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Finally, after a devastating decade of climate and energy transition chaos, inaction and underinvestment under the LNP luddites, we appear to have a government that appreciates Australia’s comparative advantages. Superabundant renewables, world-leading reserves of critical minerals and strategic metals, an advanced industrial base and strong human capital – are key to locking in our economic prosperity for decades to come. On Tuesday night, the federal government announced $21.0 billion of new funding initiatives under the Future Made in Australia Act strategic framework in Treasurer Jim Chalmers’ 2024-2025 Federal Budget. Read more

Australia touted plans to become a “renewable energy superpower” in an annual budget Tuesday, but the government’s books also laid bare the depth of the economy’s dependence on mining and fossil fuels. Energy analyst Tim Buckley said the push for local manufacturing could also limit Australia’s exposure to external economic shocks. “We can accept that China has cornered the market in an area like solar panels, and resolve to just buy from them forever,” he said. “Or we can build some domestic capacity as a kind of energy security policy.” Read more

Founder and Director of Climate Energy Finance Tim Buckley says: “CEF has been calling for $100bn of capital and budget support over the coming decade to accelerate and turbocharge the development of zero-emissions industries of the future here in Australia. In tonight’s Budget we saw an excellent $21bn down-payment.”“The world is in a rapidly accelerating technology, trade and finance decarbonisation race to the top as the global energy transition speeds up. This is Australia’s biggest investment, employment, and export opportunity in a century to reorient from our fossil fuel reliant past, but we clearly needed this budget to respond strategically, proportionally and fast, which it has done. Read more

Syndicated to Times of India and globally via AFP | The dreams of Australia’s potential as a renewables superpower have invariably come to nothing as policy makers grapple with the country’s long reliance on iron ore, thermal coal, and natural gas – which remain its most lucrative exports. “These massive economic windfalls from mining and coal will soon start to drop off as economies decarbonise,” energy analyst Tim Buckley told AFP. With this plan in the works, and if we make the right choices, that renewables dream could become a reality within the next decade. Read more

The Modi-led “Make in India” campaign “has been an own goal for the Indian people”, Tim Buckley of Climate Energy Finance (CEF) tells Carbon Brief, pointing out that both solar module and battery costs have halved globally over the past year. He says trade barriers have made solar more expensive to install and that India risks “being left behind” in the renewable energy race. He adds: “India has failed to understand the magnitude of the tech advances involved led by China; putting up trade barriers has deprived India. Modi has regularly talked about India building 50GW of solar in a year, but has averaged less than a third of that and has fail[ed] to deliver on it five years in a row.” Read more

The boss of Orica, a major explosives manufacturer that relies on gas, says the federal government’s gas strategy won’t assist what remains of Australia’s manufacturing industry unless it caps prices at globally competitive levels.Analyst Tim Buckley from Climate Energy Finance described the federal government’s gas announcement as “bizarre” and argued it contradicted the government’s decarbonisation ambitions. “Prime Minister Albanese’s Future Made in Australia is exactly the sort of strategy we need, and then the federal government comes out with this own goal,” he told The Business. Read more

“The gas industry has mercilessly price-gouged Australians, with gas prices more than tripling in the last 10 years, driving up energy prices more broadly and destroying manufacturing. Climate Energy Finance think tank director Tim Buckley described the strategy as “ridiculous and beyond disappointing.” “The strategy 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,” he said. “Gas as a transition fuel might have made sense a decade ago, but the climate science and renewables and storage technology landscape has changed fundamentally in the decade since. Power supply firming, where gas plays a small and diminishing role, is now transitioning to batteries and other storage technologies.” Read more

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