While the Liberal Party now reckons subsidising coal mining is a good idea, our third-largest coal customer Korea has just decided to stop burning coal altogether. What’s the scam?
The scam is the sheer timing, just days after the Libs’ declaring they would abandon net zero and subsidise coal. Perhaps more silly than scammy, the Liberals’ decision to subsidise coal if in government looks even sillier today, as South Korea declares it’ll phase out coal by 2040.
The Australian Institute reports our third-largest coal customer will become the first Asian country with significant coal capacity to formally commit to ending coal power, joining the Powering Past Coal Alliance (PPCA).
Coal exports to South Korea are already declining, and recent modelling by the Treasury indicates Australia’s coal and gas exports are set to decrease by about 50% in total value over the next five years, and drop to a fraction of current levels by 2040.
Voters don’t want it, customers increasingly don’t want it, and our planet can’t afford it, but the Liberals still want to subsidise it. Go figure.
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