Tim Buckley from Climate Energy Finance outlines growing urgency for Australia to take decisive action on climate change, highlighting stark risks for the economy and society if current trends continue. Buckley points to the Federal Government’s National Climate Risk Assessment, describing it as a clear signal of the significant economic consequences for Australia if climate science is not appropriately addressed. He calls for a government-wide approach to reforming Australia’s economy and exports, with an emphasis on pivoting the country’s leading mining sector towards value-added products that can support the decarbonisation of major trade partners. Read more

Tim Buckley discusses the inevitability of transitioning Australia’s economy, particularly for regions reliant on heavy emitting industries like the Hunter Valley. He reassures workers that change is coming, but there is time to adapt and seize new opportunities. Buckley stresses the importance of addressing climate science and the risks of inaction, including more frequent extreme weather events. He highlights the massive investment potential in industries like green iron, green aluminium, and electric vehicles, creating thousands of new jobs. Buckley believes the Albanese government’s efforts to rebuild public service capacity are crucial for meeting climate targets and ensuring a strong economy. Read more

Climate Energy Finance (CEF) estimates that since the start of 2023, $75 billion of Federal Government funding and capital allocations have been made towards decarbonisation, electrification and the associated Future Made in Australia (FMIA) program, with another $6 billion of State allocations. Read more

Climate Energy Finance director Tim Buckley told Region he had not seen any systematic evidence that solar farms devalued neighbouring properties in his 30 years analysing financial markets. “If anything, I’ve seen the opposite,” Mr Buckley said. “It’s in the hundreds of millions of dollars over the life of the project.” Read more

BHP (ASX: BHP) will axe 750 jobs in its Queensland coal division, blaming weak coal prices and high state government royalties. The BHP-Mitsubishi Saraji South metallurgical coal mine, one of the world’s largest coal reserves, will be mothballed in November. “Structural decline in one of Australia’s largest fossil fuel export commodities, coupled with rising unit costs are the reasons for investment decisions, not Queensland’s nation-leading royalty scheme,” Climate Energy Finance analyst Matt Pollard said. Read more

The Albanese government will reportedly announce a new 2035 emissions reduction target this week. The pressure is now on. We have, for the first time, formal recognition from the government of the escalating risks of climate change and its devastating economic, health and social impacts in the form of the landmark National Climate Risk Assessment report. The picture it paints is apocalyptic. In line with the climate science, the Risk Assessment reports that future extreme weather is likely to present heightened risks to people, places and our way of life. Read more

The Albanese Government is reportedly set to announce its new National Determined Contributions ( NDCs) to 2035 this week – its emissions reduction targets under our Paris Agreement obligations. Today, the case for strong NDCs was definitively settled. The government’s National Climate Risk Assessment modelling paints a devastating picture of the economic, health and social impacts of climate change. Read more

Hundreds of thousands of dollars will be cut from licence and application fees for offshore wind projects in Australia as the industry struggles to establish itself amid global headwinds. The federal government on Tuesday announced a series of temporary cuts to offshore wind fees and levies, including slashing one licence application fee from $300,000 to $20,000. Read more

Australia’s green bank, industry and all levels of government are on notice to consider the nation’s “chronic climate risks” and invest accordingly. But it’s not too late to avert the worst of it, according to the first National Climate Risk Assessment and Adaptation Plan, which feed into the imminent 2035 emissions reduction pledge Australia must make under the Paris Agreement. Critical energy infrastructure is already vulnerable to bushfires, heatwaves and extreme heat, coastal inundation, extreme rainfall and associated flooding, tropical cyclones and extreme wind. Read more

Highlights China Cleantech Exports Boom – Lauri Myllyvirta @CREA notes value of China’s exports of clean energy technologies hit a new all-time record in July, passing the previous high from March 2023. China exported $18.4bn worth of solar and wind power equipment, EVs and batteries during the month. Australia Brazil Chamber of Commence Forum – ABCC business forum in the lead up to COP30, Organised by the wonderful Mara Bun. We also head about Brazil looking todevelop world leading green iron projects. Read more

Tim Buckley sees Sun Cable’s pivot from a 4,200km subsea electricity cable to solar-powered data centres as a pragmatic shift […] Read more

It is incredibly disappointing that Australia’s largest company refuses to act in line with climate science. Tim Buckley, director of the think tank Climate Energy Finance, notes that the cancellation of the project comes as the company appears to be winding back its broader decarbonisation ambitions. Last month, BHP revealed it had deferred until the next decade a decision on when or indeed whether it will electrify its vast fleet of trucks and trains. Read more