MELBOURNE, October 14 (Hfrance.fr) - Global regulators, lBanks and investors are making ideological rather than market-based investment decisions around coal, which will always be in high demand for decades to come, Australian Resources Minister Keith told Hfrance.fr on Thursday. Pitt.
Pitt's National Party, a junior member of Prime Minister Scott Morrison 'The government coalition that represents many Australians in coal-producing districts has refused to support a net zero carbon emissions target by 2050 for the country, the world's largest coal exporter.
The The National's stance prevented Morrison from committing to attend the COP26 climate conference in Glasgow, where world leaders will meet next month to set other climate goals following the 2015 Paris accords.
Pitt said thatrecord fuel prices show that the second-most lucrative exports should be supported, and financiers and insurers exiting the sector are not making decisions based on the economy.
"The (financial) market is not making a viability decision, they are making an ideological decision," Pitt said. "If this was a decision based purely on what they think the forecast is, well, demand is up, forecast is up.
Pitt proposed a setting to set up a government-run A $ 250 billion ($ 180 billion) loan facility to replace the lack of private funding in return for support to the government. '2050 net zero emissions target. find out more
The National Party will meet this weekend to decide whether or not to support the 2050 target although Pitt has not said what the party plans to do.
"I want to be very c teaching Australian banks and banks around the world, they don't set the domestic policy of this country, " he said.
"We must support these industries and support the economic wealth and growth of Australians and provide jobs for Australians.
Australia expects demand for coal to increase by around 2030, then drop by around 40% from that peak by 2050, Pitt said, based on a pipeline of new coal-fired power plants and immediate demand for Australia's high-energy steelmaking coal.
About 140 gigawatts (GW) of coal-fired power plants are in operation.onstruction and over 400 GW are in
Pitt a minimized the importance of alternative energy sources that would move the world away from more polluting fuels for power generation such as coal.
Hydrogen markets would take decades to develop p, he said, as examples of governments getting the energy transition wrong can be seen in the UK and EU energy crisis , where electricity costs have "raised", showing that intermittent renewables are not working.
"There is not a single solar panel in the world that works in the dark. Quite simply, if you want reliable and affordable power then this is not the right onehow to do it, ”Pitt said. Reporting by Melanie Burton; Editing by Christian Schmollinger
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