A Fossil Economy in a Changing World:
The world, including key importers of Australia’s coal and gas, is shifting away from fossil fuels. 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)
Image: Upper Hunter Valley coal mine
The Fossil Economy report investigates the revenue expectation of 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 hte Fossil Economy report was Gerard Drew.
Get a copy of the Fossil Economy Report
- Download the free pdf file here (1.9 MB)
- No hard copy available
- Download the appendix to the report here.
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