Media

The Productivity Commission report is a misreading of the implications for Australia of a profound global geopolitical shift already underway: unprecedented government intervention by the United States, European Union, Canada, South Korea, Japan and a growing list of other economies to reposition themselves in the accelerating global energy transition, rebuild manufacturing onshore, and secure clean-tech supply chains against China’s decade-long head start. Read more

As Victoria bans methane gas in new homes, Tim Buckley notes the rollout of green hydrogen is facing its own challenges. Whilst Australia’s $2bn Hydrogen Headstart scheme, set to start in fiscal 2027, has been touted to kick start the hydrogen economy, Tim Buckley warned that handing out money is not an economical or long-term solution. “Subsidies are time limited, which means they are limited in their effectiveness and nature. The industry is not going to be viable absent those subsidies. You ultimately need a price on carbon,, where companies would do the right thing or pay tax for doing the wrong thing, in this case carbon emissions.” Read more

As Victoria bans gas in new homes, Tim Buckley says the decision signals a broader shift in attitudes towards gas. Having sold Australian gas offshore more cheaply than it did domestically the industry is losing its social license. It is now an easier target for reform by governments determined to cut greenhouse gas emissions and household costs. Read more

Tim Buckley said: “Application approvals of new zero-emissions replacement capacity in FY2023 trebled to 7 gigawatts (GW) vs the previous two years, but we are still not seeing grid transmission and planning access bottlenecks removed. There is a record 30GW of new renewable energy capacity now in the connection pipeline, but just 3GW was completed in FY2023. We need to see the rate of completions double to replace end-of-life coal power station capacity inevitably and predictably coming offline.” Read more

AEMO reports the June quarter wholesale electricity prices are down 59 per cent year-on-year. That is a major relief after 18 months of unprecedented fossil fuel hyperinflation,” Tim Buckley said. Read more

As Tim Buckley says, AEMO’s report shows electricity prices are down as fossil fuel hyperinflation driven by war profiteering of coal and gas producers moderates and renewables start to come online. Wholesale electricity in the June quarter have dropped 59% in the June quarter year on year. Read more

Hunter communities undergoing unprecedented social and economic upheaval due to the clean energy transition would be the main beneficiaries of a progressive coal royalty system, Tim Buckley argued. The NSW government is investigating increasing mining royalties as part of an effort to boost the state’s bottom line when the temporary cap on coal prices implemented to curb soaring electricity prices expires. This could involve the introduction of progressive royalties, which would require coal companies to pay more as the coal price increases. Read more

CEF’s report into NSW’s energy transition last week recommended the state use social housing and other government-owned buildings to build a steady pipeline of solar-panel “power plants”. Report author Tim Buckley said solar could replace half of the capacity lost when NSW coal-fired power stations Eraring and Vales Point retire in 2025 and 2029 respectively. “It requires next to no grid upgrades, so no cost-of-living pressure, and it can be done really bloody quickly.” Read more

A new Productivity Commission report misses the mark by arguing against public capital investment in cleantech. As Tim Buckley writes, At this inflection point, Australia can ill-afford an approach to industry policy that will further hollow out our manufacturing sector and consign us to the zero value-add, dig-and-ship mentality of yesterday’s fossil-fuel dominated mining behemoth. We must seize the once-in-a-century opportunity to leverage our natural advantages and position ourselves as a value-adding clean industry and export superpower. And as other economies have recognised, this requires government investment. Read more

At the beginning of June, the Toxic Bonds initiative collected evidence that confirms that funding into Adani Green Energy is being redirected, through collateralisation and related party transactions, to other Adani Group entities directly responsible for coal expansion projects. “Any so-called green investment in Adani Green directly supports the wider Adani Group to be the world’s largest private coal mine and coal power plant developer,” says Tim Buckley. Read more

Tim Buckley, director of think tank Climate Energy Finance, said the lack of funding for communities in the REZ had divided people. “We just have to make sure that the communities most affected get some ongoing benefit to ameliorate some of that anxiety and spread the love around,” he said. Read more

Tim Buckley says there are more than enough renewables investment proposals in the pipeline to offset coal closure and deliver lower prices, but we need the NSW government to expedite approvals processes and support the scaling of rooftop solar to bring capacity online. Read more