Considering coal's future - is Australia backing a loser?

W

ith the price of coal plummeting and our biggest customers turning to renewable energy, is Australia backing a loser?

The story – “The end of coal?” – was presented last night in the ABC’s Four Corners program.

When Prime Minister Tony Abbott famously declared coal to be "good for humanity" and "essential to the prosperity of Australia" there was no doubting he saw a coal-fuelled future for the nation.

And it's easy to see why: Australia has one of the world's largest deposits of coal; it provides two-thirds of our power, employs more than 50,000 people and brings in more than $40 billion a year from exports.

Yet not everyone is so upbeat. Some argue that the downturn is permanent.

"There's been a number of price cycles like this in the past. I have to say this is probably the worst we've seen." Mining Executive

Four Corners explores the driving forces that neither the Federal Government nor the mining industry can control.

Among the challenges, rapid technological change revolutionising the way we generate and store power.

"It is totally a game changer." Christina Figuerres, UN Climate Change Chief

And investors are getting nervous.

"With fossil fuels we want to get out as quickly as possible for financial reasons, as fast as is prudent, but also because we feel like the value of these stocks is really declining." US Investor

"Financial markets though operate like a herd. Once one of the bulls runs, a stampede is caused." Energy Analyst

And with countries like China, America and the rest of the G7 committing to curbs on fossil fuels, will Australia be left on the wrong side of history?