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Australia Needs More Realism on Coal’s Future, Carney Warns

  • Faster phaseout of the fossil fuels would aid transition
  • New prime minister has offered support for coal exports
A pile of coal at the Port of Newcastle in Australia.

A pile of coal at the Port of Newcastle in Australia.

Photographer: David Gray/Bloomberg

Australia has huge potential to attract green investment if the country can offer more clarity on climate action and accept there’s no future in coal, according to Mark Carney.

Steps by the country’s new government to legislate for steeper targets to cut greenhouse-gas emissions will help offer policy certainty, and should be backed with a more decisive approach on the country’s shift away from fossil fuels, the former governor of the Bank of England and the Bank of Canada told a Melbourne conference Thursday via videolink.