Galilee Basin (Coal Prohibition) Bill 2018 IEEFA’s submission to the Senate Environment and Communications Legislation Committee inquiry into the Galilee Basin (Coal Prohibition) Bill 2018 January 2019 Tim Buckley, Director of Energy Finance Studies, Australasia (
[email protected]) Galilee Basin (Coal Prohibition) Bill 2018 1 Table of Contents Executive Summary .............................................................................................................. 3 1. The IEA Sustainable Development Scenario: Coal’s Collapse ............................... 5 2. Financial Institutions Pivot Away from Coal ............................................................... 9 2.1 Japan ..................................................................................................................................... 10 2.2 South Korea ........................................................................................................................... 11 3. India’s Pivot to Renewables........................................................................................12 4. Inferior Galilee Coal Quality ......................................................................................14 4.1 6,000kcal Thermal Coal at US$100/t .................................................................................. 14 4.2 5,500kcal Thermal Coal at a 2018 Low .............................................................................. 15 5. Other Risks .....................................................................................................................18