05-29-2017, 01:24 AM
Even according to Blackrock, the world's biggest investment fund, coal is dead..
Quote:Australia is "denying gravity" by continuing to encourage coal investments because renewable energy is now competing "head to head" with coal on cost, the global head of BlackRock's infrastructure investment group, Jim Barry, says. "It's been amusing sitting back and watching Australia from afar because in effect it's been denying gravity," Mr Barry, who is based in Dublin, told the The Australian Financial Review.BlackRock says coal is dead as it eyes renewable power splurge | afr.com
"Coal is dead. That's not to say all the coal plants are going to shut tomorrow. But anyone who's looking to take beyond a 10-year view on coal is gambling very significantly." Mr Barry, who plans to start investing in Australian renewable energy projects, acknowledged it was hard for politicians "not to do something" with resources like coal when they were available, but said he did not think there was "long-term potential" in Indian conglomerate Adani's proposed $16.5 billion Carmichael coal mine. He said no board directors in the US would make a 30-year commitment to coal.