White Haven Coal Price. Source Market Index

UN Warns Australia that Climate Savvy Investors are Abandoning Coal

Guest essay by Eric Worrall

h/t Dr. Willie Soon; As Aussie coal stocks soar, likely thanks to the breakdown in climate talks between the USA and China, the UN has issued a new warning that coal is doomed.

Top UN official calls for Australia to urgently dump coal

By Nick O’Malley
September 6, 2021 — 12.00am

The United Nations’ top climate official has urged Australia to have a “more honest and rational conversation” about urgently abandoning coal power, which he said was in the nation’s and the world’s best interests.

Selwin Hart, UN Assistant Secretary-General and Special Adviser to the Secretary-General on Climate Action, said wealthy nations must stop using coal power by 2030 and the rest of the world must dump it by 2040 if the world is to keep global warming to within the agreed target of 1.5 degrees Celsius.

“Market forces alone show coal’s days are numbered, as many investors increasingly abandon it in favour of renewables, which are now cheaper in most places,” said Mr Hart during a speech recorded for an Australian National University leadership forum.

“We fully understand the role that coal and other fossil fuels have played in Australia’s economy, even if mining accounts for a small fraction – around 2 per cent – of overall jobs.

“But it’s essential to have a broader, more honest and rational conversation about what is in Australia’s interests because the bottom line is clear.

“If the world does not rapidly phase out coal, climate change will wreak havoc right across the Australian economy: from agriculture to tourism, and right across the services sector,” he said.

Read more: https://www.smh.com.au/environment/climate-change/top-un-official-calls-for-australia-to-urgently-dump-coal-20210905-p58ozi.html

Note that while a 238% annual return on investment is impressive, I am not giving investment advice. Coal stock prices are extremely volatile, and any headwind, such as an unexpected economic slowdown, sudden outbreak of war, or the election of a President who turns out to be a complete moron, can have a dramatic negative impact on prices, at least in the short term.

Australia’s federal resource minister has slammed UN comments as unwanted foreign interference in Australia’s affairs.

Australia’s Resources Minister Keith Pitt shot back by affirming coal would remain a significant contributor to the Australian economy well beyond 2030.

“The future of this crucial industry will be decided by the Australian Government, not a foreign body that wants to shut it down costing thousands of jobs and billions of export dollars for our economy,” Pitt said, according to the Australian Associated Press.

He pointed to three months to July that saw coal exports soar to $12.5 billion – a 26 per cent increase on the previous quarter – as evidence of just how vital the commodity remains to the Australian economy and the jobs that go with it, the AAP report said.

“Coal will continue to generate billions of dollars in royalties and taxes for state and federal governments, and directly employ over 50,000 Australians,” Pitt added, in a direct challenge to climate activists who join the U.N. in demanding Australia cease and desist the practive.

Read more: https://www.breitbart.com/politics/2021/09/06/australia-rejects-u-n-demand-to-end-coal-mining-will-ignore-foreign-body/

I think we can safely say the UN’s suggestion that “market forces alone show coal’s days are numbered” does not appear to be supported by the evidence, and is likely more aspirational than fact based.

5 11 votes
Article Rating
Subscribe
Notify of
141 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
layor nala
September 6, 2021 10:07 pm

The UN days could doomed once they start interfering in a country’s internal affairs

H B
Reply to  layor nala
September 6, 2021 10:16 pm

Totally Agree

Bryan A
Reply to  H B
September 7, 2021 6:39 am

But Market Forces DO indicate Coals days Are Numbered…in the millions!
https://markets.businessinsider.com/commodities/coal-price
Up 226% since last year, what a bonanza

n.n
Reply to  Bryan A
September 7, 2021 10:25 am

Maybe it’s an insider ploy to drive prices a la atmospheric ozone depletion, reduced utility CFLs, wind turbine gauntlets, photovoltaic ground cover, and other alt-market, single, central, monopolistic schemes.

Andy Espersen
Reply to  layor nala
September 6, 2021 10:35 pm

They are not really interfering in Australia’s internal affairs – they are attempting to interfere in the market, in people’s investment policies. Savvy investors will ignore UN’s advice – anybody’s advice, for that matter – that’s how to prove you are savvy!. Savvy investors follow their own savvy noses – that’s why they profit!

Spetzer86
Reply to  Andy Espersen
September 7, 2021 9:02 am

Wonder if China has any influence at the UN? Asking for a friend…

Pillage Idiot
Reply to  layor nala
September 6, 2021 10:37 pm

Why? It never led to their doom before.

Krudd Gillard of the Commondebt of Australia
Reply to  layor nala
September 7, 2021 2:38 am

Relocate the UN to Afghanistan.

Gregory Woods
Reply to  Krudd Gillard of the Commondebt of Australia
September 7, 2021 5:06 am

No, Burkina Faso…

MarkW
Reply to  Krudd Gillard of the Commondebt of Australia
September 7, 2021 5:49 am

Relocate them to low earth orbit. To make it easier for them to keep looking down on the rest of us.

Fraizer
Reply to  MarkW
September 7, 2021 1:39 pm

I’m stealing that.

Steve Z
Reply to  Krudd Gillard of the Commondebt of Australia
September 7, 2021 8:56 am

Bad idea. Who would want the Taliban running the UN?

D. J. Hawkins
Reply to  Steve Z
September 7, 2021 9:33 am

Could we tell the difference?

Greg
Reply to  layor nala
September 7, 2021 3:16 am

Did the UN preface their comments with obligatory : “I am not giving financial advice” ?

Oh, I forgot, they are exempt from prosecution in every jurisdiction on the planet, so they don’t care.

Carbon Bigfoot
Reply to  Greg
September 7, 2021 4:08 am

Peabody Energy (BTU) has doubled from $8/share when I bought it a few months ago to $17.54/share currently. Wish I had bought more.

Ozonebust
Reply to  Carbon Bigfoot
September 7, 2021 9:38 am

The only place coal and oil are going is into the atmosphere as CO2

Ozonebust
Reply to  layor nala
September 7, 2021 3:31 am

The UN is already interfering with the internal political and financial direction of most western countries, and has been doing it for some time. Look at Biden’s 3.5T green strategy etc. Look at Germany, and Canada.

James Beaver
Reply to  layor nala
September 7, 2021 5:54 pm

Market forces have pushed coal to historic high prices:

https://fred.stlouisfed.org/series/PCOALAUUSDM#

Rory Forbes
September 6, 2021 10:12 pm

The man is clearly a fool and or lying through his teeth. As long as the developing countries, assisted by China, are looking to coal as their best means to join the club of affordable energy generation, coal will be a viable commodity. Only the credulous European dopes and subsidy mining investors are interested in “renewables”. Only an idiot believes they’re “cheaper in most places”.

griff
Reply to  Rory Forbes
September 7, 2021 12:19 am

But they aren’t. Vietnam, the Philippines, Bangladesh and others have all cancelled planned coal plant.

Duker
Reply to  griff
September 7, 2021 12:31 am

https://www.reuters.com/world/asia-pacific/asias-new-coal-plant-plans-jeopardise-climate-targets-report-says-2021-06-29/
They do what they got to do….spruikers for other ‘green’ projects are just trying to talk up their own systems.

Reply to  Duker
September 7, 2021 3:50 am

Well, their advice and claims are delusional.

By 2024, renewable energy sources would be cheaper than coal in every major region, the report said, adding that by 2026 almost 100% of global coal capacity would be more expensive to run than building and operating renewable power generation.”

Renewable energy is only cheaper when heavily subsidized and fossil fuels are penalized with specious societal carbon costs.

Coal generated electricity will support heavy industry where renewable energy is a total failure.

Chaswarnertoo
Reply to  griff
September 7, 2021 1:52 am

Yes, griff. Try thinking, for once.

MarkW
Reply to  Chaswarnertoo
September 7, 2021 5:06 pm

Thinking is above his paygrade.

Joao Martins
Reply to  griff
September 7, 2021 2:45 am

” … have all cancelled planned coal plant.”

Yes, griff. And have you know why? It seems that you have just read the titles of the news and did not think about the reasons underlying those decisions — and much less on the consistency and reliability of those decisions.

Greg
Reply to  griff
September 7, 2021 3:19 am

Bangladesh, one of the shakers and makers of global energy trends !!!
LOL

MarkW
Reply to  Greg
September 7, 2021 5:51 am

The only “scientific” skill griff possesses, is the ability to sift through mountains of data, to find the grain or two that can be used to support what he wants to believe.

Bryan A
Reply to  MarkW
September 7, 2021 7:03 pm

Trying to pick Cherries but getting just the pits

LdB
Reply to  griff
September 7, 2021 6:40 am

Griff incase it escaped your pea brain the coal price is at very very high levels who cares about your dribble about some 3rd world nations …. bottom line countries are still buying it and we are going to keep selling it.

It’s simple economics of supply and demand, even a leftard should be able to understand that.

Last edited 12 days ago by LdB
Rory Forbes
Reply to  griff
September 7, 2021 10:22 am

There’s that confirmation bias working for you again. The remarkable thing about your examples, especially the “and others”, is that you believe them. They’ve all likely struck some deal to make that claim. It doesn’t matter. The point is, you’re grasping at straws and still failed to provide any argument.

H B
Reply to  griff
September 7, 2021 11:38 am

All looking to nuclear you commie pommy git the windmills and solar are a waste of space and nuclear allows them the option of making other things that might protect them from the dragon in their backyard

Bryan A
Reply to  griff
September 7, 2021 6:53 pm

Vietnam cancelling coal???
https://www.nsenergybusiness.com/news/coal-power-generation-vietnam/

Within the past five years, Vietnam has gone from being a net coal exporter to a net importer (Credit: Shutterstock/Jixin YU)

Coal is set to continue leading power generation in Vietnam over the next decade, says a report.

The analysis by data and analytics firm GlobalData shows that coal generation in the Southeast Asian country will reach 177.7 terawatt-hours (TWh) by 2030

Joao Martins
Reply to  Rory Forbes
September 7, 2021 2:41 am

“Only the credulous European dopes and subsidy mining investors are interested in “renewables”. Only an idiot believes they’re “cheaper in most places”. “

You are right. Most often, the shortsightedness of the mining investors (if they can be called “investors”) lead enterprises to spend much more money to comply to the conditions than the amount they receive as a subsidy. I can cite several cases with which I had contacts in my professional life.
European “incentives” usually bring with them/impose a lot of new bureaucracies that must be created in the very enterprises (not only at the state institutions). The problem is, the imposed compliance with those bureaucratic procedures rarely is a factor of productivity and thus is pure expenditure without revenue. It is a fact that many enterprises, especially in the southern countries of the EU, have obsolete and inefficient management and governance, but the other fact is that the changes imposed to them by the EU rules of compliance do not address those needs. So, enterprises are pushed to a new level os steady-state, resulting from optimizing the reducing production with the increased bureaucracy and the amount of subsidies received: the global equation is, all the population paying taxes to ensure the survival of inefficient enterprises; and also the increment of the state bureaucracy for distributing, evaluating, conrolling, monitoring, etc., all the subsidy flow system.

Rory Forbes
Reply to  Joao Martins
September 7, 2021 10:34 am

You’ve just provided a brief view into why top down economics and over-stuffed bureaucracies don’t work, especially when they are ideologically socialist leaning. Eventually the inefficiency erodes the tax base they rely on to fund the whole house of cards. The only profits the crony corporations enjoy come directly from taxes in the form of subsidies and then disappear down the rabbit hole of inflated executive salaries and bonuses.

Joao Martins
Reply to  Rory Forbes
September 7, 2021 1:34 pm

Right. But the phenomenon is not restricted to socialists (or so called): speaking of my country, subsidy addiction can be diagnosed in every political party, in every ideological shade… An old friend once called this characteristic of certain animals “cross-sectionality”; the property of their living matter that makes them rush to where the cheap money is (even changing ideologic alegiance if need be…).

Rory Forbes
Reply to  Joao Martins
September 7, 2021 2:05 pm

Interesting. You’re right, now that I think about it. They’re rather like parasites. Why struggle to earn your own living when taking what others earn is so much easier. Come to think of it, that describes Marx’ own life to a “T”. Perhaps he wasn’t a socialist himself, but just a “cross-sectional” parasite.

September 6, 2021 10:12 pm

I would hazard a guess that “Selwin Hart, UN Assistant Secretary-General” has sold coal shares short.

Be a shame if he has to pay 238% more to buy back his shorts. I’m all broken up and laughing myself silly. Serves him right for insider investing based on UN desires.

Jit
Reply to  ATheoK
September 7, 2021 2:02 am

Unlikely. He probably considers “selling shorts” to be the commercial disposal of abbreviated trousers.

Paul Johnson
Reply to  ATheoK
September 7, 2021 9:27 am

Maybe he just has a different definition of savvy, as in “I’m just trying to savvy my job.”

WXcycles
September 6, 2021 10:13 pm

Except in China.

September 6, 2021 10:14 pm

The U.N. could be interested in trying some short selling on coal or insider trading on coal but could be badly burnt by following its faith. It is not only the energy market that has suffered from the election of a President who turns out to be a complete moron. The damage is very widespread.

Spetzer86
Reply to  nicholas tesdorf
September 7, 2021 9:07 am

1) UN announces “end of coal”
2) Coal market prices drops
3) Various interests owned by China, etc quietly buy available coal stocks at a discount
4) Coal market now owned by China, etc

H B
September 6, 2021 10:15 pm

The steady upward price of coal indicates otherwise what would the UN greentards say if Oz started building home grown Nuclear

Duker
Reply to  H B
September 7, 2021 12:33 am

Still haven’t reached peak coal yet…

September 6, 2021 10:19 pm

Rule of Thumb:
If the UN is warning against it, it must be what we need more of.
Doesn’t matter what “it” is.

pigs_in_space
Reply to  Joel O'Bryan
September 6, 2021 10:48 pm

Somebody can’t add up!
Think of all those steel jobs that rely on coal!

“even if mining accounts for a small fraction – around 2 per cent – of overall jobs.”

No coal = no steel, and China/Asia are the world capital of steel making.
(followed by Japan*, South Korea & Russia).

China was the world’s largest steel exporter in 2019.
“In value terms, steel represented about 2 percent of the total amount of goods China exported in 2019.”

but…….
No steel, no concrete = NO wind farms & NO solar panels, so PRC is 100% reliant on coal for production of a lot more than just electricity.

*Japan imported more than 210 million short tons (MMst) of coal in 2018, making it the world’s third-largest coal-importing country after only India and China.
Japan continues to use steam coal to fuel one-third of its electricity generation and metallurgical coal for raw steel production..
Japan imports nearly all (99%) of the coal it consumes.

ie. UN, Selwin Hart, is a lying, dumbf…ck!

Rory Forbes
Reply to  pigs_in_space
September 6, 2021 11:02 pm

People like Selwin Hart only appeal to fools and one sided thinkers. He has learned to bloviate with bread crumbs of easily believed pap … for true believers who wouldn’t understand your points. If only for the vast quantity of coal still available, simple logic tells us it’s going no where soon and simply cannot be replaced if only for your reasons.

Phillip Bratby
September 6, 2021 10:41 pm

“I think we can safely say the UN’s suggestion that “market forces alone show coal’s days are numbered” does not appear to be supported by the evidence”. The UN is an evidence-free corrupt organisation.

LdB
Reply to  Phillip Bratby
September 7, 2021 6:42 am

The UN also has an abysmal record of getting anything right .. trust them at your own peril.

September 6, 2021 10:42 pm

The UN has become a political organization with liberals running the works. No one who values the truth should give them a nickel, they just use our money to spread their lies.

Alexy Scherbakoff
September 6, 2021 10:50 pm

Can anyone point out to me when an international body has been useful in the short, medium or long-term basis.

Mr.
Reply to  Alexy Scherbakoff
September 7, 2021 8:40 am

Liz Hurley?

StephenP
September 6, 2021 11:03 pm

It will be interesting to see who eventually buys the shares at the UN’s forecast bargain basement prices.
It is likely to be quite a time before China et al stop using coal, especially the quality coal from Australia.
I also see that the Cumbrian coking coal mine enquiry has hit the ball into the long grass, with any decision unlikely to be made before the COP26 conference.
Roger Harrabin on the BBC morning news said that as well as the mining company and Cumbria Council, two environmental groups will be giving evidence to the enquiry.
No prizes for guessing who these are likely to be.

On a different note, this article on BBC news gives an unusually relatively balanced view on the conflict between oil and wind in the Shetlands.
The new wind farm is being built on peat moorlands.
I thought peat was a reservoir of sequestrated carbon, and should not be disturbed.

http://Www.bbc.co.uk/news/uk-scotland-58464439

StephenP
Reply to  StephenP
September 6, 2021 11:21 pm

PS. Roger Harrabin also said that coal would soon be redundant for making steel as it would soon be replaced with hydrogen. Another case of him not doing his sums, as hydrogen will be needed for transport, heating and cooking as well.
The infrastructure needed for this would be enormous, especially as there is an expectation among the elite that the hydrogen will be produced by electrolysis and not from fossil fuels e.g. methane.
Has anyone calculated the effect of so much electrolysis on the amount of oxygen in the atmosphere, or do they think that it will be turned back into water almost immediately?
IIRC it was predicted that a significant increase in oxygen in the atmosphere would increase the occurance of wildfires etc.( or is it just CO2 that has that effect? /s )

Leo Smith
Reply to  StephenP
September 7, 2021 1:29 am

Interesting thought: pure oxygen is a fantastic way to do combustion when you dont want to introduce NOx into your flue gases…a diesel car running on pure oxygen might be incredibly powerful for example and emit nothing but CO2 and water.

Steve Z
Reply to  Leo Smith
September 7, 2021 9:13 am

Have you thought about the energy required to separate oxygen from nitrogen in the air?

Also, an engine that burns any fossil fuel in pure oxygen would run much hotter than one using air, due to the energy that is used to heat up nitrogen. This would require using exotic (expensive) materials in engines that can resist such high temperatures.

H B
Reply to  Steve Z
September 7, 2021 12:40 pm

the oxygen comes from the electrolysis of the same water as the hydrogen

pigs_in_space
Reply to  Leo Smith
September 8, 2021 2:25 pm

stupid ideas!
We already use”pure” oxygen in motorsport engines.
It’s called Nitrous oxide – “laughing gas” for obvious reasons.

As your silly suggestion quickly pointed out, laughing gas already costs a lot to put in a bottle suitable for use in a car, and lasts on my last count about 4 mins under full boost!

Pure oxygen would be a whole nightmare bigger to handle and far more dangerous, as the pure oxygen atmosphere in space craft rapidly showed,
or did you forget – January 27, 1967, the crew of Apollo 1 was killed during a routine pre-launch test…

Reply to  StephenP
September 7, 2021 4:23 am

Oxygen constitutes 21% or Earth’s atmosphere.
All of mankind’s contributions to this amount would be undetectable.

e.g., alarmists get all excited about a trace gas CO₂ which constitutes 0.041% of the atmosphere. Usually cited as 410 parts per million (ppm). Where mankind is projected to have contributed 3-4% of that 0.041%. That is, mankind’s emissions supply 16.4 ppm.

In comparison. O₂ atmosphere concentration percentage at 21% represents 210,000 ppm.

old engineer
Reply to  StephenP
September 7, 2021 11:48 am

StephenP-

Actually oxygen is a saleable product, with lots of industrial and medical uses. If water electrolysis ever becomes widely used, I would expect the oxygen produced to be collected and sold as part of the economic considerations of producing hydrogen.

Tom Abbott
Reply to  old engineer
September 7, 2021 12:14 pm

I think some of the new rocket launch companies are having a hard time finding enough oxygen for their engines.

Reply to  StephenP
September 7, 2021 4:04 am

The new wind farm is being built on peat moorlands.”

Especially when they must dig down to bedrock for the turbine’s foundation.
Being government connected they’re likely to do something stupid with the removed peat.

Serge Wright
September 6, 2021 11:34 pm

Australia was on the receiving end of Chinese sanctions earlier in the year, but have since found other markets for thermal and coking coal. What is very telling from the UN comments, is that they don’t call out the countries that are purchasing and using the coal, which is a clear signal that their intention is to kill these AU exports and allow other markets to pick up the gap. Therefore this does seem to be a case of the UN supporting China in attempting to force some economic harm onto Australia.

Reply to  Serge Wright
September 6, 2021 11:57 pm

China plays the long strategic game. China wants Australia’s economy to collapse and US-Australian defense treaties to wither. Then they can move in, first economically with Belt and Road debt traps, then militarily to seize sovereign Australian territory when it can’t pay up.
Australia’s uranium, iron ore and bauxite reserves alone are the prize.

H B
Reply to  Serge Wright
September 7, 2021 12:47 am

China controls the UN consider this an act of war

Walter Pate
September 6, 2021 11:44 pm

The UN is a cesspool of corruption. Anti-human.

September 6, 2021 11:49 pm

When the UN demands Saudi Arabia and Russia stop exporting oil, then Australia should listen to these bleatings from unelected bureaucrats..
The fact remains that UNFCCC COP emissions accounting occurs where the emissions happen, not from where the fossil fuels originate, that is, where the coal, oil or natural gas are burned. That will never change because the OPEC countries and Russia will never allow the UNFCCC to change that accounting.

ray g
September 6, 2021 11:50 pm

Defund the UN and get back to basics and start again.Gone above and beyond their original charter.

Redge
September 7, 2021 12:01 am

Elon Musk states on Twatter for saying “Am considering taking Tesla private at $420. Funding secured.” and gets into trouble for insider trading, while the UN gets away with trying to influence the energy markets.

griff
September 7, 2021 12:18 am

and outside China, it absolutely is on the way out.

The number of coal power stations operating and planned, outside China, fell last year.

griff
Reply to  griff
September 7, 2021 12:20 am

China commissioned 38.4 GW1 of new coal plants in 2020, making up over 75% of the global total (50.3 GW).

Outside China, less than 12 GW was commissioned and, taking into account closures, the global coal fleet outside China declined by 17.2 GW in 2020. Outside China, there was a marked slowdown in 2020 commissioning. India, notably, grew its coal fleet by only net 0.7 GW in 2020, after adding an average 15.0 GW a year from 2010 to 2019. There have been cancellations of future coal power across the globe: Bangladesh, Japan, S Korea and Vietnam in particular. Spain closed 47% of its coal capacity last year. German started its coal close programme…

B Clarke
Reply to  griff
September 7, 2021 1:12 am

Do you think the world will be following the UK griff, ? As gas soars through the roof, another example of renewables not cutting it, uk turns on a mothballed coal plant

https://www.bbc.co.uk/news/business-58469238

griff
Reply to  B Clarke
September 7, 2021 12:17 pm

Wind power replaces gas in the UK, when available… UK is building 3 times existing offshore wind capacity

B Clarke
Reply to  griff
September 7, 2021 12:42 pm

When available, not been available much in August and so far in September, thats a long time griff if we go full renewable,

There’s mounting opposition to new off shore griff its still a if,

However you play it out wind is not looking doable

And you must be thanked for replying.

WXcycles
Reply to  griff
September 7, 2021 3:15 pm

Repeat the failed unreplaceable German offshore wind experiment?

This time for sure!

Last edited 11 days ago by WXcycles
Bryan A
Reply to  griff
September 7, 2021 11:13 pm

That’s great news….with three times the offshore wind capacity they might actually generate Nameplate Capacity for the current units. Actual generation averaging 33% of nameplate.

fretslider
Reply to  griff
September 7, 2021 3:52 am

Griff, let’s cut to the chase

How much are the Chinese paying you?

griff
Reply to  fretslider
September 7, 2021 12:18 pm

Oooh, squadillions. As well as the Russians, US communist party, Michael Mann, Tesla, the North Koreans…

LdB
Reply to  griff
September 7, 2021 6:43 am

You missed the point coal prices is extremely high which says you are dribbling BS.

So long as someone is buying we are selling and you can pontificate all you like as it’s meaningless.

Last edited 12 days ago by LdB
Dave Andrews
Reply to  griff
September 7, 2021 8:51 am

According to the IEA’s Global Energy Review 2021

“The growth of coal consumption in 2021 is a continuation of the rebound in global coal demand that began in the final quarter of 2020” and “is a reminder of coal’s central role in fuelling some the world’s largest economies.”

And according to Carbon Brief the world has doubled it’s coal fired power capacity since 2000.

Last edited 12 days ago by Dave Andrews
griff
Reply to  Eric Worrall
September 7, 2021 12:19 pm

It already does in civilised countries, Eric

WXcycles
Reply to  griff
September 7, 2021 3:23 pm

Uneconomic = Renewable = Unreplaceable

A quintessential flash-in-the-pan, a technology that can not recapitalize itself from a profit margin.The arts-school retards who screwed our economies the first time will perpetually have their hand-out for more tax-payer funded white elephants.

OK, if it’s so successful, cheap and economically “sustainable” they’ll have no trouble financing and recapitalizing the worn out prematurely broken infrastructure out of their own bank account.

Right?

MarkW
Reply to  griff
September 7, 2021 5:18 pm

Countries that force the elderly to starve in the dark because they can’t afford heat, are civilized countries?

Bryan A
Reply to  MarkW
September 7, 2021 11:15 pm

That’s the norm in both Upper and Lower Grifflandia

Leo Smith
Reply to  griff
September 7, 2021 1:31 am

Except in the UK, where yesterday we were making over a GW of electricity from coal. Somewhow the wind didnt blow and the sun didnt shine that much

fretslider
Reply to  Leo Smith
September 7, 2021 3:54 am

And blind faith is no substitute for critical thinking

Chaswarnertoo
Reply to  griff
September 7, 2021 1:54 am

And your point is?

MarkW
Reply to  griff
September 7, 2021 5:54 am

In griff’s world, outlawing coal is the equivalent of proving that the market has rejected coal.

LdB
Reply to  MarkW
September 7, 2021 7:15 am

The extension is you won’t outlaw it in all but a few countries. Fossil fuels will be around for a long time going forward regardless of whether some nations decide to participate or not.

ResourceGuy
Reply to  griff
September 7, 2021 7:30 am
Forrest Gardener
Reply to  griff
September 8, 2021 4:19 pm

Cleanup on aisle 5. Cleanup on aisle 5. Griff has done it again.

Leo Smith
September 7, 2021 1:25 am

Yesterday due to total lack of wind, not much sun and high gas prices, coal power stations in the UK cashed in…..

Gerald the Mole
Reply to  Leo Smith
September 7, 2021 1:39 am

UK have now started up moth-balled coal fired power stations

fretslider
Reply to  Gerald the Mole
September 7, 2021 1:43 am

Just as well they still have that option

griff
Reply to  fretslider
September 7, 2021 12:16 pm

There are only 3 and 2 of those close next year, the final one in 2024 at latest.

Bryan A
Reply to  griff
September 7, 2021 11:18 pm

Unless of course they prove themselves invaluable to the defence of the realms energy supplies

Farquahar Knell
Reply to  griff
September 8, 2021 1:08 am

You may regard that as some kind of triumph, griff, but the rest of us hope that you will be the first one left sitting in the cold and dark for lack of reliable power, because for sure many will be doind so in the not-too-distant future.
It is absolutely disgraceful that our power systems, the foundation of our current civilisation, are being debased by idealogy. Those behind this travesty will pay, one way or another, when the people realise that they have been duped by supposedly “well-meaning” idiots, who have lied about the adequacy of renewable power as an egregious expression of noble-cause corruption.

pigs_in_space
Reply to  griff
September 8, 2021 2:36 pm

and of course if I remember rightly, the UK is the only country in the world that has all its east coast trains suddenly grind to a halt thanks to their idiotic energy policy.

9-10th august 2019, proves you have one of the shortest memories and some of the smallest number of brain cells between your 2 ears.

“homes, airports, trains and traffic lights hit by blackout Massive poweroutage hit nearly 1,000,000 people”

And FYI more fossil fuels??
“All signalling centres since at least the mid-1960s have had some form of diesel generator backup.”

Dennis
Reply to  Gerald the Mole
September 7, 2021 9:54 pm

Australian state governments have started to realise that wind and solar energy, even with back up battery storage cannot support the world’s largest interconnected electricity grid without back up generators which are in fact the primary source generators of electricity for the grid.

Federal subsidies for wind and solar businesses are being wound down and end soon resulting in far fewer applications for new wind and solar installations, after all no subsidies for unreliable, intermittent supply risks low or zero operating profits.

So the brains trust (not big) are talking about subsidies to coal fired power station owners to encourage them to keep their assets generating past the planned closure timing of 50 years. Some have already been closed and demolished by short sighted state governments. Well maintained those generator units should remain reliable and profitable to 85 years or longer. Enough time to construct new coal fired power stations and maybe nuclear if the present ban is lifted by parliaments.

fretslider
September 7, 2021 1:41 am

Today Roger Harrabin, of secret 28 gate fame, informed us that we don’t need coking coal for steel because soon we’ll be making steel with Hydrogen.

They are away with the faeries

Chaswarnertoo
Reply to  fretslider
September 7, 2021 1:54 am

Harrabin is an unqualified fool.

fretslider
Reply to  Chaswarnertoo
September 7, 2021 1:55 am

I would have said he is an unmitigated fool

Reply to  fretslider
September 7, 2021 4:38 am

Harrabin definitely qualifies as a fool.

MarkW
Reply to  fretslider
September 7, 2021 5:55 am

His lack of qualifications are unmitigated.

B Clarke
Reply to  fretslider
September 7, 2021 1:59 am

Anyone would think steels not an alloy of carbon and iron( and a few other ingredients depending on the use) there was a article a few weeks ago here proclaiming steel can be made from hydrogen, bought by saab, what the article did not mention that this so called steel is what they call a super steel, very limited use, the clue is saab it was probably used for fans in a jet engine, this sort of steel has no use in every day applications.

AndrewWA
September 7, 2021 3:12 am

Absolute madness.
Go woke go broke!

Greg
September 7, 2021 3:13 am

“more honest and rational conversation”

Which obviously means : you will now agree with me, irrespective of the facts which I have to be honest I am irrationally ignoring.

fretslider
Reply to  Greg
September 7, 2021 3:32 am

Which means employing doublethink…

Mickey Reno
September 7, 2021 3:47 am

Coal will be mined and burned to generate reliable and cheap electricity for the world’s population long after the United Nations is gone. So let’s get rid of the UN right now, and save ourselves the aggravation of hearing these roosters crowing, and also save all the money wasted on their pet projects.. The UN… what a joke, just like the League of Nations before it. When are we going to wake up and put this miserable creation out of our misery?

Dennis
Reply to  Mickey Reno
September 7, 2021 9:59 pm

The aim should be to replace coal fired power stations with nuclear reactors and thorium natural salts reactor generators and utilise the coal reserves to produce liquid fuels for road and air transport.

And stop wasting money of an inconvenient and retail price too high EV transition with the added costs of infrastructure to recharge batteries including baseload grid generator capacity upgrading, etc.

MACK
September 7, 2021 4:01 am

The bond market doesn’t care about climate change: “The bond market does not distinguish between the oil majors and other companies in less-exposed sectors with the same credit rating.” https://www.afr.com/policy/energy-and-climate/positivity-not-optimism-will-guide-us-to-net-zero-20210906-p58p9v

2hotel9
September 7, 2021 4:18 am

So, now we know where griffie works, the UN spewing lies about economics is just as comical as griffie spewing lies about everything it comments on. Sunday we drove over railroad tracks and on them was a trainload of coal, car after car for as far down the tracks as we could see. Coal is King, gas is the Queen and life is good.

Peta of Newark
September 7, 2021 4:30 am

Exactly which nations are ‘united‘ here….

The haha United Kingdom doesn’t seem to be one of them
Headline: “UK fires up coal power plant as gas prices soar
Thanks Auntie

And THAT was last night while the UK is in the middle of an Indian Summer – perfectly zero home heating requirement and only climate warriors and other champagne socialist have air-con.
(Boris may be a warrior but ain’t any socialist – he and his princess glug Pino Grigio and Prosecco. Far and away too much for his and everybody else’s health)

No matter, The Climate Buck was successfully passed: It seems that the sun went down and the wind stopped blowing.

I’m quite partial to apple sauce with my Xmas turkey but, get this, The Climate i.e. Jack Frost, entirely trashed my 2 apple trees this year. And the pear tree also so no chance of any partridge either. groan

I jest…..
….About the partridge: Neighbour’s spring-barley field is alive with them. bless
I just wish they had more ‘road & traffic sense’ – they will get squashed

Tom in Florida
September 7, 2021 4:32 am

I am not giving investment advice, but, Blue Horseshoe loves Anacott Steel.

Michael in Dublin
September 7, 2021 4:36 am

I had a good laugh when I saw the article, “Britain starts coal plant after gas prices surge.”

They are waking up to what the critics have been repeatedly saying:
the alternative energy the country uses is either providing insufficient power or becoming too expensive

https://www.washingtonexaminer.com/news/britain-restarts-coal-plant-after-gas-prices-surge

Last edited 12 days ago by Michael in Dublin
JCalvertN(UK)
September 7, 2021 4:48 am

If these people knew anything about investments, they would be billionaires – not salaried UN apparatchiks.

Andy H
September 7, 2021 4:51 am

Meanwhile, oil prices are up and OPEC is saying no to more production.
Gas prices are up as the World recovery demands more energy.

The demand for energy is probably not going away.

To me, coal looks like a good short term investment for a few years. (This is not financial advice- make your own choices!)

Ed Zuiderwijk
September 7, 2021 5:25 am

‘Climate Savvy’ == ‘Not Savvy’ == Stupid.

Shoki Kaneda
September 7, 2021 6:11 am

Yeah, I always look to career, self-serving, bureaucrat parasites for investment advice.

ResourceGuy
September 7, 2021 6:27 am

It’s a tag team with China and the UN against Australia at this point. Better route the coal through Indonesian ports to India.

LdB
Reply to  ResourceGuy
September 7, 2021 7:19 am

Who cares about the UN?
China matters because it is a large trading partner but the UN is an incompetent and toothless bureaucracy which has long passed it’s used by date.

ResourceGuy
Reply to  LdB
September 7, 2021 1:33 pm

Someone has to care with so many countries selling their UN votes to Russia and China and the UN now administering the Climate Crusades.

Shoki Kaneda
Reply to  LdB
September 7, 2021 3:40 pm

Dead right. UN had utility during the cold war, but Russia, China and others learned from that and quietly installed their people in key positions. Now, the stinking pile is far worse than just a waste of money.

Dennis
Reply to  ResourceGuy
September 7, 2021 10:04 pm

UN against Australia at present demanding an end to coal mining and use of coal aided by a British PM with a woke wife.

IPCC Glascow Conference in his mind and ambitions.

Does he not remember the damage done to the Australian, New Zealand and other Commonwealth of Nations member countries when GB joined the EU and cancelled imports from those allies?

Now the GB PM wants Australia to stop a major export income source, coal mining?

And coal that fuels our steel mills and electricity grids generating over 70 per cent of that energy.

September 7, 2021 8:44 am

Here’s the reply of Australia’s climate spokesperson to the UN official:

https://www.bbc.com/news/av/world-australia-58476891

Last edited 12 days ago by Hatter Eggburn
Steve Z
September 7, 2021 9:05 am

If the price of a resource, such as coal, is rising, that shows that there is demand for it. Australia has a relatively small population for its land area, but there is nearby China building coal-fired power plants very rapidly, and Australian coal companies could reap huge profits selling coal to China. How do “market forces show that coal’s days are numbered” in this case?

The article does state that “the election of a President who turns out to be a complete moron” could mess things up, like the one who was elected in November 2020 in the USA.

D. J. Hawkins
Reply to  Steve Z
September 7, 2021 10:22 am

“…the election of a President who turns out to be a complete moron” could mess things up, like the one who was elected in November 2020 in the USA.”

There was a recent poll remarking that Zhou Bi Den’s approval rating had slipped to 48%. I want to know who those 48% of morons are who think he’s still doing a good job.

WXcycles
Reply to  Steve Z
September 7, 2021 3:24 pm

Particularly since production is also rising.

Dennis
Reply to  Steve Z
September 7, 2021 10:09 pm

Following many years of Green opposition a Queensland coal mine owned and operated by Adani, a company from India, has commenced production and export of coal to India and the mine will be operational for many future decades based on the coal reserve in the ground at that mine site. Billions of dollars invested already and now a beginning to achieve returns on investment for shareholders.

And India very much needs the high quality coal for electricity generation and supply to the large areas of India now without electricity and for many other reasons and purposes.

And the GB PM with the UN says STOP?

Yooper
September 7, 2021 9:26 am
n.n
September 7, 2021 10:21 am

So, UN is in the business of steering markets. Nice (pun intended).

Bruce Cobb
September 7, 2021 1:30 pm

Reports of the death of coal have been greatly exaggerated.

Ronald Stein
September 7, 2021 2:00 pm

Only healthy and wealthy countries like the USA, Germany, Australia, and the UK can subsidize electricity from breezes and sunshine, and intermittent electricity at best. Thus, the wealthy countries may be able to divest of coal.

 The 80 percent of the 8 billion on earth living on less than 10 dollars a day cannot subsidize themselves out of a paper bag. Those poorer countries must rely on affordable and abundant coal for reliable electricity, while residents in the healthy and wealthier countries pay dearly for those subsidies with some of the highest cost for electricity in the world.

Robert Bresca
September 7, 2021 3:27 pm

China is playing a medium term game to obtain a lot of Australia’s coal assets for next to nothing. They can then direct ship as much coal as they like and report zero emissions.

September 7, 2021 3:33 pm

Help us prove our Sidel Carbon Capture Utilization System. Coal can be combusted and emit near zero CO2 and any other emissions. America has over 500 years of good quality coal. Lets make America Energy Wise.

MarkW
Reply to  Sid Abma
September 7, 2021 5:23 pm

Sid has spent the last few years trolling this site, trying desperately to find someone to invest in his company.

It’s a solution that doesn’t work, for a problem that doesn’t exist.

george1st:)
September 7, 2021 5:01 pm

Since when did a bureaucracy ever get anything right ?

Dennis
Reply to  george1st:)
September 7, 2021 10:11 pm

Always right, isn’t that why the public servants keep receiving pay rises well above the private sector employees who pay the real taxes that finance the governments and public services?

Dean
September 8, 2021 2:18 am

UN must have used climate models to get this forecast…..

Mark
September 8, 2021 5:03 pm

Another quote from Keith Pitt that is a beauty . Support for “green” energy is a mile wide and an inch deep. 

%d bloggers like this: