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Climate Energy Finance said the commitment at COP28 by over 100 countries to triple renewables by 2030 – particularly Australia, US, EU, Canada and Japan – was “excellent”. “Two years ago this would have been seen as next to impossible,” director Tim Buckley said in a statement. “But with China having transformed the world’s (manufacturing) capability to deliver on decarbonisation, this goal will collectively bend the climate trajectory towards what the science clearly dictates.” Read more

China’s surging investment in clean power is challenging a century of fossil fuel hegemony. China is rapidly leading the global clean energy transition, challenging fossil fuel dominance. Recent report by Climate Energy Finance reveals that China’s top State Owned Enterprises (SOEs) are aligning with the government’s ambitious energy targets, aiming for peak CO2 emissions before 2030 and carbon neutrality by 2060. As China accelerates decarbonization, the world has been offered a transformative moment to reach science-based climate targets on time. Read more

Wholesale prices of electricity are down about 50 per cent in the 2023 calendar year, relative to 2022, because the “hyperinflation of gas and coal commodity prices internationally over 2022 has now in 2023 progressively come off [more than] 70 per cent from their peak”, according to Climate Energy Finance director Tim Buckley. The government is being transparent about this, in sharp contrast to Angus Taylor, who, as energy minister in the Morrison government, sat on the relevant report predicting significant price increases in the run-up to the last election. Read more

Our Chinese energy SOEs report by Xuyang Dong mentioned in Australia Financial News – An Australia-based Chinese-language news outlet. Read more

In 2020 China set a target of deploying 1200 gigawatts of wind and solar by 2030. (For comparison’s sake, the total capacity of Australia’s grid is 71 gigawatts.) It is now set to reach that target in 2024, six years early. Its annual deployment has doubled this year after leaping by 50 per cent last year. It is installing the equivalent of Australia’s east coast grid in renewables alone, every three months, says the CEF’s director, Tim Buckley. Read more

Demand for Australian coal from the nation’s biggest customer is heading for long-term decline as China changes course on energy investment, research shows. According to a report released on Thursday by independent think tank Climate Energy Finance, Australia must urgently respond and pursue new partnerships with China to replace jobs. Lead author of the report, Xuyang Dong tracked the investment trends of China’s top five enterprises, which she said pointed to the possibility of the superpower exceeding its energy goals. Read more

China has vaulted ahead of the rest of the world in solar and wind power installations in 2023, accelerating the energy transition for Australia’s biggest export customer and posing a growing threat to future coal exports. “China’s demand for Australian exports of thermal and coking coal is set to decline structurally over the longer term due to the greening of China’s power sector and economy,” said Climate Energy Finance director Tim Buckley. “The report recommends that to minimise economic risk, Australia urgently comprehends and responds at speed to align with China’s massive investment pivot.” Read more

At the 28th annual United Nations Climate Change Conference, starting on Thursday, negotiators from around the world will try to thrash out new global commitments to mitigate and adapt to climate change, one of the toughest challenges facing humanity. The world will also be looking to China to signal an intention to put a price on carbon emissions in domestic goods and imports, said Tim Buckley, director at Australia-based think tank Climate Energy Finance. “This would elevate China’s global leadership in all zero-emissions industries of the future and would signal the need for a clear international price on carbon emissions in global trade,” he said. Read more

Tim Buckley, Director of Climate Energy Finance expresses his approval of Energy Federal Minister Chris Bowen’s decision to expand the capacity investment scheme, describing it as a major shift in ambition. He highlights the issue of foreign takeovers of Australian energy companies by firms based in tax havens, viewing this as a loss for taxpayers. However, he points out that companies such as Brookfield’s willingness to invest substantial amounts in renewable energy potentially outweighs this concern. Read more

Tim Buckley, director of Climate Energy Finance, speaks to pv magazine about the current steep trajectory of solar module prices. He estimates that PV panels prices will end up dropping by 40% this year and predicts the closure of old technology and sub-scale solar manufacturing facilities, both in China and globally. Read more

The Capacity Investment Scheme (CIS) is a federal initiative designed to underpin the deployment of dispatchable renewable energy and storage capacity across Australia, offsetting any reliability gaps as the country transitions from fossil-fuel based to clean energy and coal exits the system. It is a central enabler of the federal renewable energy target of 82% by 2030. The CIS explicitly excludes methane gas peaking power plants. Read more

“The wholesale cost of electricity has come down more than 50 per cent year on year in [calendar year] 2023 because the hyperinflation of gas and coal commodity prices internationally over 2022 has now in 2023 progressively come off [more than] 70 per cent from their peak,” Climate Energy Finance Director Tim Buckley says. Read more