The group, backed by Friends of the Earth, also included Oil Search, Seven Group and South32 in its « out of line » category, meaning they are candidates for immediate divestment as their business depends on the growing demand for coal and gas. Tim Poole, Aurizon`s president, said at the meeting that the company`s coal-based freight rail network had a higher risk profile than other utilities and that the company was concerned about the « failed risk of fortune. » Any considerable support would be important considering that Whitehaven is a simple coal miner. « Whitehaven is committed to playing a role in reducing CO2 emissions… encouraging increased use of Whitehaven`s high-quality, low-emission coal, » the company said in its submissions to ASX. Whitehaven`s future planning is based on the International Energy Agency`s « New Policies Scenario, » which says demand for coal for Asia would double by 2040. In this scenario, global warming would reach about 2.7 degrees above pre-industrial levels by 2100. Whitehaven Coal is one of the fossil fuel companies that the activist group Market Forces calls « out of line » on the Rob Homer Paris Agreement. At the queensland-based Aurizon freight company`s general meeting last week, investor representatives repeatedly raised questions about the company`s role in transporting coal and its potential to support the development of the Galilean Basin. « Over the next 50 years, renewable energy could be such that we may not be carrying as much thermal coal as we do today… part of our system may not be necessary, » Poole said.
Santos and Woodside say their gas production reduces emissions by replacing low-emission gas with the production of high-emission coal emissions, but they are cited for continued gas production, which makes it more difficult to reduce Paris emissions. Australia`s largest independent coal miner called the resolution, which aims to see a plan that shows how it would untangle its facilities and production operations in a manner consistent with the Paris Agreement`s objectives, as « misrepresentation. » According to the scenarios of the International Energy Agency (IEA) world Energy Outlook (WEO), there will be global demand for coal beyond 2040. Whitehaven, like all high-emitting fossil fuel producers, is vulnerable to accelerating the transition from coal to clean energy, with governments and distribution companies leaving coal-fired power plants in favour of gas and renewable energy. « Even among the remaining investors, it is clear that the best outcome would be for Whitehaven to plan and manage the management of its coal operations in line with globally agreed climate targets, » he said. Whitehaven is Australia`s largest independent coal miner. Credit: Glenn Campbell Whitehaven told investors on Thursday that there were signs of recovery as the price recovered to about 60 $US a tonne and expected coal demand would increase if governments put in place economic stimulus plans that require coal consumption for energy and steel generation. Will van de Pol, a market activist and legal analyst, said many large investors had already « coordinated » and sold their stakes in the company. In particular, superannuation funds have moved to relocate thermal coal producers.
The company said that as a producer of high-quality coal, it could make a positive contribution to the global transition to clean energy. He also stated that high-quality coal continued to be part of the Japanese government`s plan to achieve an emissions reduction target, and noted that the country was the company`s main export market. The major fossil fuel companies, from the Caltex Australia gas refinery to the New Hope Corporation, Whitehaven Coal, Santos and Woodside Petroleum, are « not compliant » with the Paris Agreement on