One case in point is Ian “Dunny” Dunlop.
A former international oil, gas and coal industry executive, chair of the Australian Coal Association and CEO of the Australian Institute of Company Directors, Dunlop called on Peter Costello to rule out Australia's Future Fund financing of Adani’s multi-billion coal project in Queensland’s Galilee Basin.
Indian Foreign Minister Arun Jaitley is scheduled to meet the Chairman of the Future Fund (Australia’s Sovereign Wealth Fund), Peter Costello, today to discuss Adani funding.
“It is extraordinary that faced with the structural decline of thermal coal and even a basic understanding of climate change, Peter Costello would entertain the possibility of funding Adani’s Galilee Basin coal mine,” proclaimed the new keen and green Dunlop.
“It seems remarkable, but perhaps the former Treasurer hasn’t noticed the coal boom has ended. One would hope that his fellow board members would have greater foresight.”
Coal boom ended?
Hogsback thinks that Dunlop must be suffering memory loss of coal booms and busts long past. The moment you say the bust is upon us is the time you should be preparing for the next boom.
But Dunlop does not stop there. He wants to challenge research carried out by independent bodies about the effect of coal on world poverty.
“Informed leaders, scientists and economists around the world are now urging an emergency response to address accelerating global warming.
Contrary to recent government and industry rhetoric, increasing coal consumption in India will create massive poverty, not alleviate it. Building mega-coal mines in current circumstances is nothing less than a crime against humanity,” he said.
“Common sense and economics indicate the Future Fund should focus on the enormous opportunity of creating the 21st century low-carbon world, rather than perpetuating outdated 20th century high-carbon business models.
“Future Fund Board members have a fiduciary responsibility to objectively assess and manage the risks and opportunities implicit in their investments. Failure to honestly account for climate risk will expose Board members to personal liability, as is happening overseas.”
Hogsback reckons Dunlop should tell that to the thousands of coal workers in central Queensland who have recently been put out of work and see the response he gets to preventing poverty.
Another case in point of the leopard changing his spots picked up by Hogsback is the lengths the NSW Minister for Industry, Resources and Energy Anthony Roberts went to “welcome” an announcement by Origin Energy that it will buy all the power produced from the Moree Solar Farm.
NSW, the Hog should remind you, has had a coal industry that has supplied cheap and reliable energy source for decades as well as being its major export.
“This is an historic agreement and one that reinforces the state’s credentials as a solar leader not only in Australia but the Southern Hemisphere,” Roberts intoned.
“NSW now holds the three largest solar farms in Australia with the 102 MW Nyngan Solar Plant and the 53 MW Broken Hill Solar Plant constructed as Solar Flagship projects and now the Moree Solar Farm.”
Minister Roberts “praised” all the parties involved in the Moree Solar Farm including the NSW Renewable Energy Advocate Amy Kean who, apparently, has added invaluable assistance over three years.
“The NSW Government will continue to support renewable energy projects as they diversify the State’s energy supply plus provide valuable jobs and investment in our regions,” he said.
Very nice and very touchy-feely minister. But Hosgback thinks you should ensure that the existing energy supply from coal remains viable before throwing tax payers’ money at new alternatives.
