Greens Want to Stop All Coal Mining in New South Wales

Australian Mining reported that the New South Wales Greens want to end all coal mining in the state. The party is also planning a new economic model for the state that will focus on renewable energy.

As quoted in the market news:

Under the policy, The Greens would tax mining companies an extra $250 million a year and invest the money into other industries it says are more sustainable.

As part of the move, the development of new coal mines will be prohibited, while existing operations will be given a timeline in which they have to shut down.

Greens spokesman Jerry Buckingham stated:

We don’t want to base our economy on fossil fuels but what we want to do is make sure that as we make a transition out of coal, that the state benefits

The question is will NSW have a planned and managed phase-out strategy for coal, or will we wait for a chaotic collapse of the industry?

Click here for the full Australian Mining report