S&P Analyst - Viability, Value Of Coal Mines, Coal Power Plants "Vastly Impaired"
The global shift from fossil fuels to renewable energy will continue regardless of political action such as President Donald Trump's decision to withdraw the US from the Paris climate agreement or outbursts from ex-Australian prime ministers, a senior ratings analyst says.
"The tide has turned," said Michael Wilkins, the head of climate and environmental risks at Standard & Poor's Global Ratings, adding the transition meant the economic viability of assets such as coal mines and coal-fired power stations would be "vastly impaired".
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Lost in the squabble over former PM Tony Abbott's claims this week that climate change "might even be beneficial", was increasing evidence that Australian companies and investors are taking global warming seriously. First State Super and Cbus, two of Australia's biggest super funds, this week launched a new EY report examining the coming disruption for the coal sector: Investing in a Just Transition.
Separately, Westpac chief executive Brian Hartzer told a banking inquiry session in Canberra on Wednesday that Australia had to move to net-zero emissions by 2050. To that end, Mr Hartzer reiterated his bank's decision not to invest in any new coal basin, such as Queensland's Galilee - home of Adani's proposed mega coal mine.
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http://www.smh.com.au/environment/climate-change/tide-has-turned-global-rating-agency-says-climate-economics-trump-politics-20171012-gyzhey.html