For decades, coal mining has been a cornerstone of the Australian economy worth US$70 billion and employing tens of thousands of people. But as some of the worst bushfires in the country’s history destroy large swathes of countryside and leave at least 15 people dead, its coal industry has come under increasing scrutiny.
From 2018 to 2019, Australia exported 210 million tons of thermal coal — used to fuel power stations — worth US$26 billion, and 184 million tons of metallurgical coal — used for steelmaking — worth US$44 billion. Most goes to Asia, with some used domestically to produce electricity. Glencore is Australia’s biggest coal miner and produced 130 million tons globally last year. It paid US$1.1 billion for half of Rio Tinto’s Hunter Valley coal operations in 2017 and US$1.7 billion for all of its Hail Creek coal mine and the Valeria project the following year.
Investors, lobbyists and activists are increasingly vocal about their distaste for coal, leaning heavily on companies to exit their operations globally. Shareholder pressure last year prompted Glencore to limit production of coal in the future. The Church is not alone. Norway’s US$1-trillion government pension fund — the largest of its type — has stringent rules for the companies in which it invests. Firms may be blacklisted by the fund if they derive 30 per cent or more of their income from thermal coal, base 30 per cent or more of their operations on thermal coal or extract more than 20 million tonnes of thermal coal a year.
The bush fires were caused by poor land management and arson. Aboslutely nothing to do with Australia's coal industry. ClimateHoax
Makes sense, makes total sense.