Sydney Morning Herald
14 July 2011, Page: 14
Australia has done well out of coal, even though so much of the profit has gone overseas. But like it or not, as the world gradually wakes up to the implications of climate change, there will be a shift away from burning fossil fuels, and modern, clean, renewable technologies such as solar, wind and geothermal will take over. Our prized asset, coal, will diminish in value. But just as we've had abundant coal deposits in the ground, so we have abundant sunshine and wind.
Now is the time to invest in these technologies, which are already racing ahead in the rest of the world, so that we can be sure of developing a strong economy in the post carbon era Surely the best way to fund investment in new business is to use the profits from the old business while it's still flourishing. Any competent businessman would tell us that. Thirteen billion dollars for renewable energy projects, over five years, is a good start. I congratulate the government for taking this far sighted approach in its carbon package, in contrast to the do nothing opposition, and the grab it and run tactics of (some) big, overseas owned business.
Dominic Case, Balmain
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