Fossil Economy Report

To avoid becoming a fossil economy, Australia should take advantage of the global shift to clean energy, as well as diversifying the economy.

The world is shifting away from fossil fuels – and this includes key importers of Australia’s coal and gas.

Australian government 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.

The Beyond Zero Emissions Fossil Economy Report (2014) 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.

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