Libs to subsidise coal, now South Korea wants out. What’s the scam?
Although the Liberal Party now thinks subsidizing coal mining is a good idea, our third largest coal customer, Korea, has decided to stop burning coal altogether. What is fraud?
The scam was revealed just days after the Liberals announced they would abandon net zero and subsidize coal. Perhaps even more foolish than the scam, the Liberals’ decision to subsidize coal in government looks even more foolish today, as South Korea has announced it will phase out coal by 2040.
The Australia Institute reports that our third-largest coal customer will be the first Asian country with significant coal capacity to formally commit to phase out coal power by joining the Powering Past Coal Alliance (PPCA).
Coal exports to South Korea are already decreasing and have recently Modeling by treasury It shows Australia’s coal and gas exports will decline by around 50% in total value over the next five years, falling 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 subsidize it. Come on figure.
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Kim Wingerei is a businessman turned author and commentator. He is passionate about freedom of expression, human rights, democracy and the politics of change. Originally from Norway, Kim has lived in Australia for 30 years. Author of ‘Why Democracy is Broken – A Blueprint for Change’.
