THE NSW Minerals Council believes global demand for coal will increase slightly by 2040, with coal demand in across South East Asia to more than double.
The organisation’s chief executive Stephen Galilee disputed the findings of the Lock the Gate commissioned report “Weathering the Storm: The case for transformation in the Hunter Valley” that estimates 5000 jobs and $705 million in wages will be lost from the Hunter without investment in new employment and industries over the next two decades.
The report models the effect on the Hunter’s economy of a 55 per cent contraction of the coal mining industry by 2040.
Conversely, the report models how a proactive transition process would result in the creation of 595 more jobs than would be lost from coal mining in the same period.
At the same time, local wages and salaries would increase by $315 million in 2040.
But, Mr Galilee argued that report’s claims about the International Energy Agency were misleading.
“Despite the false claims made by Lock the Gate, the International Energy Agency expects global demand for coal to increase slightly by 2040, with coal demand in across South East Asia to more than double,” he said.
“Lock the Gate has ignored this main scenario and instead based their report on a scenario that assumes that countries around the world will take further unspecified action beyond their actual Paris Agreement commitments.
“Lock the Gate are opposed to mining.
“They want to shut down all of the Hunter’s coal mines, putting 12,000 Hunter coal miners out of work and damaging 5000 Hunter businesses that supply the mines.”