We conduct public interest financial analysis on the most profound economic transformation since the industrial revolution: the transition from fossil fuels to clean energy.

Beyond the BHP deal, Tim Buckley, director at Climate Energy Finance, noted that Fortescue Metals – another major Australian mining firm – had already agreed last year to expand its yuan-denominated trade with China. In return, the Australian miner was rewarded with a five-year, 14-billion-yuan (US$2 billion) syndicated loan led by the Bank of China at a highly favourable 3.8 per cent annual interest rate. “China is … leveraging the US’ geopolitical isolation under [US President Donald] Trump as a way of building momentum away from the world’s historic reliance on the US dollar as the functional and reserve currency,” Buckley said. Read more

Iron ore mining giant and green energy advocate Fortescue has launched a major public campaign urging government to strip big miners of fossil fuel handouts, saying diesel tax rebates are no longer going to the right people. Fortescue, which is aiming to reach “real zero” emissions at its mines by 2030, if not earlier, by using renewables and electric transport and mining equipment, says research shows the 18 largest miners receive about a third of the $11 billion in fuel rebates returned to businesses this year. Read more

In a bid to bridge this gap, Australia’s Prime Minister Anthony Albanese has turned to “fuel diplomacy”, said Dia, with recent visits to Singapore, Malaysia and Brunei, where he has been trying to shore up the supply of fuel and fertiliser. As a major exporter of LNG and coal, Australia has some leverage in these negotiations, said Tim Buckley, director of think tank Climate Energy Finance (CEF). But, he added, it is notable that Australia’s position is very different to that of its historic ally, the US, which is not as dependent on oil exported through the Strait of Hormuz. “We don’t get any of our oil from the US,” Buckley told Al Jazeera. Read more