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May 26, 2024
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Corio Generation and bp Alternative Energy Investment Ltd invest in South Korea Australia missing climate targets Advocating for US based offshore wind Broken Record, Temperatures hit new highs, yet world fails to cut emissions (again) Toshiba and GE to shore up Japanese offshore wind domestic supply chain How I got here… National University of Singapore green finance academic Sumit Agarwal Multi-billion-dollar renewables project earmarked for Yindjibarndi native title land Smart Energy Finances: Enel divests 50% of Australian renewable operations to Japanese oil and gas giant Critical minerals investments surged by 30% finds IEA Kung Fu nuns fight climate change One of Southeast Asia’s largest energy storage systems comes online Why turning waste into gas will add value to this Indigenous economy Renewable energy records tumble around Australia as rooftop solar power soars Topsoe supports SGP BioEnergy in renewable fuels production in Panama ‘Poor tropical regions’ suffer greatest economic damage from worsening heatwaves UNEP: Meeting global climate goals now requires ‘rapid transformation of societies’ Analysis: Africa’s unreported extreme weather in 2022 and climate change Partly wind-powered coal ship sails into Newcastle New fossil fuels ‘incompatible’ with 1.5C goal, comprehensive analysis finds Australian offshore wind ‘supercharged’ in Victoria as billions pledged to fast-track projects Goldwind turbine ‘breaks world record for largest rotor diameter’, Chinese media reports BW Ideol to work with developer Taiya on Taiwan floating wind pilot US to boost floating wind power Wind Power in South Korea – an overview GS E&C to develop bioethanol using cassava waste Korean business group has asked the US to make exceptions for Korean EV’s in Inflation Reduction Act Equinor’s Australian offshore wind debut Global energy transition stalls – 2022 Global Status Report in pictures India’s ReNew Power secures $1bn loan for gigascale 24/7 wind-solar-battery project POSCO International to merge with POSCO Energy

Australia missing climate targets

Australia not on Track to Meet Climate Targets

  • Treasurer Jim Chalmers recently confirmed Australia will not meet its legislated climate targets without further action. These include reducing emissions by 43% by 2030 and achieving net zero by 2050.

Obstacles Preventing Target Achievement

  • Various challenges making target achievement difficult: Ukraine war and inflation, global investment flowing to US, rising NIMBYism and project delays domestically.

Government Under Pressure With Suggestions But No Retreat

  • Government maintains targets are achievable but huge challenges acknowledged. Numerous proposals made like expanding Safeguards Mechanism or $100b green investment fund. But no watering down of ambition.

New Plan to Incentivise Private Sector Investment

  • Government expanding Capacity Investment Scheme 5-fold to subsidise 32GW new energy capacity by 2030, mostly wind and solar. Taxpayers to cover revenue losses if prices fall below agreed floor. Cost to taxpayers confidential.

Confident Targets Can Be Met, But Challenges Remain

  • On paper, the expanded scheme could put 82% renewables target back on track. But supply chain issues, labour shortages, planning delays and transmission challenges continue.

Government Doubling Down On Renewables

  • By doubling capacity scheme instead of adjusting targets, government sticking to renewable energy path. But extent of taxpayer subsidies and other lurking obstacles still unclear.

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