Extracting coal from the Galilee Basin in Northern Queensland would massively increase Australia’s carbon footprint while providing little economic benefit, a new report has argued.

The report, published by the Climate Council, estimates that coal from the Galilee Basin would generate 705 million tonnes of CO2 emissions a year.

• Time for sceptics to face facts on climate change
• Why Tony Abbott is the fossil fuel industry’s wet dream
• How big coal is plotting to win your heart

This is more than twice Australia’s annual emissions – although a large proportion of that would be burned overseas.

But while the Climate Council was keen to stress the environmental effects, it said the economics of the project are also unviable.

But in an interview with Sky News, the report’s author Will Steffen said CCS is “an extremlely expensive technology and lagging well behind [renewables] in technology.”

“The move towards renewables is overwhelming and it’s unstoppable,” he added.

Fairfax reported on Wednesday that Bloomberg New Energy Finance predicts Australia’s CO2 emissions will remain “stubbornly high” unless coal plants are closed.

In other words, the economics, while compelling, are not enough to wind back coal extraction and burning. For Australia to meet its targets, the government must stop allowing new mines to open, and phase out existing ones.

So far the government has shown no interest in following this line.