Although no mention of coal was made in the primary text of the historic Paris agreement, it will also mean the Australian minerals sector will continue to provide the raw materials for an expected expansion of the renewable energy sector, according to Minerals Council of Australia CEO Brendan Pearson.
High efficiency low emissions (HELE) coal–fired power plants are a central element of the emissions reductions plans of China, India, Japan and South East Asian nations tabled in Paris last week, he said.
“More than 650 units are already in place in East Asia alone, with more than 1060 of these units under construction or planned,” he said.
“China’s embrace of these technologies has already reduced its emissions by 450 million tonnes of CO2e annually over the last seven years, according to analysis by the International Energy Agency Clean Coal Centre.
“The boost for HELE plants is good news for Australia, because our high energy, low impurity coal is ideally suited to these power plants. It is why the IEA has projected a strong increase in Australia’s coal exports over the next 25 years.”
The agreement will also provide fresh impetus to efforts in Australia and globally on the development and deployment of carbon capture and storage (CCS), according to Pearson.
“The Intergovernmental Panel on Climate Change has noted that long term emissions reductions targets will be 138% more costly without the widespread deployment of CCS,” he said.
“The agreement will also support the rapid growth of new generation nuclear power in East and South Asia, providing strong demand for Australian uranium exports. China expects to increase nuclear power by a compound 9% per annum to 2030 while India plans to treble its capacity over the next 5 to 7 years.
“More broadly, the Australian minerals sector will continue to provide the raw materials for an expected expansion of the renewable energy sector.”
More than 220t of coal are used in the construction of every wind turbine, while more than 15 mined minerals are used in the construction of a solar panel.
But the Australian Greens leader Richard Di Natale said to achieve the 1.5 degree limit, Australia must now revise our emissions targets and transition away from coal.
“The Turnbull government must take the Clean Energy Finance Corporation (CEFC) and the Australian Renewable Energy Agency (ARENA) off the chopping block. It needs to end subsidies to the fossil fuel sector and stop approving new coal mines, like Adani's Carmichael mine, the largest in the southern hemisphere,” he said.
“This century now belongs to those nations that seize the momentum from Paris and transition to a low carbon economy, along with the high tech manufacturing, high skills, jobs rich opportunities that brings. Other countries realise the faster they act, the better for their domestic economies, as well as for our health and environment.”
Deputy Leader Senator Larissa Waters said: “Australia simply won't be able to keep up with other advanced economies if we hitch our future to coal. Australia will be left behind if we don't join with other forward thinking nations in switching rapidly form a dependence on fossil fuels to renewable energy.
“Failing to make this transition will be catastrophic for jobs and our future economic prosperity.”
