Australia, with 12.3% of its electricity generated by solar, is third highest worldwide, behind Chile (18%) and Honduras (12.5%) according to Energy Monitor. But we have the potential to gain further ground with many developments underway. These include a Queensland Gov plan to reach 70% renewable electricity by 2032 (see ABC announcement) and NSW establishing 5 Renewable Energy Zones (see Gov data below).Combined with the earlier-than-expected closure of Loy Yang coal-fired Power Station in Victoria (currently providing 30% of electricity) - we are truly in a transition, but we still need a speed-up.https://www.energymonitor.ai/tech/renewables/the-worlds-top-ten-solar-power-superpowers
The Investor Group on Climate Change, (IGCC) whose members have more than $3 TRILLION in Australian funds under management, have announced the high priority policies that can unlock capital for Australia’s transition to net zero with a 75% reduction proposed by 2035.
Climate risks and opportunities have become mainstream considerations in global capital markets.
Now, trustees are focusing on how to invest in emissions-reducing
assets, and how to protect long-term returns from the
physical impacts of climate change.As well as targeting 75% emissions reduction, the IGCC proposes the establishment of a National Transition AuthorityFull Report available: https://igcc.org.au/wp-content/uploads/2022/09/IGCC-Policy-2025-PrioritiesWeb.pdf
Some solutions to the climate crisis touted by the fossil fuel lobby are questionable, in
particular carbon capture and storage (CCS). There are better ways for Governments to invest. A new report from the Institute for Energy Economics and Financial
Analysis (IEEFA) analysed the performance of 13 ‘flagship,
large-scale’ CCS projects worldwide, accounting for about 55 percent
of the global carbon capture capacity. The conclusions - CCS projects are more likely to fail
than achieve their goals. Seven projects underperformed, two
failed and one was mothballed. If governments rely on carbon capture to achieve net-zero it
won’t work. CCS appears to be a smoke-screen.https://www.aumanufacturing.com.au/carbon-capture-and-storage-mostly-a-failure-report
Japanese Car makers are catching up with Chinese and US brands, with recent announcements regarding their EV intentions. With new factories from Honda and Toyota, EV battery
production is forecast to grow by 430% from 95.3 gigawatt hours (GWh) in 2020
to 410.5 GWh in 2024, according to GlobalData. Ford’s 3 new battery plants will enable 129 GWh a year of
production capacity. General Motors’ four new battery factories have annual
capacity of 140 GWh, while VW is aiming at six battery plants operating in Europe
by 2030 for a total of 240 GWh a year. https://www.msn.com/en-us/autos/news/honda-and-lg-chem-will-build-a-2444-billion-ev-battery-factory-in-the-us/ar-AA11euFg
A newly released Australia Institute report provides a clear pathway to an EV future: "Introducing fleet fuel efficiency standards would reduce transport emissions, save motorist money, increase availability of electric vehicle models, and reduce Australia’s reliance on imported oil".https://australiainstitute.org.au/wp-content/uploads/2022/08/P1269-Fuel-Efficiency-Standards-WEB.pdfReleased the same day as revelations of lobbying to slow our EV transition by the Federal Chamber of Automotive Industries:
The Australian Government has voted in legislation that includes a 43% emission reduction target by 2030. This is a substantial breakthrough and reflects the views of a new make-up in Parliament - as well as the will of the people and their recent vote.Meanwhile in the US a Bill involving $369 Billion on environmental and energy initiatives looks set to pass, thanks to Senator Joe Manchin changing his mind.The Australian legislation comes after 10 years of climate inaction. However the US Bill will be a pacesetter for the rest of the world. http://www.afr.com/news/politics/national/albanese-stares-down-greens-on-climate-business-urges-libs-to-follow
