Media

Syndicated globally via AFP – Australia’s conservative opposition will build nuclear power plants across the country if it wins the next election, according to plans detailed Wednesday that have reignited debate over climate policy. Opposition leader Peter Dutton said he would overturn a 26-year nuclear ban to build seven government-owned reactors on the sites of ageing coal-fired power stations.Climate finance expert Tim Buckley said nuclear power in Australia was “impossible”. “The idea that nuclear could be up and running in 2035-37 is fanciful, and even that is too late given our concurrent climate and energy crises,” he said. Read more

As Tim Buckley says on ABC TV’s The Business, nuclear is the most expensive option for Australia and the technology in the Australian context is entirely unproven – notwithstanding the claims to the contrary by the Coalition. Read more

The biggest problem of nuclear energy is “the technology in the Australian context is entirely unproven”, according to Climate Energy Finance director Tim Buckley, “We don’t have any of the supply chains, any of the labour, skilled workforce or knowledge to actually do it,” he said. He said it was “impossible” for any private investor (without taxpayer subsidies) to take on the risk of building a nuclear power plant. Read more

CEF’S Xuyang Dong and Dr. Muyi Yang – Senior Policy Analyst from Ember and senior policy fellow at Asia Society Australia – published an oped in South China Morning Post on the challenges faced by Southeast Asia, now the world’s second-largest solar module producer, from potential US tariffs. With a production capacity of 70 GW by 2022, the region supplies a significant portion of US solar imports, particularly from Malaysia, Thailand and Vietnam. Despite geopolitical tensions and increasing protectionism, Southeast Asia can leverage its strong domestic market to maintain growth. The region’s GDP was $3.8 trillion in 2023, with projected 4.6% growth in 2024. To achieve carbon neutrality by mid-century, the region needs to expand its solar capacity to over 2,100GW by 2050. By accelerating its clean energy transition, Southeast Asia can not only counter the impact of trade tensions and barriers, but also enhance energy security, attract investment, and promote sustainable economic development. Read more

Offshore wind can play a significant role in supporting our industrial and energy security needs. With its greater reliability and consistent supply, it can be an essential component of our future economic security through the Future Made in Australia Act. Leaders from Australia’s offshore wind sector and Climate Capital Forum members, Amy Boersma, Satya Tanner and Naomi Campbell comment on how effective and efficient planning processes, with the right checks and balances are key to project success. Read more

The coal industry tells us that the outlook for Australian metallurgical coal – most of which comes from Queensland – is bright. Coal miners even link demand for met coal with the transition to renewable energy, insisting that that met coal is essential to make steel and, therefore, to make wind turbines. Simon Nicholas, joined by fellow financial analyst Tim Buckley, will be in conversation with InQueensland writer John McCarthy about the future demand for metallurgical coal at a FREE EVENT in Brisbane on 1st July. Simon will also speak at similar events in Rockhampton on July 3rd and Mackay on July 4th. Read more

Saudi Arabia has sold $11.2bn of shares in Saudi Aramco, short of the maximum sum the world’s largest oil company could have raised in a deal that was designed to win over international investors. “Investing in Saudi Aramco strengthens the strategic partnership between China and Saudi Arabia, allowing Chinese investors to access the broader Middle Eastern market,” said Xuyang Dong, a specialist on China’s energy sector at Climate Energy Finance, an Australian think-tank. Read more

In fDi Intelligence, part of the FT, Tim Buckley reflects on the impacts of the US IRA and Australia’s Future Made in Australia Act: “We were increasingly hearing companies saying, ‘we’ll put our Australian decarbonisation project on hold, because the US government’s throwing hundreds of millions of dollars of subsidies at each project,” says Tim Buckley, founder of local think tank Climate Energy Finance. He points to local resources giant Fortescue last year pledging $550m towards a green hydrogen project in Arizona compared with $50m towards a green iron project in Australia. Climate Energy Finance is among industry bodies calling on the government to offer a total of A$100bn in green incentives to compete with the US. If the government is re-elected next year, Mr Buckley expects “significantly more money allocated” to FMIA.” Read more

On EcoGeneration: In a move hailed as a pragmatic step towards enhancing cooperation on clean energy, Australia has dropped its anti-dumping duties on imported Chinese wind turbines. In a decision that signals a thawing of trading tensions between China and Australia, it opens the door for deeper collaboration in accelerating the nation’s renewable transition. According to Tim Buckley, CEO of Climate Energy Finance, lifting the punitive trade barriers represents a positive development aligned with Australia’s ambitions to tackle the climate crisis through a collective global response. Read more

NSW has been slow to build out transmission infrastructure for its REZs which slowed development within the zones and saw projects outside of them deprioritised, and has only just opened tenders for “access rights” to the new REZs≥ This has contributed to the state’s mammoth renewables slowdown, says Clean Energy Finance director Tim Buckley. “The devil will be in the detail,” he told Renew Economy. “If the Victoria scheme provides greater clarity on where firmed renewable projects can be located, and rewards hybrid renewable projects, that is an overall benefit. “We see that in China, where they actively develop renewable energy zones to maximise grid access by building wind and solar and battery storage and coal fired power plant projects together. “Start with the major constraint, which is grid transmission, and give investors confidence they won’t be constrained. “Investors need clarity and reduced risks from opaque approval structures and lack of visibility of where it’s best to put a renewable energy project. We need to deploy at speed and scale.” Read more

Beijing’s new 2024-25 Energy Saving and Carbon Reduction Action Plan aims to eliminate high-pollution, energy-intensive production and enhance renewable energy usage. “This plan is a significant step forward,” said Dong Xuyang, China energy policy analyst at Climate Energy Finance. With a steel-production glut and falling domestic real estate demand, the plan addresses the need to reduce excessive steel exports and lower the carbon intensity of steel production. Dong highlighted the focus on improving power storage and transforming distribution networks to better integrate new energy sources. With China’s renewable energy capacity exceeding 1.45 billion kilowatts, the plan tackles challenges like electricity generation volatility and geographical discrepancies. “This is a strategic opportunity for decarbonisation,” Dong added, noting the plan’s ambitious targets and its balance between energy security and a cleaner energy transition. Read more

Tim Buckley heralded the announcement of electrified trucks in WA mining as a “massive opportunity” for Australia’s mining and industrial future. “For us to deploy and derisk new technology and that does require collaboration. BHP and Rio can be rivals in selling iron ore, but we need them to collaborate on supply chains to really derisk and get the benefit of common buying and scale. We know they will need a massive amount of trucks and it could underwrite a factory. Four or five of the biggest mining companies in the world are in Australia and that is a competitive advantage. Let’s extend that comparative advantage by encouraging a world leader like Caterpillar or Komatsu or Liebherr to come and build a factory here.” Read more