A Fossil Economy in a Changing World:
The world is shifting away from fossil fuels and key importers of Australia’s coal and gas are part of this shift. Our policies ignore this, leaving us dependent on continued fossil fuel exports, at risk of:
- stranded investments,
- dropping export revenue, and
- a growing current account deficit.
(Beyond Zero Emissions Report: 2014)
The Fossil Economy report investigates the expected revenue from Australia’s emissions-intensive exports, comparing Australian Government projections with projections from the International Energy Agency. These projections include the business-as-usual New Policies Scenario, and the climate change mitigation 450 ppm Scenario. This indicates a potential shortfall in export revenue growing to AU$100 billion annually by 2030.
To avoid becoming a fossil economy, policy makers must first acknowledge the impacts of effective global action on climate change. To ensure prosperity into the future, Australia should take advantage of the global shift to clean energy, as well as diversifying the economy.
The lead author of the Fossil Economy report: Gerard Drew.
Get a copy of the Fossil Economy Report
- Free download of the report (a 1.9 MB pdf file)
- No hard copy available
- Download Appendix to the Report.
Carbon reduction in Asia will punch $100 billion hole in Federal revenue by 2030: ABC Radio National
Deep carbon emission cuts possible and inevitable, reports find (SMH)
Australia’s coal and gas exports are being left stranded
The above image is of the Upper Hunter Valley coal mine