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Reports and Analysis |  |  Nov 30, 2023

China’s Leadership in Cleantech Manufacturing is the Necessary Pre-condition of COP28 Goal to Triple Global Renewable Energy by 2030

There is consensus from the International Renewable Energy Agency (IRENA) and the International Energy Agency (IEA) that, in order to maintain the 1.5 degree pathway set out in the Paris Agreement, a tripling of renewables capacity to 11,000 GW by 2030 is required. According to the IEA, it is the single most important driver to keep 1.5C within reach. 90% of the renewable capacity growth would be from solar and wind, with wind capacity rising threefold from 2022 to 2030, and solar capacity fivefold. Put simply, this goal would be out of reach absent China’s massive green industrialisation of the last decade, the unprecedented acceleration of which underpins the financial viability of, and the market conditions to make possible, the global renewables revolution we need to see by 2030 if we are to avert the worsening climate crisis. Read more

Reports and Analysis |  |  Nov 29, 2023

REPORT | Decarbonising China & the World: Chinese Energy SOEs Supercharge Renewable Investment in Response to the 14th Five Year Plan

Our new report, led by CEF China analyst Xuyang Dong, finds that China’s massive energy-focussed State Owned Enterprises (SoEs) are shifting their huge capital expenditure (capex) in line with the central government’s renewable energy and emissions reduction targets, dramatically accelerating decarbonisation of the world’s second biggest economy. Supported by SoEs’ capital investments into renewables, China has already met its 2025 target requiring that 50% of installed capacity is renewable energy, and this target is likely to be exceeded by a significant margin. China’s domestic CO2 emissions could also fall in 2024 with its record increase in installation of zero-emissions energy sources and a recovery in hydropower, combined with enormous gains in electrification of transport and electric vehicle (EV) adoption, foreshadowing a structural plateauing of China’s emissions well before the formal target of a peak before 2030. This spells structural decline for Australian coal exports, driving home again our need to pivot our economy to value-adding critical minerals and onshoring clean manufacturing. Read more

Reports and Analysis |  |  Nov 28, 2023

FY2023 ANZ Climate Finance Report

ANZ began reporting under its massive $100bn target to 2030 moving $8,8bn in 2H23, $0.74bn was on-balance sheet lending towards climate solutions (i.e. 8% of the total funded and facilitated). ANZ’s ratio of RE to fossil fuel energy is 0.15: 1 (i.e. $15 in renewables for every $100 in fossils) which needs to accelerate to a minimum 1: 4 by 2030 to meet global climate goals. While governance around energy transactions is improving, ANZ needs to commit to no new funding or facilitation of capital that enables fossil fuel expansion. This commitment must extend to finance for customers who expect to rely on CCS as an emissions reduction strategy where the IEA this month found CCS to be completely “inconceivable” and unviable. Read more

Reports and Analysis |  |  Nov 27, 2023

China’s Leadership in Decarbonising Cleantech Manufacturing to Green the World

In September 2020, President Xi Jinping announced China’s national climate target to peak CO2-e emissions before 2030, and achieve carbon neutrality before 2060. Despite coal-fired generation capacity expanding in China into 2023, deployment of zero emission generation has significantly outpaced fossil fuels. We examine the aggressive scope 1-3 decarbonisation plans of four Chinese world leaders: CATL, LONGi, JinKO Solar and Trina Solar, far ahead of Australian corporate ‘leaders’ like BHP, Wesfarmers and BlueScope Steel. Read more

Reports and Analysis |  |  Nov 23, 2023


Leading clean energy and investor groups today applauded Federal Energy Minister Chris Bowen’s expansion of the Capacity Investment Scheme to 32GW, a huge stepchange in ambition that will accelerate Australia’s clean energy transition and ensure energy affordability and reliability. See the joint statement CEF released with the Clean Energy Investor Group, representing renewable energy investors with ~11GW of installed capacity across ~70 power stations and a portfolio value of ~$24bn; the Smart Energy Council, the independent body for the Australian smart energy industry with more than 950 members, Nexa Advisory and Solar Citizens. Read more

Reports and Analysis |  |  Nov 20, 2023

FY2023 NAB Climate Finance Report

NAB’s exposure to renewables is higher than its on-book fossil fuel financing for the first time but the full scope of its fossil value chain exposures and facilitative financing is not disclosed. This is inconsistent with NAB’s green financing disclosure and we call on NAB for greater transparency in fossil fuel financing. NAB supported the Australian Industry Energy Transitions Initiative (ETI) which models a 36% reduction in Australian LNG exports to 2030 and 75% reduction to 2040 against a 2020 baseline guided by the IEA NZE scenario. However, NAB’s oil and gas (O&G) financing policy does not stack up to this ambition, with major gaps in corporate finance, bonds, and facilitative finance. Read more

Reports and Analysis |  |  Nov 17, 2023


What kind of game is AustralianSuper, the country’s biggest super fund, playing with Origin Energy? The pension behemoth, with $300bn in assets under management and over 3.26 million members, is shaping up to scuttle a bid by Canadian fund manager Brookfield, plus Singapore’s Temasek and GIC, to acquire Australia’s largest power company, gentailer Origin Energy, owner of near-death coal clunker Eraring, Australia’s biggest coal-power station slated for mothballing in 2025. Is it in the public interest for the acquisition to be blocked when doing so cruels the $20-30bn investment in 14GW of accelerated firmed renewable energy to which Brookfield has committed? Read more

Reports and Analysis |  |  Nov 17, 2023

GUEST POST | Blair Palese: Keeping an eye on the decarbonising prize

Founder of the Climate Capital Forum and one of The Australian’s Top 100 Green Energy Players Blair Palese says we need a new playbook for the decarbonising ballgame. A massive national strategic capital public investment program that establishes Australia as a zero-emissions trade and investment leader is required. Read more

Reports and Analysis |  |  Nov 3, 2023

Australia’s Sustainable Finance Taxonomy: good governance is a can of worms

Treasury has opened its consultation on a sustainable finance strategy that promises to strengthen the ability for Australia’s financial markets to allocate capital to decarbonising Australia’s economy. One of its priorities is a sustainable finance ‘taxonomy’ that will establish what economic activities warrant the special consideration by green and transition-labelled finance pools focused on mitigating the effects of climate change. The potential leverage includes Australia’s $3.5tn superfund pool, the banking sector’s collective $400bn in sustainable finance targets, and the Government’s proposed Green Bond program. However, this mobilisation of capital for decarbonisation will only succeed if the taxonomy is credible and achieves widespread market adoption. Read more

Reports and Analysis |  |  Nov 2, 2023


We welcome and applaud the Treasurer’s focus today on 4 key industry and economic opportunities, which reflect the key priorities CEF and its partners have identified: refining and processing critical minerals; supporting manufacturing of generation and storage technologies, including batteries; producing renewable hydrogen and its derivatives like ammonia; and forging green metals including green iron. We need to see further details, but the Treasurer’s assertion that $225bn capital investment is needed by 2050 is too low by orders of magnitude, this timeframe is too late, and it reveals a too-cautious federal policy mindset that risks forgoing Australia’s opportunity to position itself as a leader in global cleantech supply chains as the world moves at breakneck speed to decarbonise. Read more

Reports and Analysis |  |  Oct 30, 2023

Big banks take on greening Australia’s $10tn housing stock

Modernising the nation’s $10tn housing stock promises to ease cost of living pressures, improve the health and comfort of homes, whilst helping to solve climate change. Australian banks are the main entry point to financing home energy performance upgrades. With a combined 46% mortgage market share, CBA and Westpac have powerful levers to help transform and decarbonise the sector. Read more

Reports and Analysis |  |  Oct 26, 2023


The $2bn top up for the federal Critical Minerals Facility pledged by Prime Minister Anthony Albanese during his state visit to the US this week is an entirely insufficient response to the US$1 trillion industrial and energy stimulus of the Inflation Reduction Act (IRA). The IRA is the biggest commitment of public funding in US history – and the single biggest opportunity for Australia this generation. Here’s why. Read more

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