Professor John Mathews and Hao Tan pointed out in their research
“latest target is that renewables will have a capacity of 550 gigawatts — over half a trillion watts — by the year 2017. We calculate that this will exert a major impact in China — enhancing energy security; reducing emissions pollution; and reducing carbon emissions .… If it can reach its 2017 target of 550 GW renewables, we calculate that this would translate into a saving of 45% on current imports of coal, oil and natural gas.”
Added to this, the price of coal dropping, largely due to oversupply and import tariff thereby lowering profit. Coal production costs will put an enormous strain on mines.
Our biggest client for coal and gas is Japan. After Fukushima, Japan has become more wary of nuclear power and, as such, will rely, in the short term, on importing coal and gas from Australia — amongst others. Abbott last week opened a Japanese/Australian partnered mine. However Japan has plans to go renewable as well 20% by 2020 All this accompanied by divestment is highly negative portent for the industry.
Joe and Tony, “the fossil fuel ride is over”, it’s time you recognised that.
olddogthoughts 