Australia's 'Carbon Bubble'

on . Posted in News

The Climate Institute released Unburnable Carbon: Australia's Carbon Bubble just days ago.

A key finding is that Australian and overseas investments in Australian coal resources rest on a speculative bubble that ignore their impact on global carbon budgets and their exposure to rapid devaluation.

The 51 gigatonnes of carbon pollution (GtCO2) in Australian coal reserves that companies already have on their books represent about 25 per cent of the 200 GtCO2 global carbon budget for coal that is needed to prevent 2 degrees of global warming.

This report follows Carbon Tracker's recent global analysis, which confirmed that for there to be an 80 per cent chance of achieving internationally agreed targets of limiting global warming to 2°C, only 20-40 per cent of existing coal, gas and oil reserves can be burnt.
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