JoNova

A science presenter, writer, speaker & former TV host; author of The Skeptic's Handbook (over 200,000 copies distributed & available in 15 languages).


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Worlds “Largest Shadow Bank” wants Australia to shut coal plants faster

Because Big Bankers really want to save the Earth, right?

BlackRock, the 10 trillion dollar “global investment fund” is urging the Australian company AGL to shut Bayswater and Loy B Yang Coal Plants much sooner than planned. BlackRock is a NY based and as wikipedia says “Due to its power, and the sheer size and scope of its financial assets and activities, BlackRock has been called the world’s largest shadow bank.”

The move only got 20% support from investors. Australian investors largely said “no thanks”. Where are The Greens in exposing multinational powers that want to influence Australia — they’re part of the Big Banker Promotion Team.

BlackRock turns up the heat on AGL’s coal exit plans

Nick Toscano, Sydney Morning Herald

AGL faced an investor revolt on Wednesday, as more than 20 per cent of the company’s shareholders backed a resolution for the board to align the retirement of the Loy Yang A power plant in Victoria and its Bayswater station in New South Wales with a strategy to limit global warming to 1.5 degrees.

This would mean shutting Loy Yang A, the largest brown coal fired power plant in Victoria, [...]

China now has half of the worlds coal power fleet

The global economy has been sucker punched by a world wide pandemic, but ABC propaganda writers don’t miss the chance to push their ultimate fantasy, that coal has turned a magical point in a terminal decline. Global coal fired capacity fell by an awesome 0.14 percent for the “First Time On Record”. Hyperbole knows no bounds.

How excited can someone get over a decline of one sixth of one percent? This much:

The world is now shutting down coal plants faster than it’s opening them

by James Purtill, ABC

The world’s combined coal power capacity has fallen for the first time on record as the closure of generators outstripped stations being commissioned. That’s good news for global emissions.

Note the numbers:

Coal power capacity fell by 2.9 gigawatt in the first half of 2020 — a small though significant drop of about 0.14 per cent, according to US research group Global Energy Monitor, which monitors fossil fuel developments.

By comparison, the global coal fleet had grown by an average of 25GW every six months over the previous two decades, from 2000-2019.

In a nutshell, or just a nut, coal power grew by [...]

Despite pandemic China increases coal production, has 5,000 coal mines, and a glut of new plants

Due to the pandemic fully eighty percent of China’s economy ground to a halt in February, but even despite that — coal use still grew in China by 0.9% in 2020. Another nine billion more tons of coal was discovered in 79 northern regions. And China has as much coal generation being built or planned as the USA has in total.

The numbers are still the conversation stoppers they always were. Ponder that China uses half the worlds coal. While the USA closed 32 GW of coal plants over the last two years, China added 43 GW just last year.

China has promised a few meaningless deck-chair-type vows which it then ignores anyway. The government vowed to cut the number of coal mines, as if that matters. It’s just closing the smaller less efficient mines and opening larger ones instead. As it happens, the number of coal mines was 3,373 in 2018 but now China is aiming just to cap it at 5,000.

Talk of reducing coal use is still just a performance for the West. Two years ago China was caught building coal plants that it said it had abandoned.

China outlines coal capacity plan for 2020

Victoria blows up cheapest electricity generator in the state

In 2017 in its last month of operation, the 53 year old Hazelwood coal plant was still operating reliably 24 hours a day at around $30/MWhr and producing 1360MW of electricity. Despite its age, it could peak at 86% of its original rated output.

After Hazelwood closed, wholesale prices jumped 85% in Victoria. And the annual average spot wholesale price in Victoria in the last year was $100/MWH.

So naturally Victoria wants to build more wind power, and blow up old reliable coal. Every single week in January, when electricity demand peaks in Australia, there were days when one old coal plant could have provided more electricity than all 57 new wind farms on the National Electricity Market could.

How much did it cost to build 57 not-there-when-you-need-it wind farms?

 

The output of all the wind farms in Australia still isn’t enough to reliably produce more than one 50 year old coal plant.

 

In its lifetime Hazelwood made $15 billion dollars worth of electricity (or 520TWH). It paid for itself many times over.

Source: Anero.id

h/t David B, Serp

..

 

[...]

Trump winds back anti coal legislation, while New York ramps it up

Remember when we were told coal was dying?

Donald Trump is changing the rules which will keep older cheap coal plants running.

Trump ditches sole climate rule that aimed to reduce coal plant pollution

Emily Holden, The Guardian

Donald Trump’s administration is finalizing plans to roll back the US government’s only direct efforts to curb coal-fired power plant pollution that is heating the planet.

Trump’s Environmental Protection Agency will replace an Obama-era climate change rule with a regulation that experts warn could help some of America’s oldest and dirtiest coal plants to keep running.

His agencies have slashed programs designed to limit carbon dioxide from power plants, cars, and trucks, and encouraged oil drilling and coal mining.

Democrat states are expected to challenge the rule in courts, but Trump’s team argues that it doesn’t have the legal authority to regulate climate. Who does? God, maybe. If Trump wins that court case a whole lot of climate gravy may evaporate.

Trump will kill as many 80,000 people

One minute we’re talking about a pollutant that isn’t. Next thing, it’s a totally different pollutant that has nothing to do with CO2:

The pace shifts: global demand for fossil fuels goes up so much people wonder if “peak coal” is yet to come?

The annual BP Statistical Review of World Energy has been released. Global demand for energy is speeding up again — mainly thanks to China, India and the US. Tellingly, all fuels — coal, oil, gas, nukes and hydro — grew faster than their ten year averages, but not renewables. So the momentum has shifted back to fossil fuels, especially gas which was up a remarkable 5.3%, one of the fastest rates of growth in the last 40 years. Coal grew at 1.4% — twice as fast as the average for the last decade. Coal still supplies 27% of the total energy mix.

Is peak coal yet to come?

Graham Lloyd, The Australian

“As a result, the peak in global coal consumption which many had thought had occurred in 2013 now looks less certain. Another couple of years of increases close to that seen last year would take global consumption (of coal) comfortably above 2013 levels,” the BP report said.

Thank shale gas for saving the world eh?

…without shale gas in America and LNG exports to Asia, notably from Australia, greenhouse gas emissions would be much higher.

Frack for the planet.

The [...]