Media

Tim Buckley (a former senior executive at Citigroup and Deutsche Bank) on the banking crisis: “Regulatory warnings about banks’ risk management without consequences are a waste of time. Will anyone go to jail? No. That was one of the issues I had at Citigroup – it was a one-way bet that management would be rewarded while the music plays. And I said but if the music stops, we’re fucked. ‘But the music won’t stop,’ was the response.” Read more

In this Safeguard mechanism explainer across News Corp papers, Tim Buckley notes that “any price increases arising from the safeguard mechanism would be “immaterial” in terms of the overall impact of energy prices and resulting wider inflation, with extreme weather events having a much greater impact on an Australian business’s bottom line than any costs they would incur under the mechanism”, citing the “$8.5 billion in losses caused by flooding in 2022 alone”. The story further covers the findings of Professor Ian Lowe’s report that the legislation for the safeguard mechanism radically underestimates Australia’s current and future methane emissions, and its massive climate impacts. Read more

Across Canberra Times and 100+ mastheads, Tim Buckley comments on the new report by Professor by Ian Lowe revealing that methane comprises the 70% of emissions from fossil fuel facilities under the Safeguard mechanism: “The report highlights the critical need to differentiate between methane and carbon dioxide, and endorses an emissions budget as an additional safeguard. Setting a maximum limit on emissions for this decade would mean new entrants would be determined within that budget, and not freely added to national emissions.” Read more

A new report from Professor Ian Lowe, commissioned by Lock the Gate, shows that the vast majority of emissions from fossil fuel facilities covered by the Safeguard Mechanism are climate-wrecking methane when calculated over 20 years – 85 times more potent than CO2 in the near term. Tim Buckley comments: “We have a global climate emergency that needs critical attention this decade and next. As such, applying a global warming potential assessment of 100 years to emissions (as the CER does) dramatically understates the destructive cost of methane. We need to evaluate its global warming potential over 20 years as Woodside Energy, our biggest methane producer and exporter, advocates. On a 20 year basis, methane represents 69% of all emissions from the 215 facilities covered by the Safeguard Mechanism and over half of all Australian domestic emissions.” Read more

Tim Buckley speaks with Sky Breakfast on the new report finding that 70% of emissions under the SGM are methane from fossil fuel facilities, and the blindspot in the legislation that fails to differentiate between CO2 and methane – which is 85 times more damaging to climate in the short term. Tim discusses key solutions, principally a high, rising price on carbon to drive new cleantech and decarbonisation, and potential developments to cut methane such as asparagopsis to reduce emissions from ruminant cattle. Read more

Meanwhile, Xuyang Dong, a China energy policy analyst for Australian think tank Climate Energy Finance, said the Australian media’s hand-wringing over a possible war with China has clouded the country’s focus on the greater threat of climate change. “Diversifying Australia’s security strategy to encompass these concerns is inarguably important because China is no longer the only, or major, threat to the world, or to Australia,” Dong said on Tuesday. “Climate change and the energy crisis are clearly endangering Australia’s national interests now, and require more nuanced conversations to tackle.” Read more

The IPCC’s latest report this week again sounded the alarm that the window to avert climate catastrophe is closing. But there is hope. On the positive side of the ledger, Tim Buckley breaks down the huge policy and investment shifts that are driving a massive uptick in energy transition, including the US Inflation Reduction Act and the EU’s Net Zero Industry Act. Read more

The global race to decarbonisation has massively escalated with new regulations designed to turbocharge and onshore cleantech in the European Commission nations. Australia is positioned to emerge as a value-added critical minerals superpower Read more

In this online presentation Teal MP Allegra Spender and CEF’s Tim Buckley engage in a discussion breaking down Australia’s climate policy and its key centrepiece, the Safeguard Mechanism designed to drive down emissions by Australia’s 215 biggest polluters. Read more

AEMO’s assertion in its Gas Statement today that we need more new supply to offset purported imminent shortages is bizarre and counterintuitive. There is no shortage, just a cartel with a chronic shortage of ethics extorting Australians as they export the majority of domestic production and rake in obscene war profits. It should be a major priority for AEMO to provide rule modernisations incentivising new technologies to rapidly decarbonise our grid and decouple from extortionate, polluting, volatile fossil fuels. Read our take. Read more

Tim Buckley talks to AEMO’s ESOO noting that its statement there is a shortage of gas is bizarre when production has tripled in the last 10 years, and the only shortage is an ethics deficit from the extortionate multinational gas cartel extracting superprofits as they export Australia’s sovereign resources and smash Australians with energy price hyperinflation. Read more

As the Australian Energy Regulator announces a projected 20% rise in retail electricity prices from July 1 – a hike which would have been closer to 40-50% had the Albanese government not intervened to cap domestic wholesale coal and gas prices in December last year – we look at the causes and solutions of the energy price crisis. Read more