Taxes and subsidies
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Industry cheers hydrogen, critical minerals tax breaks
Capital Brief
Clean energy investors and policy experts have broadly welcomed the government’s multi-billion dollar funding package for green hydrogen and critical minerals but warn rigorous frameworks must be in place to ensure public money is not wasted. Also likely are a range of conditions to ensure only the projects with the strongest environmental, social and governance criteria were selected, according to Climate Energy Finance director Tim Buckley. This might include provisions to ensure local First Nations employment and requirements for the processing facilities to power themselves with renewable energy.
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Turning point: Biggest spend on clean energy, but households need more than budget sugar hit
Renew Economy
Climate Energy Finance director Tim Buckley, who wants to see $100 billion of capital and budget support for net-zero industries over the coming decade, says the 2024-25 budget is a promising downpayment on this. “We clearly needed this budget to respond strategically, proportionally and fast, which it has done. “It shows a government that understands both this imperative to act to transition Australia to its future as a clean, green superpower and the opportunity cost and risks of not moving to secure Australia’s place in the emerging net zero world,” Buckley says – adding that, after “the travesty” of the Future Gas Strategy, “it was a relief to see zero new funding for fossil gas.”
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Startup Daily | Budget 2024: Tech sector reactions
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Tim Buckley, Founder of Climate Energy Finance said the development of the production tax credit (PTC) model for critical minerals and green hydrogen to incentivise onshore value-adding is a very strong step forward, a clear acknowledgement that Australia can’t simply leave it to free markets when other countries have made such significant public interest interventions, undermining global trade. This will leverage Energy Minister Bowen’s 82% Renewables by 2030 initiative, turbocharged by the 32GW Capacity Investment Scheme which is driving the rollout of utility scale firmed renewables by underpinning and catalysing private investment, meaning Australia can power our refineries with renewable energy so as to export embodied decarbonisation.
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Ecogeneration | Into a renewable future: Australia’s Federal Budget 2024/25
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In an exclusive interview with ecogeneration, Tim Buckley, director of Climate Energy Finance, provided insights into the Australian government’s latest federal budget and its implications for the renewable energy sector under the “Future Made in Australia” plan. “This (Federal Budget) significantly contributes to framing the ‘Future Made in Australia’ plan. It robustly allocates resources to the enabling institutions that the federal government aims to establish, fostering a clear strategy to articulate ambitious goals and expedite the development of high-quality renewable energy,” Buckley said. A key aspect of the budget is the $13.7 billion in production tax credits, with half allocated to value-adding in the critical mineral sector. According to Buckley, this is “a very necessary subsidy, in light of the ongoing massive interventions in other countries.”
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INTERVIEW | Show me the (green) money!
AusBiz
Tim Buckley, director of the Climate Energy Finance, talks extensively about the need for more extensive capital support in future budgets to help speed up the move towards renewable energy. He notes the recent budget’s significant strides towards decarbonisation and investment, particularly its $21 billion of new budget support, a $7.2 billion increase to the arena for grant funding for battery initiatives, and decarbonisation initiatives. However, Tim holds a desire to see a price on carbon both in Australia and in international trade, highlighting the significance of public strategic investment to propel Australia’s economy forward, while maintaining a green future.
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Manufacturers’ Monthly | 2024/25 Budget reveals new investment under Future Made In Australia Act
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Five industries are targeted by the budget including renewable hydrogen, critical minerals processing, green metals, low carbon liquid fuels and clean energy manufacturing, including battery and solar panel supply chains. Director of Climate Energy Finance Tim Buckley said it was excellent to see the $21 billion down payment. “Tonight’s budget shows a government that understands both this imperative to act to transition Australia to its future as a clean, green superpower and the opportunity cost and risks of not acting to secure Australia’s place in the new net zero world economy, said Buckley.
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OP ED | After a decade of chaos, Labor finally pivots Australia away from dig-and-ship petrostate to post carbon world
Renew Economy
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.
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Japan Today | Australia unveils budget aimed at becoming ‘renewable superpower’
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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.”
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LinkedIn | 2024-25 Federal Budget NewsMatch Alert: Budget Night Reactions Continued
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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.
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The Times of India | Australia unveils budget aimed at becoming ‘renewable superpower’
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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.
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NSW to announce life extension of Eraring, Australia’s largest coal-fired power station
The Guardian
The New South Wales government will announce within days that it will extend the operations of Australia’s biggest coal-fired power station for as long as four more years. “They are responding to the demands of the fossil fuel sector,” said Tim Buckley, head of Climate Energy Finance, who has compiled reports on how NSW can retain a reliable power system without Eraring. “They will be using taxpayer funds to crowd out private capital” that would otherwise be investing in renewable energy, he said. In March, Buckley estimated that keeping the power station operating could cost the government as much as $150m a year for just two of its four units.
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The ‘Future Made in Australia’ plan for solar panels relies on a crucial ingredient: Help from China
ABC online
Where China once built an industry from Australian innovation, Australia now needs China’s help to do the same. To build low-cost panels at scale, experts say Australia needs access to the production line technology and manufacturing patents China has developed over the past 20 years. “I see manufacturing [intellectual property] as a challenge but also an opportunity,” Tim Buckley, director of Climate Energy Finance, said. “This is a way of enhancing collaboration with China.”
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