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

EUR -
AED 4.343054
AFN 77.464136
ALL 96.578481
AMD 443.001294
ANG 2.116924
AOA 1084.432259
ARS 1696.425045
AUD 1.722632
AWG 2.13043
AZN 2.015092
BAM 1.955364
BBD 2.363473
BDT 143.548016
BGN 1.986001
BHD 0.442401
BIF 3475.425631
BMD 1.182587
BND 1.500966
BOB 8.109193
BRL 6.256361
BSD 1.173439
BTN 107.717999
BWP 16.277373
BYN 3.32206
BYR 23178.695489
BZD 2.360074
CAD 1.622687
CDF 2578.039008
CHF 0.922409
CLF 0.026073
CLP 1029.489324
CNY 8.24689
CNH 8.21806
COP 4228.657801
CRC 580.770597
CUC 1.182587
CUP 31.338542
CVE 110.240437
CZK 24.267271
DJF 208.973438
DKK 7.466899
DOP 73.933527
DZD 153.154875
EGP 55.703589
ERN 17.738798
ETB 182.791072
FJD 2.661179
FKP 0.870315
GBP 0.866681
GEL 3.18162
GGP 0.870315
GHS 12.79115
GIP 0.870315
GMD 86.329235
GNF 10278.709772
GTQ 9.006993
GYD 245.515296
HKD 9.221278
HNL 30.954103
HRK 7.533317
HTG 153.905708
HUF 382.153287
IDR 19840.785951
ILS 3.707232
IMP 0.870315
INR 108.316693
IQD 1537.357457
IRR 49816.456691
ISK 145.777895
JEP 0.870315
JMD 184.718842
JOD 0.838501
JPY 184.146504
KES 151.256298
KGS 103.416722
KHR 4722.947667
KMF 496.686746
KPW 1064.353704
KRW 1710.387141
KWD 0.362349
KYD 0.977982
KZT 590.738376
LAK 25359.349612
LBP 105085.885516
LKR 363.548997
LRD 217.091629
LSL 18.94048
LTL 3.491871
LVL 0.715335
LYD 7.466336
MAD 10.748905
MDL 19.97255
MGA 5308.817127
MKD 61.616271
MMK 2483.187819
MNT 4218.830116
MOP 9.4253
MRU 46.916546
MUR 54.292994
MVR 18.271409
MWK 2034.84661
MXN 20.533372
MYR 4.736855
MZN 75.57955
NAD 18.94048
NGN 1680.526824
NIO 43.180379
NOK 11.555294
NPR 172.348599
NZD 1.987207
OMR 0.454249
PAB 1.173539
PEN 3.936823
PGK 5.018882
PHP 69.733624
PKR 328.342141
PLN 4.208885
PYG 7847.251532
QAR 4.278347
RON 5.101724
RSD 117.373848
RUB 89.207823
RWF 1711.518652
SAR 4.433442
SBD 9.606873
SCR 16.856244
SDG 711.330129
SEK 10.584272
SGD 1.505082
SHP 0.887246
SLE 28.859447
SLL 24798.24684
SOS 669.450838
SRD 45.081425
STD 24477.153012
STN 24.494542
SVC 10.267712
SYP 13078.904017
SZL 18.935781
THB 36.920787
TJS 10.972155
TMT 4.139053
TND 3.416239
TOP 2.847384
TRY 51.246799
TTD 7.971224
TWD 37.116428
TZS 3004.130641
UAH 50.599026
UGX 4148.075755
USD 1.182587
UYU 44.440098
UZS 14242.826515
VES 416.584326
VND 31036.982812
VUV 141.661813
WST 3.258757
XAF 655.810877
XAG 0.011483
XAU 0.000237
XCD 3.196
XCG 2.114929
XDR 0.815618
XOF 655.810877
XPF 119.331742
YER 281.814608
ZAR 19.0597
ZMK 10644.701884
ZMW 23.02187
ZWL 380.792372
  • SCS

    0.0200

    16.14

    +0.12%

  • RBGPF

    -0.8100

    83.23

    -0.97%

  • BCC

    -1.1800

    84.33

    -1.4%

  • BCE

    0.4900

    25.2

    +1.94%

  • BTI

    0.9400

    59.16

    +1.59%

  • NGG

    1.3200

    81.5

    +1.62%

  • RIO

    3.1300

    90.43

    +3.46%

  • GSK

    0.5000

    49.15

    +1.02%

  • RELX

    0.0600

    39.9

    +0.15%

  • RYCEF

    0.3000

    17.12

    +1.75%

  • CMSC

    0.1000

    23.75

    +0.42%

  • JRI

    0.0100

    13.68

    +0.07%

  • CMSD

    0.0900

    24.13

    +0.37%

  • AZN

    1.2600

    92.95

    +1.36%

  • VOD

    0.2300

    14.17

    +1.62%

  • BP

    1.1000

    36.53

    +3.01%

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)