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The clean energy industry is urging the federal government to “hold its nerve” and deliver an ambitious and coordinated package of budget incentives to win back investors. Responding to criticism of Prime Minister Anthony Albanese’s Made in Australia Act, a group of energy and finance leaders joined forces on Thursday to call for the scale of budget support required for decarbonisation. Climate Energy Finance think tank director Tim Buckley said the “ambitious and visionary” Made in Australia Act sets the nation up for the speed and scale of investment for a place in the global net-zero economy. “We urge the government to hold its nerve and deliver an ambitious and coordinated package of budget incentives,” Mr Buckley said. This would enable Australia to pivot from the “historic over-dependence on fossil fuels” to a zero-emissions global trade and investment leader, he said. Read more

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Nishtha Aggarwal, an analyst at the independent think tank Climate Energy Finance (CEF), has roundly criticised Australia’s big four banks for touting sustainability rhetoric without following through with meaningful action. “Trumpeting climate action based on the low-hanging fruit of financing minimally green-rated buildings is not enough, and leaves them open to accusation of greenwashing,” said Aggarwal. “They must put ‘their’ money where their mouth is.” An analysis of the major banks’ sustainable finance target (SFT) allocation to date found that a massive 44 per cent of funding was allocated to green buildings. Read more

Japan’s largest power company and one of the largest thermal power producers in the world has announced the launch of a major new global renewables business, becoming the latest fossil giant to act on the existential threat of net zero to its business model. On balance, however, Buckley and Aggarwal say the transition of another “fossil fuel dinosaur” into offshore wind adds to mounting evidence that they are “belatedly starting to react to the existential threat of net zero to their business models.” Read more

Tim Buckley, director of independent public interest think tank Climate Energy Finance, said the act would lay the foundations to make Australia a zero-emissions trade and investment leader and global clean energy “superpower”. About 27 percent of the Australian economic output came from exports to international partners and this new act would have flow-on effects and help them decarbonise as well, Buckley told AFP. “State intervention is the new competition. We can’t afford to ‘sit it out’. The Future Made In Australia Act puts Australia into the global race. It is the investment signal and de-risking private capital needs,” he said. Read more

Albanese’s Future Made in Australia Act is a much-needed signal to promote competition, resiliency, productivity, and attract capital, investors say. The new on-shore manufacturing laws give the green light for superannuation funds and other institutional investors to reach their billion-dollar climate funding targets, crowding in capital to the nation’s renewable economy. Tim Buckley, director of think tank Climate Energy Finance said the US’s IRA – and China’s response – “change everything”. Read more

The Act could be 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. Read more

By BLAIR PALESE and TIM BUCKLEY To capitalise on the advantages of our strongly export-oriented economy and our excellent relationships with our partners in an increasingly complex and dynamic global geopolitical context, the government’s Future Made in Australia is focused on collaborating with our Asian trade partners. The government has acknowledged the need for better understanding and tools to determine how Australia encourages and develops an international green premium price signal for trade in decarbonised products. Read more

That there is an opportunity, there is no doubt. Tim Buckley, director of think tank Climate Energy Finance and a former managing director of Citigroup, he tells me there is $US4 trillion-$6 trillion ($6.1 trillion-$9.1 trillion) annually of global investment capital looking to find a home in the world’s clean energy and decarbonisation revolution. But he says, in the face of the US Inflation Reduction Act and the direct stimulation and support that is providing for clean energy investment and the reinvigoration of manufacturing capacity there, “Australia can’t rely on the traditional notion of free markets in international trade and competition”. Read more

limate Energy Finance Director Tim Buckley says the Prime Minister’s Future Made in Australia Act requires a “whole of government” approach without “overriding environmental consideration”. This comes amid criticism that the investment into renewables has plateaued and it’s the wrong time to be putting all our eggs in one basket. Mr Buckley said there are many renewable energy projects in the investor cue “waiting for the right government policy ambition”. “That’s what we’re getting today,” he told Sky News Australia. He also pointed out Australia needs to leverage its trading resources and “help our major Asian trading partners decarbonize their economy”. “It’s about working collaboratively. “This actually really expands Australia’s opportunity investment set.” Read more

Prime Minister Anthony Albanese will unveil the “Future Made in Australia Act” to help compete with global partners who are providing massive subsidies to new industries, according to an advance copy of his speech. The act, to be passed this year, would mark a departure from Australia’s decades-old free market policies on trade and investment. “We need to be willing to break with old orthodoxies and pull new levers to advance the national interest,” the centre-left Labor Party prime minister will say. Read more

Mining superpower Australia on Thursday announced a US-style scheme to pour public money into manufacturing and clean energy industries, joining the global race to build a cleaner and more resilient economy.Prime Minister Anthony Albanese unveiled the “Future Made in Australia Act” to help compete with global partners who are providing massive subsidies to new industries. The act, to be discussed by parliament this year, would mark a departure from Australia’s decades-old free market policies on trade and investment. “We need to be willing to break with old orthodoxies and pull new levers to advance the national interest,” the centre-left Labor Party prime minister said. Read more