By Geoff Thompson and Deborah Richards
Updated June 15, 2015 08:52:00
The End of Coal?
Monday 15th June 2015
With the price of coal plummeting and our biggest customers turning to renewable energy, is Australia backing a loser?
When Prime Minister Tony Abbott famously declared coal to be "good for humanity" and "essential to the prosperity of Australia" there was no doubting he saw a coal-fuelled future for the nation.
And it's easy to see why: Australia has one of the world's largest deposits of coal; it provides two-thirds of our power, employs more than 50,000 people and brings in more than $40 billion a year from exports.
Yet not everyone is so upbeat. Some argue that the downturn is permanent. "There's been a number of price cycles like this in the past. I have to say this is probably the worst we've seen." Mining Executive Four Corners explores the driving forces that neither the Federal Government nor the mining industry can control.
Among the challenges, rapid technological change revolutionising the way we generate and store power. "It is totally a game changer." Christina Figuerres, UN Climate Change Chief
And investors are getting nervous. "With fossil fuels we want to get out as quickly as possible for financial reasons, as fast as is prudent, but also because we feel like the value of these stocks is really declining." US Investor "Financial markets though operate like a herd. Once one of the bulls runs, a stampede is caused." Energy Analyst
And with countries like China, America and the rest of the G7 committing to curbs on fossil fuels, will Australia be left on the wrong side of history? THE END OF COAL?, reported by Geoff Thompson and presented by Kerry O'Brien, goes to air on Monday 15th June at 8.30pm. It is replayed on Tuesday 16th of June at 10.00am and Wednesday 17th at midnight. It can also be seen on ABC News 24 on Saturday at 8.00pm, ABC iview and at abc.net.au/4corners.
