Modelling shows that Australia’s economy would be barely affected by a moratorium on approval of new coal mines and mine expansions.
As the world works to reduce greenhouse gas emissions, it will need to burn less coal. As a result, the world will need less coal mines. In the lead up to the Paris climate talks in December 2015, President Anote Tong of Kiribati and other Pacific leaders called for a global moratorium on new coal mines and the expansion of existing coal mines.
Coal industry lobbyists and some political leaders in Australia claim that a coal moratorium “would spell economic and social catastrophe for Queensland and the national economy”. However, economic modelling conducted for this report shows that the economic impacts of a moratorium — on Queensland, New South Wales and Australia more broadly — would be small.