10.46pm EST22:46
There’s also some bad news for Australia’s fossil fuel exports in the net zero modelling released by Angus Taylor.
It said: “The modelling projects a rebalancing in mining activity driven by shifts in international demand. Specifically, global demand shifts beyond Australian control are expected to reduce the value of coal production by around 50% to 2050, and slow the growth of gas, but mining overall grows by 5% in real terms to 2050, reflecting increased demand for critical minerals and other mining activities.
“This shift is projected to occur over several decades, with most impacts observed beyond 2030 as countries make progress towards their decarbonisation goals. Increases in other mining activity is projected to more than offset expected declines in coal and other traditional energy sources.”
Gas has a slightly longer shelf life than coal though: “The outlook for gas is more positive, with demand projected to grow until 2040, before turning lower. This is consistent with other analyses.”
Updated
at 10.50pm EST