

(U.Gruber--BBZ)