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While the Coalition has failed to release any detail or costings, today we have confirmation that if it gets into office, Australians will be paying a multibillion dollar “nukebuilder” tax for generations to come by being forced to front the cash for a national buildout of government-owned nuclear reactors across 7 locations, including on the sites of former coal-fired power stations. It beggars belief that Opposition Leader Peter Dutton proposes nationalising a nuclear public debt bomb and detonating it at the heart of energy policy in this country. Read more

The Miles Government has delivered its first budget, inclusive with the largest state investment package for renewable energy to-date in Australia. This provides the critical impetus required to crowd tens of billions of private capital into establishing the sunshine state as a renewable energy superpower, and accelerate the development of emerging low-emission industries to safeguard the state’s future economic and jobs growth, leveraging the global shift to a decarbonised economy. Read more

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During the first 4 months of CY2024, China added 79.7GW of zero-emissions new capacity, accounting for 90% of the net capacity additions. China added 76.9GW of wind and solar capacity from January to April, if this pace sustains or accelerates in the rest of the year, China will achieve its 1,200GW of installed wind and solar capacity by 2030 target this year, 6 years ahead of time. In March, China saw its CO2 emissions fall for the first time in the past 14 months. China’s thermal power generation increased 5.9% y-o-y during the first 4 months of CY2024, despite the massive expansion in renewable energy deployment. Biden’s 100% tariff on Chinese EVs might not be as effective as Chinese EV makers remain price-competitive even after the add-on tariffs, but Chinese EV leaders will renew their focus on other key markets like Brazil and Indonesia. The US’s 50% tariff on solar products hurts American consumers and slows down its national renewable energy development. Read more

The Federal Government has announced $21.0bn of new funding initiatives under the Future Made in Australia Act strategic framework in Treasurer Jim Chalmers’ 2024-2025 Federal Budget last night. Adding to the ~$45bn of capital support in the 2023 budget, this is another substantial downpayment on the $100bn of new capital and budget support needed this decade to drive investment in zero emissions industries of the future for Australia. Read more

During the first quarter of 2024 (1QCY2024), China added 69.4GW of new electricity capacity to the grid, with 91% of it being renewable energy. China is projected to exceed its 2030 target for installed solar and wind capacity six years early. The electricity generation mix shows a rising contribution from zero-emissions sources, with wind power surpassing hydropower for the first time. In the EV market, China remains the world’s largest, with nearly 1.9 million electric cars sold in 1QCY2024. Additionally, China’s solar manufacturing industry faces challenges due to overcapacity, although major players like Jinko Solar remain financially strong even as gross margins contract as solar module prices are now down 50% y-o-y. Read more

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Based on extensive modelling of China’s electricity market, CEF’S new report forecasts that thanks to China’s staggering surge in renewable energy generation, coal power generation will peak well before 2030, then plateau and decline. On the basis of China’s electricity decarbonisation progress to date, the report finds that it is entirely feasible for China to dramatically slow the rate of its new coal power plant buildout and cease the construction of new plants before 2030. This has profound significance for global decarbonisation. China is currently responsible for 96% of the world’s new coal power under construction. Read more

This week’s voting down of Woodside Energy’s misnamed Climate Transition Action Plan at the oil and gas giant’s 70th AGM is historic. It represents a milestone in shareholder activism – and a clarion call that the tide is turning on laggard fossil fuel majors that fail to responsibly and credibly address the greatest single risk they face: climate change. Read more

Prime Minister Anthony Albanese today announces the Future Made in Australia Act, designed to deliver a uniquely Australian Response to the US Inflation Reduction Act (IRA) – which is turbocharging renewables, cleantech and reindustrialisation in the US as it drives massive private capital investment – and comparable initiatives across other major economies. The Act will bring together a co-ordinated and comprehensive package of new and existing decarbonisation initiatives to seize the opportunities of a future made in Australia. It promises massive new investment, regional employment and net export opportunities, leveraging and value-adding our world-leading natural resources, both renewables and mining, as well as our expertise, geographic position in Asia and financial strengths. Read more