Will the End of Fossil Fuels Spoil the Lucky Country’s Streak?

Australia has lived up to its nickname, the “Lucky Country,” partly thanks to abundant reserves of coal and natural gas. A fossil-fuel-free future—like the one envisioned at the COP28 climate summit in Dubai on Wednesday—would therefore pose a significant challenge to its growth model.

Unsurprisingly, some important energy shares listed in Australia took a hit yesterday: Shares of Yancoal Australia and Whitehaven Coal were both down around 2%.