Media Releases
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PM slammed for labelling Gary Banks a flat earther
The Australian Financial Review
The story quotes CEF partner – the Clean Energy Investor Group, representing developers and investors with a combined $38 billion renewable energy portfolio and a project pipeline of almost 50 gigawatts, welcomed the policy, saying it could unlock significant investment through the superannuation system.
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“Ambitious and visionary:” Praise and some skepticism greets green manufacturing Act
Renew Economy
In a speech to Queensland’s Media Club, Albanese laid out the foundations of federal Labor’s plan to use taxpayer-funded incentives to advance the manufacturing and clean energy industries, including hydrogen, green metals, solar power and emerging renewables.
“Albanese’s speech announcing the Act is ambitious and visionary,” said Tim Buckley, director of Climate Energy Finance and a former MD of Citigroup.
“It has the makings of the foundation for our future as a zero-emissions trade and investment leader and global clean energy superpower, as we inevitably pivot from our historic dependence on carbon exports.
Buckley says Albanese’s vision is to build on Australia’s existing strengths – and critically, also look beyond them – a point many “old-school economists” have so far failed to grasp.
“Relying on traditional competitive advantage logic misses that the transition to net zero is a $US4-6 trillion annual investment opportunity globally for the next couple of decades… and one in which every major economy has invested massive national interest public capital,” Buckley said on Thursday.
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GREEN (BUILDINGS) WASH? ONLY 7% OF BIG 4 BANKS’ “SUSTAINABLE FINANCE” GOES TO RENEWABLES & DECARBONISING INDUSTRY
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The new analysis is the first to quantify and compare the capital allocations of the Big 4 banks to renewable energy and whole of economy decarbonisation.
It reveals that only 7% of the Big 4 banks’ collective $385bn sustainable finance target (SFT) by 2030 is directed to financing renewable energy and hard to abate industries. The vast majority of their climate-related capital allocations – between 44% and 72% – channelled into the low hanging fruit of BAU ‘green buildings’ that meet minimum energy efficiency regulations.
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Community benefits can be captured in renewables projects through local content requirements
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A coalition including leading union, investor, energy, industry and First Nations peak groups today called on the federal government to embed requirements for locally produced and supplied components into all renewable energy supply chain manufacturing and development. A measured, considered local content requirement (LCR) in CIS tenders will support the domestic clean energy and technology supply chains to mature.
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Woodside serves “nothing burger” on climate and clean energy as shares show decade long decline
Renew Economy
In what is a feat of corporate climate denialism and dereliction of fiduciary duty to invest strategically for the long-term interests of shareholders, Woodside this week cited market uncertainty over the climate science as a reason to delay its green investments. The $55 billion fossil fuel giant – Australia’s biggest – will simultaneously accelerate deployment of three high-emissions greenfield methane gas and oil developments globally, pointing to mythically high return projections completely unsupported by reality to support the play. Apparently, Woodside just sees too many climate scenarios and doesn’t know which one to pick! And blames its customers for its corporate confusion.
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OP ED | Massive Victoria blackout underlines need to accelerate transition to firmed renewables
Renew Economy
Victoria, like Australia, is on notice. We need to plan and build-in energy system resilience as a key priority, and invest in a modern, flexible grid that is future-proofed. This requires pivoting emphatically and as a matter of urgency from risky dependence on end-of-life, unreliable, polluting centralised coal-plants like Loy Yang A, built four decades ago for a completely different energy market. Thermal coal power plants are not part of the solution – they are the problem. Alongside big solar, wind and batteries, we stand on the precipice of a revolutionary opportunity to massively upscale consumer energy resources, like solar PV on rooftops everywhere, household batteries, and EVs sending power to the grid.
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REPORT OF FELS INQUIRY FINDS WIDESPREAD PRICE GOUGING & UNFAIR PRICING IN ELECTRICITY MARKET
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The Fels report released today finds There is price gouging in the electricity market and widespread gaming of the system by gentailers, as there has been in transmission, meaning consumers are paying too much and exacerbating the cost of living crisis.
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BlueScope receives funding for lower emissions project
FS Sustainability
Climate Capital Forum founder Blair Palese comments on federal government grant to Bluescope Steel for work to reline existing arc furnace in Port Kembla through Critical Inputs to Clean Energy Industries program.
“There is no time left for federal government support for anything except strategies to fully decarbonise as global demand for net-zero materials grows exponentially,” she said.
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Green Steel Supply Chains are Australia’s Top Decarbonisation Opportunity
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Allocating taxpayer monies to support BlueScope Steel to invest $1bn to lock in high emissions blast furnace technology for the next 20 years is a missed opportunity according to Climate Capital Forum. Much stronger incentives are urgently needed to reduce – not support new – fossil fuel powered
production.
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Post MYEFO, There Is No Time To Waste To Step Up The Energy Transition Investment Phase
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Our joint release with the Climate Capital Forum and Smart Energy Council: Incremental funding for Australia’s potential as a renewables driven critical minerals superpower of another $3bn in MYEFO does not come slightly near the scale and speed of investment and policy ambition that Australia needs today.
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OP ED | Forget about COP. Focus on China
Climate & Capital Media
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.
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