After coal: Our plan for workers

Coal The Greens Australian federal election 2016 Australia

Only three things are now certain in life; death, taxes and coal mine closures. There is far more coal for sale than there are willing buyers at a time when Australia’s major global customers are rolling out clean energy and using less energy to achieve more economic gains.

The world is moving away from coal. A report released today by the Institute for Energy Economics and Financial Analysis finds that the global market for Australian thermal coal has entered “structural decline”, with prices falling 70% since 2009.i

Even BHP’s head of coal recently acknowledged that ‘there are no signs of things getting better in the immediate term’.ii Many mines are operating at a loss, mines are regularly shutting down and many more closures are inevitable.iii

The hardest hit from this global energy transition will be the coal workers as coal companies go bankrupt or leave Australia and return to their headquarters. The next hardest hit will be State governments who are financially exposed to sudden closures with only a fraction of mine rehabilitation costs secured. 

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