Bushfires are raging in NSW, Queensland and Victoria; experts have linked the disasters to global warming, sparking protests calling for climate action.

Blackrock – the world's largest fund manager – dumped more than half a billion dollars in thermal coal shares on Tuesday. The move was part of a more active stance on climate change, which chief executive Larry Fink spearheaded.

Mr Albanese, who previously said Blackrock's decision demonstrates the businesses sector's will to act on a changing climate, agreed with comments made by Mr Dutton on coal exports.

"Stopping exports of coal to India or China will mean that they will source it from other countries," Mr Dutton told the Today show on Friday.

"It means emissions will go up, so there's no benefit to the environment, and we would lose $70 billion from our economy."

This $70 billion figure is made up of two types of coal exports: thermal and metallurgical.

Thermal coal, which is burnt to generate electricity, accounted for $26 billion of Australia's export income last financial year. However, this was a relatively small share of total resource and energy export earnings forecast of $281 billion for 2019-20.

Meanwhile, metallurgical coal – used to make steel – delivered $44 billion in revenue and will not be affected by Blackrock's divestment decision.


Mr Albanese's Labor party was wiped out in coal-rich Queensland during last year's election, which some have blamed on a failure to align its climate change policies with jobs.

The party leader toured some coal-driven regions to pursue blue-collar voters that deserted Labor in December. Mr Albanese hit back at suggestions his support of these areas was incompatible with Labor's stance on climate change.

"I make no apologies for going to Queensland to talk to Queensland about issues that they are interested in, particularly about jobs," he said.

Australian coal miners said this week that many other investors would replace those blacklisting the industry. BlackRock's revenue threshold means it will still be able to invest in major coal producers like Glencore, BHP and Anglo American, whose earnings from thermal coal are dwarfed by other businesses like iron ore and copper.