With the emergence of new technology and the rising cost, the fossil fuel industry will inevitably dwindle. Furthermore, fossil fuels have always had a questionable environmental impact, and therefore there is a need to reduce the reliance on these fuels. However, many economies and people rely on the fossil fuel industry. Especially economies such as Queensland.
Although the fossil fuel industry significantly contributes to the economy, reliance on fossil fuels and the industry will need to be minimised and eventually eliminated. The concern with eliminating the industry is the impact on the economy. However, there does not need to be an impact on the economy. If the government proactively transitions the economy in an orderly manner, there will be no negative economic impact.
The government needs to transition the economy away from relying on the fossil fuel industry by stimulating innovation in alternate energy and promoting the transition.
As a new industry emerges, consumers and workers will transition to clean energy. The transition will happen through attrition and new opportunities. However, the government has to establish, implement and maintain clear transition objectives and targets. It must actively manage the transition. It does not have to transition immediately, but it must start immediately