Coal, Fracking and Renewables
Coal is a dead industry with most major banks no longer interested in investing in this out dated technology.
The climate crisis has sparked a growing renewable industry especially in solar and wind technologies. With climate change already having a devastation effect on communities it is no wonder that businesses, governments and communities are beginning to accelerate the solutions and transition to zero carbon pollution. This will be essential to ensuring Australia does its fair share and supports those most vulnerable to the impacts of climate change.
Victoria is the first state in Australia to introduce legislation to permanently ban the exploration and development of all onshore unconventional gas, including fracking and coal seam gas. This has come about after a very long community campaign against fracking and mining.
Conventional gas is removed from relatively easy-to-access sandstone and limestone and was tapped near Port Campbell between 1986 and 2006, but the state’s gas overwhelmingly comes from vast reserves in Bass Strait. Extraction at sea is continuing.
Fracking is slang for hydraulic fracturing. It is one technique used to access what’s known as unconventional gas. It involves pumping a mixture of water, sand and chemicals into rock at high pressure. The rock fractures and gas (or oil) is forced out.
Coal-seam gas (CSG) has been highly controversial in Queensland and NSW, but is a non-issue further south. No-one believes there is CSG on a meaningful scale. But the state is likely to have untapped reserves of tight gas (in rock of very low permeability) and shale gas in the Otway and Gippsland basins.