Coal barons and climate change driving Great Barrier Reef destruction

Let's get this straight. Australian politicians are allowing some of the richest Australian billionaires combined with Chinese and Indian power corporations to destroy the Great Barrier Reef, one of the natural wonders of the world and a World Heritage site. Political approval of mining the guts out of the coal rich Galilee basin in Central Queensland destroys sensitive ecosystems like the Bimblebox Nature Reserve containing threatened species, and is forecast to substantially lower the water table impacting rural communities and agricultural productivity with possible repercussions on flow in the Great Artesian basin aquifer.

This coal will be exported through Queensland ports, but substantial dredging is required with the dredge spoil to be dumped in the marine park waters damaging the reef. The increase in ship movements will also imperil the reef. The increased CO2 emissions when the coal is burnt will also cause ocean acidification and climate change both of which are, you guessed it....damaging the coral reef systems and the Great Barrier Reef.

Related: WWF:Fight for the Reef | Australia courting danger with the Great Barrier Reef : Greenpeace - Abbot Point Dredging – Who’s really to blame? | Greenpeace petition at SavetheReef.org.au

Australia's coal expansion risks stranded assets

Australia's headlong expansion of coal mining for export carries substantial investment risks of stranding assets says a new report from Oxford University. Previous warnings regarding potential risks of a carbon bubble have been made by Carbon Tracker, PriceWaterhouseCoopers (PwC) and International Energy Agency (IEA).

During December 2013 the Abbott Federal Government gave approval for massive coal port expansion in Queensland at Abbot Point and expansion of coal seam gas (CSG) facilities in Gladstone. It also approved the third coal mine to operate in the Galilee basin 450km from the coast. Environmental approval processes were also passed to the authority of State Governments to streamline further mining approvals, as well as Federal funding immediately cut to Environmental Defenders Offices in each state.

In the conclusion of the report on the risk of stranded assets, Ben Caldecott, James Tilbury and Yuge Ma state:

"It is clear that China’s coal demand patterns are changing as a result of environment-related factors and consequently less coal will be consumed than is currently expected by many owners and operators of coal assets. Given China’s growing role as the price setter in global and regional coal markets; falling demand will, all things being equal, reduce coal prices. This would result in coal assets under development becoming stranded, or operating mines only covering their marginal costs and subsequently failing to provide a sufficient return on investment."