Federal government delays Adani coal mine decision
The federal government has pushed back its decision on Adani’s planned $16 billion Carmichael coal mine and supporting infrastructure in the Galilee Basin in Queensland, according to the Australian Financial Review.
If approved, the project would be the largest coal mine in the country and kickstart the thermal coal industry in the Galilee Basin.
Environment Minister Greg Hunt yesterday pushed back his decision on the project until August 1, citing “the large volume of material associated with this project referral”
Coal's share of world energy demand highest since 1970
A review by BP has found that coal dominated world energy markets last year by supplying the biggest share of demand since 1970, making it the fastest-growing fossil fuel, according to the Sydney Morning Herald.
Consumption grew 3% last year, driven by coal use in developing nations, according to a statement from Europe's third-largest oil company. Use of renewables such as solar and wind also reached a record, accounting for 2.7% of all energy demand.
The findings are another indication that consumers are prioritising cheap fuels over efforts to rein in greenhouse gas emissions blamed for global warming. Coal is the dirtiest fossil fuel and use of it expanded at utilities from China to Germany.
Coal's share of global energy use reached 30.1%, just below the 32.9% share for crude oil, which lost market share for a 14th consecutive year. China was the world's biggest coal consumer, followed by the US and India.
Fortescue’s China iron ore discount nears GFC levels
The discount Fortescue Metals Group offers Chinese steel mills for low-grade iron ore is approaching the highest level since the global financial crisis, amid weak demand and surging supply, according to the Australian Financial Review.
The iron ore price has fallen 34% this year to be trading at $US89 a tonne. This is the first time it has traded below $90 since late 2012.
Industry consulting group Steel Home said FMG was offering a discount of 14% for its lowest-grade product from July 1. This is up from 12% in June and an average discount of about 2% last year.
NSW budget pays scant attention to climate change, coal seam gas
Two of the biggest environment issues – climate change and coal seam gas – are all but ignored in this year's state budget, with neither terms appearing in the 511-page papers, according to the Sydney Morning Herald.
The omissions come despite Sydney being in the midst of its hottest 12 months in 155 years of records. Much of the state's north remains short of rainfall even as an El Nino forms in the Pacific, indicating the additional $13 million allocated in the budget for drought assistance may need topping up.
Environment Minister Rob Stokes notes the need to prepare “for the challenges of the future including our changing climate”.
Funding to that end includes $3 million on climate change adaptation research and $26 million to be spent helping communities prepare for floods and coastal erosion.
