Quote Tim Flannery:- But what of China? It produces over a quarter of global emissions, so what it does is vital. One of the great drivers of change for the Chinese is the horrific state of their air they breathe. Air quality apps are widely used in the major Chinese cities, and the news is almost unrelentingly bad. One recent study shows that air pollution, linked largely to the burning of fossils fuels, has reduced life expectancy in northern China by five and a half years. Chinas romance with coal has ended. Recent announcements, including a cap on coal use and a reduction in coal burning around Chinas largest population centres of 5% in the next four years, signal a dramatic turnabout. Chinese investment in renewables reached $63bn in 2011. With the US backing out of coal and the world bank declining to fund the construction of coal-fueled power plants in most circumstances, the coal industry has taken a hit. The drop in price for thermal coal from $94 to $82 earlier this year severely dented the industrys plans for massive expansion such as Queenslands Galilee Basin. Projections for growth now rely on India. But will the Indians be foolish enough to foul their air as comprehensively as the Chinese? Many think India will become the first nation to transition directly into solar and other renewables. The future of energy is seen most starkly in Germany. It has 10 times as much solar and wind as Australia. They provide the new baseload, and 60% of the nations electricity on a slow day. Yet the German grid remains one of the most reliable on earth. The impact of renewables on the utility companies, with their vast fossil fuel assets, has been profound. European utility companies have lost a staggering half a trillion dollars worth of assets in the last five years. Some hope that the uptake of electric cars will help, but even if every car in Germany went electric, it would only add 20% to the demand for electricity – not enough to restore the utilities to health.
Posted on: Fri, 22 Nov 2013 21:59:47 +0000
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