Australia, a coal giant, makes bold move on climate, banning new mines in major coal state [Los Angeles Times (CA)]
BHP Group Limited American Depositary Shares (Each representing two Ordinary Shares) (BHP)
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Source: Los Angeles Times
The state government will not approve so-called greenfield coal mines, which are developed from scratch, in a move designed to meet its net zero target, it said in a statement. The ban will not affect existing coal mines or their expansion. The government will continue to “support coal production where it is already occurring,” and ensure New South Wales “can meet its commitments to key trading partners,” it said in the statement. Coal is the state's biggest export, worth around $23.4 billion (U.S.) a year, according to the government. The majority of its shipments are the type of coal burned in power plants and is sent to power stations in Japan, China and Taiwan. “As the need for thermal coal declines, we are planning for future jobs and energy in coal-dependent regions,” Australian Minister for Planning and Public Spaces Paul Scully said in the statement. The industry employs about 26,000 people and the government will establish a Future Jobs and Investment Authority to he
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