The costs of phasing out coal and gas are so high that governments must redirect coal royalties and create a sovereign wealth fund from the critical minerals boom to pay for it, a leading centrist think tank says, equating the shift away from a fossil fuel-dominated economy to a second industrial revolution for Australia.The Grattan Institute warned “Australia’s social fabric could tear” under Australia’s commitment to reach net zero greenhouse emissions by 2050 if the jobs and economic losses in regional coal mining communities are not replaced with targeted industry policy to spur growth in new industries.The clean energy revolution will need billions in investment and the Grattan Institute says coal and gas should help pick up the bill.Credit:Robert Rough“The decline of coal and gas for Australia is a big deal because we earn so much of our export revenue from those two…
Tap gas, coal and critical minerals boom to fund clean energy future: Grattan Institute
