Australia rebuffs Biden, Boris and the UN; vows to keep mining coal
GWPF International, 9 September 2021For the UN climate summit in November in Glasgow to succeed it “must be the COP that consigns coal power to history”, Britain’s climate envoy Alok Sharma has repeatedly stressed. After all, a binding agreement on phasing out coal by 2030 is the main goal of both the Biden administration and the UK government.
Today’s developments down under, however, demonstrate once again that their COP26 agenda is almost certain to fail as Australia has become the latest nation to reject the demands for an end to coal.
When markets closed on Monday, metallurgical or coking coal was selling for $274 a tonne, very near the all-time high of $299.33 a tonne in November 2016.
The $274 cost was below its close last Friday which was the highest price for coal since April 2017.
In the past year, coal has been up 170 per cent.
That’s despite China unofficially banning coal since October last year, with power companies warned off the Australian commodity.
In fact, Peter Cai, director of the Lowy Institute’s Australia-China Relations Project, believes China is accidentally shooting itself in the foot and bearing the brunt of those costs.
The $274 cost was below its close last Friday which was the highest price for coal since April 2017.
In the past year, coal has been up 170 per cent.
That’s despite China unofficially banning coal since October last year, with power companies warned off the Australian commodity.
In fact, Peter Cai, director of the Lowy Institute’s Australia-China Relations Project, believes China is accidentally shooting itself in the foot and bearing the brunt of those costs.
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