Australia can be a renewable energy superpower if it plays its investment cards right – we have to move on from our misguided fossilised past
It was all over the news in India. The Indian finance minister Arun Jaitley would be meeting Future Fund chairman Peter Costello to discuss using the Fund to help finance Adani’s Carmichael coal mine. There was no announcement of the meeting in Australia, but the questions must be asked: how should Australia’s sovereign wealth fund be used, and should it, a “future” fund, be considering the energy projects of the past?
The prospect of Costello dedicating sovereign funds to the massive coal mine in the Galilee Basin is so misguided. Future energy investment lies in renewables, not coal, and this trend is already playing out worldwide. The Australian economy already runs a real risk of becoming fossilised, caught in the past and missing out on the huge investment market in renewable energy as the world inevitably decarbonises and shifts to a zero emissions economy.
Related: Global coal and gas investment falls to less than half that in clean energy