Asia shuts the door on Australian energy exports

| October 28, 2020

Australia’s three largest thermal coal and gas export destinations have all declared net zero targets within five weeks in what is a disaster for Australia’s coal and gas export markets.

South Korea’s President Moon announced today his country is targeting net-zero emissions by 2050. This follows Japan’s announcement last week of net-zero emission by 2050, and China’s announcement of net-zero emissions by 2060 earlier this month.

“This is disastrous for Australia,” says Bruce Robertson. “Two of our country’s major export industries are going from growth to decline. It’s the biggest structural change in modern Australian economic history.”

“Meanwhile, Australia is still peddling coal and gas as a means to stimulate the economy post COVID,” says Tim Buckley. “While the rest of the world transitions to renewable technologies and energies, Australia has yet to develop a transition plan for our economy, our workers, and our communities. The big financial players are already exiting lending for coal and gas, yet Australia is holding onto a dinosaur in terminal decline.”

The International Energy Agency, in its latest report released earlier this month, forecasts a 60% decline in coal by 2030, according to its net zero emissions scenario.

“These announcements from three of Asia’s biggest economies signal a massive structural adjustment in the world economy, that directly affects Australia,” says Robertson.

“It’s time to wake up and listen to our major export customers.”