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Actualité internationale

CM – State budget shows devastating effects of coal ban in China

Budget papers have outlined the state government's transition to clean energy, coupled with rising tensions in China, and forecast persistent bans on Queensland coal.

The budget has exposed the devastating effects of China’s restrictions on coal imports from Queensland, with the government focusing on a lower carbon industry.

According to the 2021-22 budget, hard coking coal exports from Queensland to China fell 87.5 percent from October 2020 to April 2021 compared to the same months in 2019-20.

Likewise, steam coal exports to China fell by 62 percent from 8.6 megatons to just 330,000 tons.

The budget papers indicated that as a result, license revenues plummeted an estimated 44.4 percent over the 2020-21 period, with coal licenses declining $ 1.77 billion year over year.

However, the downtrend was expected to recover slightly in 2021-22, with $ 2.05 billion flowing back into the treasury and $ 2.94 billion by 2024-25.

« The However, the timing and extent of the lifting of the Chinese import ban on Australian coal are still uncertain and remain a key risk to the outlook. “The papers ???? Status.

The budget for Japan and South Korea to achieve net zero CO2 emissions by 2050 was also identified as an « ongoing risk ». Coal exports to Queensland.

« Also, Southeast Asia is generally moving away from coal-fired power plants due to limited finances to fund coal-fired power plants, » the papers???? Status.

Regional economies that are heavily dependent on exports have been particularly vulnerable, including the Mackay Isaac and Whitsundays regions.

More than two-thirds of the Mackay Isaac and Whitsunday regionsâ ???? the production came from « highly tradable goods and services »? distributed to export markets such as coal and agriculture.

This trade dependency, coupled with China’s expected ongoing restrictions on Queensland coal and increasing demand for « minerals of the new economy, » underpinned the state’s focus on moving to lower coal in the carbon industry Budget 2021-22.

The government will publish a draft plan for the future of the resource industry later this year.

The budget says agriculture and food manufacturing would play a key role in moving away from coal and announced a new smart cropping center in Central Queensland, Emerald.

The papers also state that the government’s current coal-fired generators, including CleanCo, CS Energy and Stanwell, would play a « crucial » role. Role in achieving the government’s goal of 50 percent renewable energy by 2030.

It is said that companies have started to switch to renewable energy, including purchasing electricity from wind and solar parks.

« At the end of 2020, Queensland reached a significant milestone: Renewable energies covered over 20 percent of our electricity needs » Specify budget papers.

« It is critical that Queensland continue to leverage this competitive advantage to support continued investment and economic growth across the state, and to support the transition to a sustainable energy future. »


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State budget shows devastating effects of China& # 39 ; s Coal ban


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