“The IEA’s report confirms that coal demand has stalled and free-falling prices are unlikely to ever recover. As an economy that’s heavily dependent on fossil fuels, Australia cannot keep ignoring these warnings. Continued dependence on coal mining is an economic timebomb for Australia as well as a carbon bomb for the global climate.
“Australia now has to start making plans for a future in which there will be no market for coal.
“The Paris talks were the first admission that the age of fossil fuels is coming to an end and this report is another nail in coal’s coffin.”
The recently-concluded United Nations climate talks in Paris agreed to limit global warming to between 1.5C and 2C. Despite this, Australia recently re-approved the $16bn massive Carmichael coal mine in Queensland, which will emit 120m tonnes of CO2 a year.
Ms Tager added:
“To help limit global warming to two degrees, 95% of Australian coal has to stay in the ground.
“Australia has to be among the first nations to reduce the amount of coal produced. Yet, the government’s approval for the Carmichael mine completely goes against the commitments made in Paris – and the long-term economic interests of the country.
“The IEA report has confirmed that coal’s market value has plummeted and is unlikely to ever recover. Australia must begin planning for a future beyond coal, instead of paving the way for the country’s largest coal mine.”