Decades ago, the clean energy revolution and threat of global heating, promised to one day make the Coal Industry a dirty old relic. Now global heating is experienced as dangerous reality, and renewable energy is a cheaper option, the big banks know the Coal Industry to be the biggest near-term money loser, as this ABC article link shows.
Coal as profit losers before including also their system impacts, like climate change, as our all-time big market and political failures. Side effects for profits never have bothered our governments, and now the long term side-effects are national survival issues.
When will the political money-hog classes of Australia wake up too? Too bad Australia has a typical money power structure of democratic government. Promises of money generated by perceived mining opportunity has long dominated our governments. Prime Scott Morrison is still at it, with his talk of $70 billion dollar mining industry, that cannot be sacrificed for climate policy, as if Coal Industry all there is to Australia. No, its just all there is for Scott Morrison and his mining mates.
We still have too many third-rate political dummy time-wasters in the ranks and leadership of the LNP and ALP, sponsored by deep infiltration and control by the Minerals Council of Australia. The process of energy transition off fossil fuels, is hampered by mates networks of vested money interests that still fail to understand their policies as national road-blocks. Your continent, your life.
Even the banks still not yet really letting go of money first philosophy. Costs of extraction rise, economic system affordability falls, Coal is now a capitalist loser. Money systems have no sympathy. What else remains to be slain by the growing costs to global ecosystems, of providing energy, water and myriads of stuff for our endless growth demands of global civilisation?