Environment & Energy
Related: About this forumIMF's Lagarde - Abbott's Refusal To Discuss Climate "Shows His Ignorance On The Issue"
I think she's being unduly charitable, but I'll take it . . .
EDIT
Last week Abbott said Australias "destiny" is to bring cheap energy to the world. How is that possible, when the cheapest sources of Australian coal have already been found, dug up and exported? New coal projects in the Galilee Basin, for example, require a coal price of more than $100/tonne to be economically viable. With the current Australian coal price sitting closer to $72/tonne the prospects for the industry are not looking good.
Abbotts ignorance of the economics of coal and climate change means he isnt adequately working on the important challenge of diversifying the Australian economy. Instead, his recent budget cut funding for science, research and innovation programs, while further propping up the mining industry via his failure to combat diesel fuel subsidies and his scrapping of the former Labor governments mining tax. In doing so he is not only risking the future of our nations finances, but the retirement savings of superannuants as well.
As the head of the OECD, José Ángel Gurría, recently said, the looming choice may be either stranding those [fossil fuel] assets or stranding the planet. He's right. The global movement toward renewable energy and regulating carbon pollution puts at risk the ability of major Australian companies to continue to dig up and export their fossil fuel reserves. This in turn risks their future cash flows and stock prices.
Titans of the Australian Stock Exchange like BHP and Rio Tinto, and the federal treasury, have the most to lose from a significant decline in the prospects of Australian miners. Almost all Australians who have superannuation hold shares, through their super funds, in these companies.
EDIT
http://www.theguardian.com/commentisfree/2014/jun/09/unfortunately-tony-abbott-cant-cancel-meetings-with-the-climate
GliderGuider
(21,088 posts)hatrack
(59,599 posts)Or a conference. Yes, that's it - a conference!!