Energy industry leaders warn Paris climate goals ‘not easy’

Australia's commitment to the Paris climate accord exposes the government's lack of policy to end the power grid's reliance on coal and gas, industry executives say, according to the Australian Financial Review.

With an electricity system built on cheap coal, Australia faced a huge challenge to make the changes required to meet the climate goals agreed in Paris at the weekend, which aim to limit global warming to less than two degrees above pre-industrial levels, experts said.

Walsh backs Mark Carney on greenhouse gas reporting revamp

Rio Tinto chief executive Sam Walsh has backed a push by Mark Carney, the governor of the Bank of England, for companies to more clearly define, measure and report greenhouse gas emissions data, according to the Australian Financial Review.

The Rio boss said he and Carney had discussed the proposal and that Mr Walsh supported the concept of greater transparency and consistency around greenhouse gas emissions reporting because it gave companies and consumers “freedom of choice”

Iron majors may tap 'unprecedented' pricing power to stem rout

Bloomberg reports that the world’s biggest iron ore miners have accumulated an unprecedented amount of pricing power after boosting market share, according to Morgan Stanley, which said they may now have an incentive to use the new-found clout by curbing supply to spur a rally.

The four largest producers have expanded their combined share of global supply to 75% after they raised low-cost output and smaller rivals quit, the bank said in a report received on Monday. Brazil's Vale SA may slow the ramp-up of its S11D project, while Australia's BHP Billiton and Rio Tinto could delay growth or cut production, it said.