Faith in coal.

 

In my blog of 5 January 2013, ‘A Canary in the Coal Mine’, I said that ‘The future of new thermal coal mines is doubtful. Would any sensible investor take not only the political risk but also the financial risk of investing in new thermal coal mines in Australia?’

The canary warning is getting louder and louder, even though Tony Abbott tells us that ‘Coal is good for humanity’.

In an excellent article in the SMH of 18 October 2014, Tony Allard says that Abbott’s faith in coal mining could be wrong – very wrong.

It refers to companies such as Citigroup, Hong Kong Shanghai Banking Company and Deutsche Bank who stress the decline in the demand for coal and its dubious prospects.  It is not just the ANU that is discussing divestment in fossil fuels.

Tom Allard’s excellent article can be found at:

http://www.smh.com.au/federal-politics/political-opinion/why-abbotts-faith-in-coal-could-be-wrong–very-wrong-20141017-117k1b.html

John Menadue

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John Laurence Menadue is the publisher of Pearls & Irritations. He has had a distinguished career both in the private sector and in the Public Service.

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