Deep sea mining puts $560 billion in land extraction at risk — report
Even in optimal scenarios, the activity would generate only $6.25 million in tax revenue for countries involved, says Planet Tracker.
AGL’s Loy Yang power station (Image by kezza |Shutterstock.com)
AGL Energy Ltd, one of Australia’s main energy companies, said Friday it will shut all of its existing coal-fired power plants by 2050 to curb greenhouse gas emissions, adding to a global slide in the fossil fuel’s popularity.
The firm, Australia’s No.2 power retailer, added it would never again build or buy any coal-fired power plants, unless they come equipped with a carbon capture and storage facility.
“Australia currently relies significantly on coal and gas to power its homes and industries with 88% of electricity produced from fossil fuels,” chief executive Andy Vesey said, releasing the company’s new greenhouse gas policy.
AGL’s announcement comes just months after Vesey joined from the American company AES. He took over Michael Fraser, an enthusiastic supporter of fossil fuels who acquired coal assets such as Loy Yang power station in Victoria.
2 Comments
rayban
Clean Coal seems a good idea if it can be made feasible money wise . Yet as time goes on we may again find that rising costs make Coal usable .
Brian Roberts
Why is that we all don’t drive Rolls Royce Cars and fly first class? we can’t afford it thats why? When other forms of source fuel for the generation of primary energy become more popular than coal their costs rise. Coal then becomes the least expensive option and coal returns as the least expensive option, and so the wheel turns.