IEA launches coal probe amid net zero tensions
The International Energy Agency has appointed a group of energy, climate and finance leaders to deliver a ‘secure and affordable phase-out’ of coal emissions.
The International Energy Agency has appointed a high powered panel tasked with managing the exit of coal from the global economy amid fears a drive to net zero emissions has been partly derailed following Russia’s invasion of Ukraine.
Two days after Nationals Senator Matt Canavan said net zero was dead, the IEA said it had appointed a group of energy, climate and finance leaders to deliver a “secure and affordable phase-out” of coal emissions.
Russia’s invasion of Ukraine “risks pushing energy sector transformation down the policy agenda in countries around the world,” the IEA said.
The group is chaired by UN Special Envoy Michael Bloomberg, a media billionaire who has pledged to close a quarter of the world’s remaining coal plants and all proposed coal plants by 2025.
While no Australian makes the panel, one of the nation’s largest coal producers in Swiss miner Glencore is represented with its chief executive Gary Nagle named as one of the members.
The Glasgow climate pact in November saw a retreat over the phase out of coal, the iEA said countries at the meeting agreed to accelerate efforts to phase down unabated coal power.
A report to be prepared by the group will balance the need to deliver on Glasgow climate change goals while balancing an emerging global energy crisis.
“We are living through extremely difficult times – Russia’s invasion of Ukraine has shaken the global energy system and is fuelling a damaging and unnecessary cost-of-living crisis that is being felt most painfully by those who can afford it least, especially in developing economies,” said Fatih Birol, Executive Director of the IEA. “At the same time, we cannot lose sight of the climate crisis that, left unchecked, will bring even greater disruption and suffering.”
The IEA said it plans to offer practical steps to put coal emissions into decline toward net zero in an even and fair way for emerging and developing economies. Australia is one of the world’s biggest exporters of thermal and metallurgical coal with the bulk of supplies sold to Asian buyers.
The group will meet twice prior to a report being published in the fourth quarter of 2022.
Global demand for coal has been forecast to reach record levels this year, driven by huge growth in China and India, defying global efforts to tackle climate change.
China and India led the push against phasing out coal, opting to phase down coal use instead.
Both countries are leading the surge in global coal consumption and continue to build new coal power stations.
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