Fuel demand to plummet, says Citi
Oil and coal demand will plummet and gas demand will soar over the next few decades, even without last week's climate change deal between China and the US, according to research from Citi, reported by the Sydney Morning Herald.
And if it is assumed that China and the US will meet their 2030 emission targets, “far-reaching reassessment” of long-term fossil fuel values would be required.
“But with existing policies, current market dynamics in China and the United States should still affect trillions of dollars of oil, gas and coal demand already,” said the research paper with the title “a new climate order”.
“Existing (carbon reduction) policies and subdued market conditions could lead to lower demand from 2015 to 2030 in the order of US$1.3 trillion for oil and as much as $US1.6 trillion for coal.”
Rush to bring power to India
Australia’s coal and uranium exporters are eager to capitalise on Indian Prime Minister Narendra Modi’s promise to connect another 300 million people to electricity but opportunities for LNG sales look like a longer-term prospect, according to the Australian Financial Review.
With Modi and Prime Minister Tony Abbott committing to boost trade, resources companies hope to benefit from a free trade agreement that could be signed within 12 months.
Australian uranium shipments to India planned for 2015
The uranium industry is hoping to make trial shipments to India next year as the nation makes plans to move to 25% nuclear power by 2050, according to the Sydney Morning Herald.
Prime ministers Abbott and Modi have discussed the supply of Australian uranium for India's nuclear power plants.
