Australia Demands the World Bank Pay for the Renewable Transition

Essay by Eric Worrall

Australia made $100 billion from coal exports this year – but the Aussie government still wants everyone else to pay for the green energy transition.

Australia calls for World Bank to step up climate change action efforts

By Jorge Branco 7:33am Nov 16, 2022

Climate Change Minister Chris Bowen has criticised some financial institutions for not doing enough to fight climate change, calling on the World Bank to “wholeheartedly” commit to the task.

Leading Australia’s delegation to the first United Nations climate summit since Labor’selection win, he declared the country was “back as a constructive, positive and willing climate collaborator.”

In his national statement to COP27 in Egypt, Bowen recommitted Australia to the goal, agreed to at COP26 in Glasgow last year, of keeping global warming as close as possible to 1.5 degrees.

…Read more:

This is the first year Australia made AU $100 billion from coal exports, enough to singlehandedly pay for a large chunk of the UN’s US $100 billion climate fund.

Record $43.1b trade surplus as coal exports boom

Michael Read Reporter
Sep 6, 2022 – 12.56pm

Australia has recorded its 13th consecutive current account surplus after booming coal prices drove a record $43 billion trade surplus.

Strong growth in export volumes means Australia’s improved trade balance will contribute 1 percentage point to June quarter GDP growth, to be released on Wednesday.

Australian Bureau of Statistics acting head of international statistics Grace Kim said annual exports of coal exceeded $100 billion for the first time.

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My point is, Australia demanding everyone else pay for the renewable transition is absurd, while Australia is sitting on such a vast coal export windfall profit.

I would much rather all that money was kept and spent in Australia on useful things, like dam renovation projects to prevent a repeat of the horror flooding which afflicted New South Wales this year. New South Wales is our most heavily populated state.

But if anyone is going to pay for the global green energy transition, that should be the nation with the mouthy politicians, which is making such huge profits from exporting coal.

via Watts Up With That?

November 16, 2022

Australia Demands the World Bank Pay for the Renewable Transition — Watts Up With That?