Australia, despite being deeply committed to curbing greenhouse gas emissions GGEs, is nonetheless experiencing a fossil fuel surge.
The growth comes despite a carbon tax, due to be implemented later this year, which is deeply unpopular with the country’s mining industry.
According to the government agency Geoscience Australia, in fiscal year 2011 coal exploration spending in Australia surged by 62 percent, with investment in exploration for new coal deposits reaching $520 million, with spending on exploration surging faster than any other mineral commodity. Australia’s coal is abundant and considerably less expensive than other energy sources, with the country’s black coal reserves located primarily in New South Wales and Queensland, along the eastern seaboard where the majority of electricity is generated and consumed.
The country also has substantial reserves of lower-grade brown coal (lignite), located primarily in the Gippsland Basin of Victoria, with Australia possessing an estimated 25 percent of the world’s economic demonstrated resources (EDR).