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CEF in the media

CEF in the media  |  Jul 9, 2024

Gridlock in China: spending on network surges to support green energy transition

The Financial Times (UK)

Beijing rolls out huge investment to upgrade transmission system as shift from coal piles pressure on creaking grid. “The current level of spending is not catching up with how fast China’s solar and wind new capacity additions are growing,” said Xuyang Dong, a China energy analyst at think-tank Climate Energy Finance. Power needed for artificial intelligence, data centres and electric vehicles are accelerating a longer-term rise in electricity’s share of energy use — up from 12 per cent in 2006 to 19 per cent in 2023, Dong noted. Read more
CEF in the media  |  Jul 8, 2024

China’s great green march: Meeting 2030 energy target over 5 years early boosts climate fight

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On Straits Times: By the end of July, China is predicted to reach a 2030 target to install 1,200 gigawatts (GW) of wind and solar capacity, said a forecast by Climate Energy Finance (CEF), a Sydney-based think-tank, on July 2. Given the scale and impact of everything China does, achieving the 1,200GW target will act like a gravitational pull, said Ms Xuyang Dong, a China energy policy analyst at CEF and the report’s lead author. “It will incentivise other great powers to go faster in this global technology and investment race-to-the-top renewable energy competition, which will be good news for the world,” she told ST. Read more
CEF in the media  |  Jul 3, 2024

China’s green energy boom is stressing the grid – and sparking new currents in power reform

South China Morning Post

As China rapidly shifts its energy mix to new sources of power like wind and solar, its electricity grid is struggling to keep up – can deep reforms help rewire the system? Due to China’s electrification of seemingly everything – in particular, an explosion in the manufacture, export and adoption of electric vehicles (EVs) – as well as its quest to maintain economic growth, the country added 9.2 gigawatts of new thermal power capacity to the grid in the first four months of the year, while its thermal power generation increased 5.9 per cent year-on-year, according to Dong Xuyang, China energy policy analyst at Climate Energy Finance. “Given increasing electricity demand, it is critical for China to reform the power system to sustainably lower wind and solar curtailment rates, increase zero-emissions power plant utilisation rates, reform the energy trading system and improve grid connectivity ….to decouple from the need for thermal power as a backup resource to ensure energy security,” said Dong of the Sydney-based think tank. Read more
CEF in the media  |  Jul 2, 2024

French nuclear giant scraps SMR plans due to soaring costs, will start over

Renew Economy

EdF, which is now fully government owned after facing potential bankruptcy due to delays and massive cost over-runs at its latest generation large scale nuclear plants, had reportedly been working on a new design for SMRs for the last four years. Tim Buckley, from Climate and Energy Finance, seized on the news and called on Opposition leader Peter Dutton and energy spokesman Ted O’Brien to provide more details of their nuclear plans beyond the one page press release they released last month. “Come’on guys, how naive do you take the average Australian voter for?” Buckley wrote. “In your alternate fact world, who do you think will pay for the permanent around 50% increase in Australian energy prices for consumers? Are you really intent on destroying the international competitiveness of Australian industry purely in the service of your fossil fuel funders?” Read more
CEF in the media  |  Jun 29, 2024

Hidden costs? Cheaper energy? ‘Farcical’ locations? Debunking the hype around nuclear

SBS

Tim Buckley, director of think tank Climate Energy Finance, questioned how a form of energy that would produce “zero” electricity for the next 15 to 20 years, could bring down power prices. In the meantime, the Coalition’s plan would undermine investor confidence so Australia didn’t get as much electricity supply from other sources, Buckley said. “Less supply means higher prices — that’s economics 101.” He believes the Coalition’s nuclear strategy could increase electricity prices by 20-50 per cent over the next decade because of the need for more government intervention and funding to extend the life of coal plants. Buckley said the GenCost report — produced by Australia’s national science agency, the CSIRO — found power from nuclear could also be double the price of firmed renewables. “Therefore power prices go up, not down,” he said. Read more
CEF in the media  |  Jun 26, 2024

Coal Push Damps Hopes of China’s Climate Ambition

The Financial Times (UK)

To have a chance of combating climate change, the world needs President Xi Jinping’s administration to find a way to decarbonise China’s economy. The country, with 1.4bn people and a massive industrial economy still highly dependent on coal, is the world’s biggest polluter — accounting for nearly one-third of global carbon emissions. Xuyang Dong, an analyst with CEF, says rapid reductions in the cost of wind, solar and battery storage technologies have sparked a “dramatic” change in the economics underpinning China’s energy system. Dong and colleagues predict that coal will fade over the next 16 years from being a central pillar of China’s power sector to a “back-up role” ensuring stability during the transition to renewables. Read more
CEF in the media  |  Jun 26, 2024

OP ED | Warmer ties could cool the planet: potential for Australia-China green energy collaboration

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Republished on Pearls & Irritations: Australia and China’s improving diplomatic relationship, highlighted by recent high-level meetings and record trade, presents significant opportunities for green energy collaboration. With China facing overcapacity in solar panels, batteries, and electric vehicles, Australia stands to benefit from redirected Chinese investments. By leveraging its abundant renewable resources and enhancing critical mineral processing, Australia can become a more appealing supplier, particularly in the wake of global trade tensions. Read more
CEF in the media  |  Jun 26, 2024

Is South-east Asia storing up trouble with carbon capture and storage hubs?

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Straits Times: In Asia, a carbon price of about US$100 a tonne is needed to make investment in CCS work, said Tim Buckley, director of the Climate Energy Finance think-tank in Sydney. Every step of the CCS supply chain was costly, he said, from capturing the CO2 from the smokestacks of power plants and heavy industry, chilling and liquefying the gas, building the ships, transporting the CO2 and then storing and monitoring it for decades. “It’s a pretty straightforward equation. If you don’t have a price on carbon, or the equivalent tax, why would it work?” he said. Read more
CEF in the media  |  Jun 25, 2024

OP ED | Coalition’s taxpayer funded nuclear con a road to ruin

The Australian Financial Review

As Tim Buckley an Annemarie Jonson argue in this op ed, the LNP’s egregious $100bn+ taxpayer funded nuclear hoax is fiscal irresponsibility of the highest order, designed to disrupt and delay the accelerating renewables transition, as it does catastrophic damage to surging investor confidence in Australia’s firmed renewables rollout and trashes our Paris commitments. Read more
CEF in the media  |  Jun 21, 2024

Nuclear energy: Expert predicts $100b price tag for Peter Dutton’s seven reactors

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In the West Australian, Climate Energy Finance director Tim Buckley said the CSIRO’s modelling of costs to build nuclear reactors was conservative, estimating the capital cost of the entire project at between $80 billion and $100 billion. “On top of that, you’re looking at $30 billion to $50 billion for the rehabilitation in 60 years time when they have to be decommissioned, another $10 billion for upgrades and refurbishments in 30 years’ time,” he said. Read more
CEF in the media  |  Jun 20, 2024

Peter Dutton’s nuclear plan could be very costly or cheaper than renewables, depending on who you talk to

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In The Nightly: Peter Dutton’s plan to turn Australia nuclear by 2050 could carry a price tag of $100 billion, according to experts opposed to his proposal while others argue the energy source will provide “low-cost solutions” for customers. Climate Energy Finance director Tim Buckley said he was of the view the CSIRO had been conservative, suggesting Australian taxpayers were likely to be hit with a minimum $80b to $100b in capital costs for the entire project. Read more
CEF in the media  |  Jun 20, 2024

VIDEO | ‘Bizarre’: Coalition launches nuclear policy ‘without any facts’

News Corp papers

Syndicated across News Corp mastheads nationally including all regional sites in QLD: Climate Energy Finance Director Tim Buckley has hit out at the Coalition government for providing little information when revealing its nuclear energy plan.Mr Buckley said his best cost estimate for the Coalition government’s nuclear energy plan following the CSIRO GenCost report would be $100 billion. “It’s a rather large number to not have any facts on,” Mr Buckley said. “For the shadow energy minister to spend a year building a detailed analysis of the federal opposition energy and climate strategy and provide rather limited facts, rather limited details – a one-page flyer really doesn’t cut it when you’re talking about a $100 billion of public money being invested. It’s a little bizarre that Ted O’Brien’s announcing this policy without any facts.” Read more
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