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Wednesday, October 27, 2021

What Coal Price Surge? Climate Council Predicts 20,000 Jobs to Go


Guest essay by Eric Worrall

In the midst of an unprecedented surge in coal price and demand, Climate Prophet Tim Flannery’s Aussie Climate Council has urged Australia to shut down the coal industry, to protect jobs.

JOBKILLER: AUSTRALIAN CLIMATE INACTION PUTS 20,000 NSW JOBS AT RISK FROM CARBON TARIFFS

A NEW REPORT released today by the Climate Council finds the lack of federal government climate policy exposes the nation to serious economic consequences – including 20,000 jobs at risk in New South Wales – from carbon border tariffs.

Markets are moving: the economic costs of Australia’s climate inaction was authored by Climate Councillor Nicki Hutley, a former partner at Deloitte Access Economics.

Ms Hutley said: “The world is responding to the climate crisis and carbon border tariffs are now inevitable. Australians will pay the price unless the federal government cuts our national carbon emissions in line with our major trading partners – and NSW will be disproportionately affected.

The European Union announced a Carbon Border Adjustment Mechanism (CBAM) in July 2021. Ms Hutley said the new modelling by economists at Victoria University shows Australia will experience a cut to our Gross Domestic Product (GDP) as a result.

If South Korea, China and the Group of 7 follow suit, New South Wales will be heavily impacted due to the dominance of targeted exports – particularly coal. Under the above scenario, the state is projected to lose around 20,000 jobs and more than $5 billion in Gross State Product.

“The federal government should be getting out in front, and putting support for regions affected in place. The new, low-carbon economy is coming and we urgently need a transition plan in place for Australian communities and workers”, said Ms Hutley.

Read more: https://www.climatecouncil.org.au/resources/jobkiller-australian-climate-inaction-puts-20000-nsw-jobs-at-risk-from-carbon-tariffs/

The full report, which hilights coal exports as their main point of concern, is available here.

Back in the real world, coal prices are soaring as nations scramble to recover from a green energy fantasy induced global energy shortage.

Gripped by Energy Crisis, Europe Considers Breaking Climate Promises and Turning to Coal

BY DARRAGH ROCHE ON 10/9/21 AT 10:40 AM EDT

Europe is in the grip of an energy crisis amid rising prices for natural gas, increased demand for fossil fuels and the approach of the winter that will make access to fuel even more urgent.

The price of natural gas on the continent has risen sharply over the past year with the European benchmark up nearly 600 percent as of Thursday and the European Union(ME) seeking more gas supply from Russian energy firm Gazprom, which is already Europe’s largest supplier, providing 35 percent of the continent’s needs.

The price fell on Thursday to $120.79 per megawatt-hour (MWh) after Russian President Vladimir Putin said the country could sell gas to European spot buyers through its domestic market. The previous price was $134 per MWh on Tuesday.

Rising costs have been driven by increased demand in Asia and other parts of the world as economies reopen after shutdowns during the COVID-19 pandemic. The ongoing difficulties with gas supply and costs have reopened questions about the use of coal.

Read more: https://www.newsweek.com/gripped-energy-crisis-europe-breaking-climate-promises-coal-gas-1637291

What can I say – bad timing guys. If the Climate Council had released their ridiculous report a few months ago, it might have been well received. But right now, as the energy crisis bites, and desperate nations openly consider ditching climate targets to keep people warm in winter, a report demanding the end of coal just makes them look like fools.

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