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There is a lot to unpack in the Albanese government’s Future Gas Strategy, a mind-boggling policy move that seeks to lock the fossil fuel into Australia’s energy and export – and greenhouse gas emissions – mix to 2050 and beyond. Finally, Tim Buckley from Climate Energy Finance says the “gas shortage” narrative being lapped up by the government is “fabricated and fact-free.” “East Australia produces 5 times as much gas as we use domestically, most of it exported and then sold back to us at outrageously inflated prices,” Buckley said on Thursday. “The only winners from the Future Gas Strategy are the multinationals. And the only gas shortage is a shortage of gas cartel ethics, aided and abetted by a government that appears to be suffering a severe case of industry capture.” Read more

“It is ridiculous and beyond disappointing that the Australian Government in 2024 is releasing a long-term strategy that centres methane gas in the transition to net zero by 2050. The strategy released today is a massive misstep in the context of the strides the Albanese government has been making in pivoting to our economic future as renewables powered zero-emissions trade and investment leader. Read more

[Starts around 9:50]Tim Buckley, Director of Climate Energy Finance, expresses concerns about the government’s continued backing of the gas industry. He indicates that the government’s shift in position towards gas, contrasting it with recent talks of embracing renewable energy and climate science. Buckley emphasizes the vast investment opportunities in renewables and the need for appropriate policy support to seize them. Regarding future gas projects, Buckley argues against further investment in methane gas production, advocating instead for accelerated adoption of renewable energy solutions. He criticizes the government’s preference for gas over renewables, seeing it as a perpetuation of fossil fuel interests and a hindrance to addressing climate change. He urges policymakers to prioritize renewable energy infrastructure and electrification initiatives as viable alternatives to gas dependence. Read more

New South Wales is not on track to meet climate change targets, according to the government’s own environmental database. The Climate Energy Finance director and analyst, Tim Buckley, said the Eraring subsidy would cost the taxpayer $150m a year. He said: We are putting band aids on end of life coal assets instead of investing in the solutions to permanent low cost zero emission solutions that Australia and NSW desperately needs to see approved. This is a race to the top and yet the NSW government in 2024 is now going in the wrong direction. We call on them to reallocate planning resources to approving the projects we critically need to solve the climate crisis.” Read more

Resources Minister Madeleine King announced on Thursday that Australia would ramp up gas projects as part of its Future Gas Strategy, saying it was needed to meet surging demand. Tim Buckley, director of independent think tank Climate Energy Finance, suggested the narrative of a gas shortage has been fabricated by the gas lobby in an attempt to expand the industry’s profits. Buckley also rejected the government’s claims that the Future Gas Strategy would help keep gas prices low for Australian consumers. “Placing a long-term commitment to this hyper-expensive climate-polluting fuel at the core of transition policy does exactly zero to ensure affordable gas for domestic use here in Australia first,” he said in a statement. “On the contrary, the gas cartel is the key culprit behind the domestic energy unaffordability that has smashed Australian households and businesses over the last several years and into 2024.” Read more

The Future Gas Strategy released by Federal Resources Minister Madeleine King is a massive misstep in the context of the strides the Albanese government has been making in pivoting to our economic future as renewables powered zero-emissions trade and investment leader. Australia, is positioned to lead the world in the decarbonised global economy of the rapidly emerging future, if we invest strategically at scale and redouble our efforts into future-facing clean energy and industry opportunities. Australia needs to invest in our future, not prop up industries of the past. It is beyond time for Australia to make the right choice. Read more

Tim Buckley from Climate Energy Finance says that Labor’s gas plan announcement is at odds with the government’s recent progress on its climate goals. Buckley says the Labor government’s Future Gas Strategy is a total undermining of the climate science and the climate action. Read more

Mr Buckley says Prime Minister Anthony Albanese has said Australia must embrace the new low-cost, zero-emissions energy solutions available to us to shift our economy to a fully renewable grid. But this strategy will only further entrench a high-emissions, low-tax-paying industry in Australia’s economy. “Placing a long-term commitment to this hyper-expensive climate-polluting fuel at the core of transition policy does exactly zero to ensure affordable gas for domestic use here in Australia first. “On the contrary, the gas cartel is the key culprit behind the domestic energy unaffordability that has smashed Australian households and businesses over the last several years and into 2024. Read more

In the automotive sector, China argues overcapacity is concentrated in combustion-engine cars rather than EVs and says market mechanisms will eventually weed out weak players. Moreover, some models by Chinese EV maker BYD sell in Germany for more than double their price in China – an argument that critics use against Europe’s concerns over unfair pricing. China also says many of its firms are more innovative, hence more competitive. It can point to surpassing the United States as world leader in patent applications. One industry where global demand does not keep up with Chinese production, though, is solar. Xuyang Dong, China energy policy analyst at Climate Energy Finance in Sydney, estimates China’s wafer, cell and module capacity coming online in 2024 is sufficient to meet annual global demand now through to 2032. Read more

Treasurer Jim Chalmers unveiled a major overhaul of foreign investment rules, saying the changes were designed to help attract private capital and better manage national security risks. Climate Energy Finance director Tim Buckley said Chinese investors had made important contributions to Australia’s renewable industry, and the more competitive investors able to bid, the better for the energy transition. “We need to collaborate with them because they have got the world’s best technology in solar panels, polysilicon, batteries, wind turbines and electric vehicles,” Mr Buckley said. “Getting them to collaborate and invest in Australia in partnership with us will be critically important”. Read more

Australia should be prepared as China’s remarkable ascent in renewable energy generation is poised to reshape the global energy paradigm, argued Climate Energy Finance (CEF), in recent report. The report forecasts a monumental milestone: the cessation of new coal power construction in China before 2030. Read more

The scam is bad news for Australian coal exports. A report released today by Climate Energy Finance models a dramatic slowing in the rate of China’s new coal power plant build-out to stop the construction of new plants before 2030. This critical shift in the global energy landscape has profound significance globally and for Australia – including the inevitable decline in demand for coal in China. This is a wakeup call for Australia to accelerate the transition of its economy from dependence on coal exports and diversify its economic base. We should be pivoting now to leverage our world-leading wealth of critical minerals such as lithium and strategic metals like iron ore, processing and manufacturing onshore using our abundant clean energy. Read more