Value of Australia’s coal and gas exports will plunge 50% in five years, treasury modelling forecasts

A ship exporting LNG from Dampier Port in Western Australia. The export value of coal and LNG are both predicted to plummet this decade. Photograph: Lukas Coch/AAP

The value of Australia’s coal and gas exports is predicted to plummet by 50% over the next five years as global demand for fossil fuel falls, according to Treasury modelling.

The modelling, released on Thursday as the government announced its emissions reduction target for 2035, found the annual value of fossil fuel exports is predicted to fall by more than $60bn by 2030 under any future scenario of emissions reduction within Australia.