Gordon Campbell | Parliament TV | Parliament Today | News Video | Crime | Employers | Housing | Immigration | Legal | Local Govt. | Maori | Welfare | Unions | Youth | Search

 

Solid Energy a stranded asset – Coal Action Network

Solid Energy a stranded asset – Coal Action Network

Press release, August 4 2015

Solid Energy is a stranded asset and the sooner the Government and the Labour Party realise this, the faster New Zealand can start seriously discussing a “Just Transition” away from fossil fuels, Coal Action Network Aotearoa said today.

“Several commentators in New Zealand are today saying that coal has a future, but the world is thinking otherwise, as can be evidenced from President Obama’s Clean Power Plant announcement today,” said Cindy Baxter, of the CANA organising group.

“Solid Energy’s Chairperson resigned in April because her view that the company was not viable conflicted with Bill English. She was right. We need to face up to this fact, not continue to promote coal use around the country,” said Baxter.

Consider these factors:

• Today, shares of the world’s largest coal company, Peabody Energy, plunged again to just over USD$1 and the company is struggling, with others like Arch Coal on the edge of bankruptcy

• In Germany, a brand new coal fired power plant could be bought last week for just one Euro. In Queensland last week, a coal mine sold for $1.

• The price of large scale solar is now almost at price parity with coal in the biggest markets

• Internationally there are now major funds like the Norwegian Sovereign Fund divesting from coal, and even the Intergovernmental Panel on Climate Change says we have to phase out of coal.

• For metallurgical or coking coal (Stockton, Denniston), the outlook is also bleak, with major analysts continually downgrading their outlook for coking coal for steel plants, as China’s economy turns away from construction, and focuses on reducing pollution from such plants. The price of iron ore has also plummeted.

• The scrap steel market in China is expected to soar, and steel can be produced from this using Electric Arc Furnaces that run on renewable energy.

• Phasing out coal worldwide by 2050 would reduce warming by half a degree – even the UN Climate Chief Christian Figueres has warned the industry to leave it in the ground. The goal of phasing out fossil fuels by 2050 is in the negotiating text for the Paris agreement later this year.

“New Zealand’s coal workers are suffering from this boom and bust commodity market, where the outlook is looking bleak. The writing is on the wall for this industry and the sooner we start looking for alternatives, the better off these workers will be,” said Baxter.

“A planned transition away from coal could include the closure of Solid Energy’s mines and their rehabilitation, which would create jobs in the short term.The question is who pays. But to blunder onwards without looking at the big picture is simply foolish.”

Further reading: “Jobs After Coal” – Coal Action Network Aotearoa, May 2015.


ends

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On Rapid Antigen Testing


National Party leader Christopher Luxon is being allowed to get away with murder. Luxon is not being challenged over his repeated assertions that the rest of the world has enjoyed ready access to rapid antigen tests (aka RATS) for a year, so why aren’t we? In fact, the reality across the Tasman for the past month has seen a colossal shambles unfold over (a) the availability and (b) the affordability of these tests. RATS have become a case of panic buying on steroids. Amid reports of price gouging, stock-piling, socially inequitable access and empty shelves...
More>>



 
 


Government: Announces Three Phase Public Health Response To Omicron
The Government has announced a three phase Omicron plan that aims to slow down and limit the spread of an outbreak, Associate Minister of Health, Dr Ayesha Verrall announced today. “Through the course of managing Omicron, we will be taking a phased approach. As case numbers grow both testing and isolation approaches will change in response... More>>


Save The Children: Thousands Join Call To Retain New Zealand’s Children’s Commissioner

More than 6000 Kiwis have joined Save the Children New Zealand’s call to retain the vital role of Children’s Commissioner, as the Government considers a new bill proposing major changes to the office, including the removal of a named Children’s Commissioner... More>>


Science Media Centre: Omicron Outbreak Would Move The Country To Red - Expert Reaction

The Prime Minister has announced if Omicron cases spread into the community, the country will move to the traffic light system's Red setting within 48 hours. Jacinda Ardern also mentioned there will be changes to the country's testing regime, with more use of Rapid Antigen Tests... More>>

Transparency International: New Zealand Retains Top Ranking In Annual Corruption Perceptions Index
New Zealand is once again ranked least corrupt in the world by Transparency International’s annual Corruption Perceptions Index. This year New Zealand’s score of 88 out of 100 is unchanged resulting in it being first equal with Denmark and Finland... More>>


TradeMe: Property Prices Increase By A Record 25% In One Year
In December, the national average asking price jumped by a quarter year on year, to reach a new high of $956,150, according to the latest Trade Me Property Price Index. Trade Me Property Sales Director Gavin Lloyd said last month’s national average asking price increase was the largest on record... More>>


Statistics: Departures Lift Border Crossing Numbers

The number of people crossing New Zealand’s border went up in November 2021, mostly due to an increase in departures, Stats NZ said today. There were 28,700 border crossings in November 2021, made up of 12,300 arrivals and 16,400 departures... More>>


 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels