For all of the discuss of the decarbonising the electrical energy sector, the very fact is funding in new initiatives is withering, if the newest stats from the Clear Vitality Council are any information.
Within the September quarter, only one large-scale undertaking reached monetary closure (ie closing dedication from an organization) with simply 127MW of capability. (In contrast, AGL yesterday mentioned it could shut its remaining three items at its Torrens Island “B” gasoline plant in June 2026, with their 600MW.)
Kane Thornton, the CEC’s CEO, mentioned the group’s newest report made “abundantly clear that Australia’s clear power transition has been throttled by years of coverage uncertainty.”
The funding drought on large photo voltaic and wind jogged my memory of this report we filed in April, that highlighted the slowdown in funding:
It was notable on the time as a result of the Morrison authorities had been speaking up Australia’s clear power sector, with the best penetration of rooftop photo voltaic on the planet, and so forth and so forth.
Because the article famous, a spokesperson for then power minister Angus Taylor (now the shadow treasurer), dismissed the CEC’s issues saying it had been forecasting a collapse in renewable power funding for years.
The spokesperson mentioned:
Australians proceed to show the Clear Vitality Council improper. The actual fact is, there’s been greater than $40bn of funding in renewables in Australia since 2017.
Effectively, the $40bn determine might need been proper nevertheless it’s slowed to a trickle lately. The primary optimistic is the soar in new storage initiatives, with 14 new initiatives value greater than $2bn dedicated within the final 12 months.
The rolling 12-month common is at a document 1984MWh of large-scale storage initiatives, or nearly a four-fold rise from a 12 months earlier.
Additionally on the optimistic facet of the ledger are guarantees by the Labor governments in Victoria and Queensland promising large expansions of their renewable era and storage in current months. (We’ll discover out on Saturday whether or not the Andrews authorities might be returned. The whisper is that Labor expects to retain majority rule. Let’s see…)
Thornton, in the meantime, reckons funding confidence is returning, “aided by clearer and stronger coverage instructions throughout the nation”.
However the development must speed up, and getting extra initiatives by the varied state planning programs sooner could be a technique, he says.
Federal power minister Chris Bowen has been reported as saying we have to add 22,000 500w photo voltaic panels a day and 407MW wind generators every month as much as 2030 to satisfy the decarbonising objectives.
Given the tempo of recent initiatives being signed up, these large numbers are presumably getting bigger every day.
ANZ cops warmth for bankrolling extra emissions
When state and federal governments speak about supporting coal and gasoline for many years to return, officers usually trace that they anticipate miners and drillers to search out it more durable to lift finance and insurance coverage so the initiatives themselves gained’t rise up.
Certainly, even RBA governor Philip Lowe has famous lately that document excessive power costs haven’t (as but) sparked a rebound in exploration. If initiatives want many years to make a return, so the assumptions go, carbon- and methane-rich ventures will going to battle to make a return on our joint street to internet zero emissions by 2050.
That’s the speculation no less than.
ANZ has reminded us at present it nonetheless has lending put aside for “sustainable” lending – $100bn no much less – as much as 2030.
ANZ states: “quite a lot of alternatives exist for the oil and gasoline sector to scale back emissions throughout the worth chain”.
The financial institution will goal efforts by firms “to minimise methane leaks by a deal with leak detection and restore”, and over time, the financial institution “will weight our financing to clients with stronger emissions discount targets and diversification methods”.
Market Forces, an anti-fossil gasoline group, worries that there are not any clear objectives firms might want to set in an effort to borrow from that ANZ fund.
The group estimates that between 2016 and 2020, ANZ leant $13.9bn to fossil fuels, together with $2.4bn for brand new or expanded coal, oil or gasoline initiatives. These initiatives would “allow” 4.6bn tonnes of carbon dioxide-equivalent, or 9 occasions Australia’s present annual gasoline emissions.
Seashore Vitality, Santos, Glencore and Woodside are the fossil gasoline companies tapping ANZ over the previous two years alone. Julian Vincent, Market Forces govt director, says”
ANZ has lengthy been the fossil gasoline business’s greatest backer, and these targets take it additional within the improper course.
The tens of millions of ANZ clients who care a couple of protected local weather future may not be so completely happy that the custodian of their cash is ready to double down on soiled fossil fuels.
Anticipate the difficulty to floor at ANZ’s AGM on 15 December in Adelaide. Market Forces has helped coordinate a shareholder proposal that goals to make sure the financial institution doesn’t “allow the growth of the fossil gasoline business”.
Nude activists goal quick trend in Melbourne’s CBD
Environmental activists have taken to Melbourne’s Bourke Road Mall bare to protest towards the quick trend business on Black Friday, AAP report.
The nude Extinction Riot demonstrators stood behind a banner that learn: “Quick trend prices the earth; moderately go bare”.
They’d retailers together with H&M, Zara, Cotton On, and Uniqlo of their sights, and walked into H&M brandishing the banner.
Police threatened to arrest the protesters except they left the shop, which they did after a couple of minutes earlier than returning to the road.
The retailers encourage shoppers to purchase the “sizzling new look” at a low worth, spokesperson Rosaria Burchielli mentioned.
These manufacturers have accelerated clothes manufacturing. Whereas selling extreme shopping for and immediate gratification to shoppers, they’ve created a throw away tradition.
This implies larger earnings on the expense of staff and the planet.
The retailers that protesters focused “have a very lengthy method to go”, and whereas manufacturers say they’re attempting laborious to enhance their sustainability, they’re “greenwashing”, Burchielli mentioned.
The quick trend enterprise mannequin is unsustainable due to its environmental impression, and governments and shoppers want to carry the business to account, she mentioned.
The protesters chanted, “we’re nude, we’re impolite; staff can’t afford meals”, and “we’re nude, we’re impolite; quick trend means we’re screwed”.
Additionally they chanted: “quick trend prices the earth; you gained’t get your cash’s value.”
Whereas checking in on Scott Morrison’s Fb to see his assertion relating to the Bell inquiry I observed he’d posted a selfie with Jordan Peterson final night time, saying he’d loved assembly up and “having a chat” with him.
“He makes lots of sense,” Morrison added.
Victoria Covid replace
Victoria’s chief well being officer Brett Sutton (keep in mind him?!) has launched his weekly Covid-19 report.
It says that:
There have been 22,281 Covid-19 instances reported in Victoria this week, a rise of 9.5 per cent on the earlier week. The common every day variety of new instances this week was 3,183, up from 2,914 final week.
The variety of energetic instances in Victoria on Friday was 19,460, up from 18,150 the identical time final week.
The seven-day rolling common of sufferers with Covid in Victorian hospitals is 430, a 22.2 per cent improve when in comparison with the identical time final week. There are presently 483 Covid sufferers in Victorian hospitals, together with 19 Covid sufferers in intensive care and 0 cleared instances in intensive care. There are 2 Covid sufferers on a ventilator. The seven-day rolling common of sufferers in intensive care in Victorian hospitals is 15.
Previously three months, 3,299 Covid sufferers had been hospitalised in Victoria. 40.5 per cent of these sufferers had not acquired their third vaccine dose. 959 (29 per cent) had been unvaccinated, 27 had acquired one dose, 351 had two doses, 787 had acquired three doses and 1,175 had acquired 4 doses.
Of Victorians aged 50 to 64 years, 79.9 per cent have had their third dose and 30.2 per cent have had their really useful fourth dose. Of these aged over 65, 90.8 per cent have had their third dose and 67.3 per cent have had their fourth dose. 70.2 per cent of individuals aged 16 and over in Victoria have had three doses of Covid vaccine.
A complete of 68 Covid associated deaths had been reported to the division previously week. A median of 10 deaths had been reported every day previously week. There was a 30.5 per cent lower within the variety of Covid associated deaths previously month when in comparison with the earlier month.
Previously three months, there have been 644 Covid-related deaths in Victoria. Of these deaths, 46.3 per cent had not acquired their third Covid vaccine dose. 252 (39.1 per cent) had been unvaccinated, 3 had acquired one dose, 43 had two doses, 116 had acquired three doses and 230 had acquired 4 doses.
The entire variety of Covid-related deaths in Victoria for the reason that pandemic started is 5,993. The variety of Covid-related deaths recorded in Victoria to date this 12 months is 4,385.
Unconfirmed experiences alleged suspect in homicide of Toyah Cordingley arrested
A number of media shops are reporting that the alleged killer of Queensland lady Toyah Cordingley has been arrested in India after 4 years on the run.
Client teams warn delaying monetary reform invoice will ‘cement exploitative lending’
Delaying monetary sector reform laws might see extra low-income earners fall prey to payday loans service that shopper teams say have exploited quite a few Australians, together with many First Nations folks dwelling in distant communities.
The invoice was delayed after assistant treasurer Stephen Jones took all monetary service payments off parliament’s agenda for Friday. The choice was made after banks and tremendous funds argued they need to have been consulted on a plan to introduce into deliberate monetary accountability laws fines of as much as $1.1m for finance executives who failed to forestall systemic misconduct.
Plenty of shopper teams – together with Selection and the Indigenous Client Help Community – despatched a letter to senators at present urging the federal government to nonetheless debate and go the Finance Sector Reform invoice earlier than parliament finishes for this 12 months.
The letter mentioned the invoice would enact important reforms to payday lending which had been first proposed nearly six years in the past however have been repeatedly delayed. It mentioned reforms had been much more pressing now that the price of dwelling disaster is pushing folks in monetary hardship to take out payday loans which have exorbitant rates of interest and don’t undertake credit score checks. Gerard Brody, chief govt officer of Client Motion Regulation Centre, mentioned:
We’re most involved that delaying the invoice will cement exploitative lending within the market and can proceed to focus on folks throughout Christmas and New 12 months whereas persons are doing it robust.
The assertion from Morrison pushes again on the suggestion he didn’t totally cooperate with the inquiry.
He additionally largely repeats the feelings expressed throughout his earlier press convention concerning the so-called secret ministries, saying “I notice that the criticisms of my selections have been made after the occasion and with the good thing about this angle”.
The previous prime minister, Scott Morrison, has posted an announcement on Fb relating to the Bell inquiry.
STATEMENT REGARDING BELL INQUIRY
I notice the report of the Bell Inquiry, welcome the suggestions and thank the Hon. Virginia Bell and her workplace for conducting The Inquiry.
I used to be happy to help The Inquiry with six separate and complete responses to issues raised with me and my authorized representatives by Hon. Virginia Bell. This engagement was carried out through correspondence as was the apply with different respondents to The Inquiry and accepted by Hon. Virginia Bell.
In relation to the broader issues that had been topic of The Inquiry I notice that always as Prime Minister I sought to train my duties in a fashion that will finest advance and defend Australia’s nationwide pursuits and the welfare of the Australian folks. This was carried out throughout a time of serious problem not seen for the reason that Second World Warfare and the Nice Despair.
I’m happy that by these efforts and so many others that Australia was capable of emerge from this era of serious disaster in a safer and extra affluent place than nearly every other nation on the planet. This was our goal.
I notice the criticisms manufactured from my choice to be authorised to manage a sequence of departments the place Ministers had particular powers not topic to the oversight of Cupboard. These selections had been taken throughout a particularly difficult interval, the place there was a necessity for appreciable urgency. I notice that the criticisms of my selections have been made after the occasion and with the good thing about this angle.
I additionally notice that as Prime Minister my consciousness of points relating to nationwide safety and the nationwide curiosity was broader than that identified to particular person Ministers and definitely to the Inquiry. This limits the power for third events to attract definitive conclusions on such issues.
I additionally notice the next details that stay unchanged from the Inquiry:
– the authorities established had been legitimate and weren’t discovered to be illegal;
– the authorities had been established as a dormant redundancy and the place enlivened related Ministers and officers had been engaged;
– there is no such thing as a constant or nicely understood course of for publication of the institution of authorities to manage departments within the Authorities Gazette or in any other case;
– no instruction was given by me as Prime Minister or my workplace to not publish these preparations within the Authorities Gazette;
– no powers had been exercised below these authorities, besides within the case of the PEP11 choice, or misused;
– Ministers exercised their portfolio authorities totally, with my utmost confidence and belief, with out intervention;
– as Prime Minister I didn’t ‘Act’ as Minister or have interaction in any ‘Co-Minister’ preparations, besides within the particular case of the PEP11 choice and never in any other case for that division.
On the PEP11 matter, this was carried out lawfully from first ideas. My intent to take action was additionally suggested to the related Minister upfront.
In relation to my communication with my ministerial colleagues on these issues, I’ve addressed these points privately with my colleagues on the time these points had been reported a number of months in the past.
I’m happy that this matter has now concluded and I can proceed, as I’ve for the reason that final election, to serve the folks of Prepare dinner as their federal member of parliament.
Australia’s efficiency by the pandemic was one of many strongest within the developed world.
Rethink on military’s infantry combating automobiles undertaking
The Albanese authorities is rethinking plans to spend as much as $27bn on infantry combating automobiles, confirming that it’s going to delay a call on the undertaking till after the defence strategic evaluate.
There has lengthy been hypothesis that the federal government is scaling again the undertaking, amid questions on whether or not the military wants as much as 450 such automobiles.
It had been reported that the federal government might wait till the report on the defence strategic evaluate, headed by the previous defence minister Stephen Smith and the previous Australian defence pressure chief Angus Houston, is handed down early subsequent 12 months.
Right this moment the defence business minister, Pat Conroy, confirmed that the federal government would contemplate the evaluate’s findings earlier than deciding on the tender for the infantry combating automobiles (a undertaking often called LAND 400 Section 3).
Conroy mentioned it was “accountable” to correctly weigh up a procurement value between $18bn and $27bn. He thanked the German and South Korean bidders – Rheinmetall and Hanwha – and different firms concerned within the tender course of “for his or her understanding and professionalism”.
The federal government stays centered on Australia’s future defence functionality. We don’t wish to pre-empt the findings of the evaluate, which is particularly essential given the quickly altering strategic circumstances going through our nation.
The undertaking includes the acquisition of as much as 450 infantry combating automobiles to switch the present M113 armoured personnel carriers, which the military says “have been in service for the reason that mid Nineteen Sixties and are now not capable of counter the present and rising threats offered in our working surroundings”.
Extra on court docket ruling on Clive Palmer coalmine
One other replace on our earlier publish a couple of Queensland court docket discovering that the plans of an organization owned by Clive Palmer to dig Australia’s largest thermal coalmine would infringe upon the human rights of future generations.
The Queensland land court docket president, Fleur Kingham, discovered the 1.58 gigatonnes of carbon emissions that will be produced would pose an “unacceptable” danger of local weather disaster that “had not been totally accounted for”.
Kingham described the potential $2.5bn financial advantages of the mine as “appreciable”. Nevertheless, she additionally mentioned they had been “unsure in a market with declining demand for thermal coal”. She mentioned:
There’s a actual prospect the mine won’t be viable all through its projected life and that not all of the financial advantages might be realised.
Additional, the prices of local weather change to folks in Queensland, to which combustion of coal from the undertaking will contribute, haven’t been totally accounted for. Nor have the environmental prices of the act of mining on Bimblebox.
Kingham rejected Waratah’s argument that its mine would make no distinction to whole emissions, as a result of it could “displace different decrease high quality coal”.
Australia’s fourth Covid wave more likely to peak earlier than Christmas as hospitalisations and infections start to sluggish
Circumstances have continued to extend nationwide for the sixth consecutive week, nonetheless at a slower fee. This means a plateau in instances would arrive by the primary week of December, in step with pandemic modelling, if it has not already.
New South Wales recorded 31,531 new Covid instances within the weekly reporting interval, a 13% improve from final week’s 27,869.
Victoria recorded 22,281 new instances within the newest weekly reporting interval, a 9% improve on the earlier week’s 20,398.
The complete story is right here:
Scott Morrison sought recommendation on a sixth ministry and didn’t conform to be interviewed by inquiry
Scott Morrison’s secret appointment to extra ministries was “apt to undermine public confidence in authorities” and was “corrosive of belief in authorities”, Virginia Bell has discovered.
In a report, launched on Friday, the previous excessive court docket justice mentioned Morrison’s appointments to the well being and finance ministries had been “pointless” whereas three different appointments “had little if any connection to the pandemic”.
Bell discovered these had been an “exorbitant” method to overrule his ministers within the occasion of disagreement about their use of their powers to cancel visas, approve international funding and sources initiatives – a call she labelled “weird”.
Learn the complete story from Paul Karp and Amy Remeikis right here:
We posted a number of updates earlier about some discontent amongst mayors in western Sydney concerning the resettlement of Australian girls and kids who’ve lately returned to the nation from Syria. AAP have filed this report:
It is a nice primer forward of tomorrow’s Victorian state election:
Proposed coalmine by Clive Palmer-owned firm would pose ‘unacceptable’ danger of local weather disaster, court docket finds
Right here’s an replace on our earlier publish a couple of Queensland court docket discovering that the plans of an organization owned by Clive Palmer to dig Australia’s largest thermal coalmine would infringe upon the human rights of future generations.
The Queensland land court docket president, Fleur Kingham, discovered the 1.58 gigatonnes of carbon emissions that will be produced would pose an “unacceptable” danger of local weather disaster for Queensland folks and property that “had not been totally accounted for”.
Kingham discovered the mine would make a major dent in Australia’s carbon funds below the Paris settlement.
Kingham additionally discovered it could infringe upon the human rights of First Nations Queenslanders.
“In relation to local weather change, I’ve discovered that the next rights of sure teams of individuals in Queensland could be restricted: the appropriate to life, the cultural rights of First Nations peoples, the rights of kids, the appropriate to property and to privateness and residential, and the appropriate to get pleasure from human rights equally,” she mentioned.