8 November 2024

US ELECTION AND ENERGY TRANSITION

A Donald Trump presidency is bad for climate action, but Australia should get on with the job (The Conversation): Donald Trump’s triumph over Kamala Harris in the US presidential election matters for many reasons, but especially climate change. No presidential candidate in US history has presented such a threat to global efforts to cut carbon pollution as Trump does.

Pressure on other countries to lead on climate after Trump win (Australian Financial Review): The election of Donald Trump will drastically slow America’s path to reducing carbon emissions but may not stop global climate action as other countries work with US states and business to push forward. Trump’s election was widely feared by climate change groups, renewable companies and investors after he repeatedly promised to defund or leave efforts to stop global warming and pledged to ramp up oil and gas production.

Climate crisis: what Trump can (and can’t) do (The Conversation): Donald Trump will return to lead the world’s largest historical emitter of greenhouse gas. Neither Trump nor Kamala Harris made the climate crisis a prominent feature of their campaigns, during an election cycle in which America was pounded by weather disasters. Hurricane Helene, which struck in late September was supercharged by an abnormally hot Atlantic Ocean and killed 232 people across the south-eastern US.

PM hits a Trump in the road (The Australian): Anthony Albanese will keep pushing for stronger climate change action, free trade and open communication with Beijing, amid fears of trade wars and widening schisms in the wake of Donald Trump’s emphatic election victory.

Trump’s return is a catastrophe for climate and US energy transition, and China wins the cleantech race (Renew Economy): The re-election of Donald Trump as US president – a charlatan, fool, felon and climate denier captured and paid for by the fossil fuel cartel – is a bitter irony after the devastating climate-change driven floods that smashed parts of the southeast US recently. Trump’s ‘drill baby drill’ climate and energy ‘policies’ are a disaster for the nation, for intergenerational equity and equality, and will impact global efforts to mitigate climate change.

A wrecking ball’: experts warn Trump’s win sets back global climate action (The Guardian): Donald Trump’s new term as US president poses a grave threat to the planet if it blows up the international effort to curb dangerous global heating, stunned climate experts have warned in the wake of his?decisive election victory. Trump’s return to the White House is widely expected to result in the US, yet again, exiting the Paris climate agreement and may even remove American involvement in the underpinning United Nations framework to deal with the climate crisis.

CLIMATE POLITICS

Fate of Australia’s carbon market Safeguard Mechanism uncertain as elections near (Carbon Pulse): Australia’s conservative Coalition party’s failure to clarify its position on the Safeguard Mechanism and the lengthy development process of new Australian Carbon Credit Unit (ACCU) methods has created an air of uncertainty in the market, experts told Carbon Pulse this week.

Victoria reworks offshore wind terminal plans in fresh bid for federal green tick (Renew Economy): Victoria is pushing ahead with a planned renewables terminal near internationally protected wetlands despite a veto from the federal government.? The two governments are discussing the project, which was rejected by federal Environment Minister Tanya Plibersek over risks to the UN-protected Western Port wetlands site.

Nuclear a ‘rent-seeking parasite’ that will push up power prices: Kean (Australian Financia Review): Climate Change Authority head Matt Kean has slammed the nuclear power industry as a rent-seeking parasite, warning that developing plants in Australia would just drive up electricity bills and accusing those wanting to do so of vested interests. The former NSW treasurer said the alternative energy source was “old outdated technology” and only “a very brave person” would bet on it, building on?months of criticism of nuclear?since taking the CCA job.

“Silence not an option:” Teals push major parties to come clean on 2035 climate targets (Renew Economy): The major parties must come clean on a 2035 climate target and how they’re going to get Australia there, a united front of independent MPs says. Leading the charge in Canberra on Tuesday, independent MP for North Sydney Kylea Tink said it was “beyond ridiculous” that neither Labor nor the coalition wanted to talk about 2035 targets, saying it would be a key trigger in how people choose to vote in 2025.

UK eyes WA for hydrogen potential (Business News): The United Kingdom government has commissioned a review into Australia's hydrogen market, highlighting the state's critical role in potential partnerships between the country and UK businesses.

Rocks minister Madeleine King lauds Lynas Kalgoorlie plant as ‘huge deal’ for West’s rare earths charge (The West Australian): Ambitions to make Australia a competitor in the rare earths race have made headway as listed company Lynas cuts the ribbon at the biggest plant outside of China refining the sought-after commodity. Federal Resources Minister Madeleine King will open the new plant in Kalgoorlie on Friday, and lauded its opening as “a huge deal for Western Australia, and a massive step for Australia.” Lynas Rare Earth’s $800 million cracking and leaching operation is the first in Australia, and has been built to turn mined rare earth ores from Mt Weld into a carbonate. The carbonate can then be processed into separated rare earth materials.

CARBON MARKETS

Second Australian CBAM consultation considers starting with cement, lime, and clinker (Carbon Pulse): Sectors including cement, lime, and clinker would likely be the first to be covered under an Australian Carbon Border Adjustment Mechanism (CBAM), according to a government paper published Friday, though no final decisions have been taken.

AU Market: ACCU volumes surge as options drive derivatives market (Carbon Pulse): Volumes in Australia’s compliance credit market are on track to beat last year’s by more than a third, and in October recorded its third-highest amount of trade of any month at 3.6 million Australian Carbon Credit Units (ACCUs), according to a report released Thursday.

State of the Climate report warns of increasing ocean temperatures, nearly 800,000 ACCUs issued (Carbon Pulse): The State of the Climate report shows Australia’s average temperatures have already risen 1.5 C for the first time since records began, as the latest Clean Energy Regulator issuance saw an increase in Australian Carbon Credit Units (ACCUs).

CORPORATE SOCIAL RESPONSIBILITY

BP dumps 18 early stage hydrogen projects as it retreats to oil and gas (Renew Economy): BP is selling its US onshore wind portfolio and has dumped 18 early stage hydrogen projects, as the company returns to its safe space of oil and gas.?The news, revealed in the company’s third quarter announcement, will save the company $US200 million ($A303 million). BP’s new goal is to develop five to 10 hydrogen projects, leaving it with a pipeline of 1.8 mtpa of developments.?

Woodside acting on Scarborough gas emissions (Australian Financial Review): Woodside Energy has made several investments to reduce emissions from its Scarborough gas project under construction in Western Australia and is examining other larger ones after fielding a barrage of criticism from environmental groups over its climate credentials. The oil and gas producer confirmed on Thursday it expected to send its first cargo of LNG in 2026 from the Karratha-based Scarborough project, which is budgeted at $US12.5 billion ($18.9 billion) and has an expected lifespan of 25 years.

Australian bank cuts fossil funding, but accused of leaving “giant” loophole (Carbon Pulse): The third Climate Report released Thursday by one of Australia’s top four banks showed it has cut more money for fossil fuels developers, but an activist shareholder group said it still has loopholes.

GREEN PROJECTS AND INITIATIVES?

Macquarie partner unveils another two wind projects totalling more than 1.1 GW in WA wheatbelt (Renew Economy): Aspiring renewable energy developer Green Wind Renewables has revealed details for its next two wind projects as it looks to build out a massive 2.4 gigawatt (GW) portfolio with the offshoot of one of Australia’s biggest financial institutions. Green Wind is the preferred local partner of Aula, the Macquarie-owned onshore renewables business, and the latest projects – – the 700 megawatt (MW) Grevillea and 450 MW Wandoo projects – add to the previously unveiled 600 MW Ambrosia project in the WA wheat bowl area around Collie.?

Ammonia plant strikes gas deal with Chevron (Business News): An ammonia plant earmarked near Karratha would be fed gas from Chevron under a 10-year deal.

Danish giant launches Australian renewables play with 6 GW of wind, solar and battery plans (Renew Economy): Danish energy giant Copenhagen Infrastructure Partners has launched a new all-Australian subsidiary called Voyager Renewables, with a 10-year plan to develop six gigawatts (6 GW) of onshore wind and solar, and “a network” of big batteries across the country. The new offshoot of the global behemoth CIP announced its “official launch” in a rather?low-key fashion?on LinkedIn?on Thursday, unveiling a?brand new website?with a portfolio of three very early-stage projects in Victoria and New South Wales.

Eku seals funding for $400 million ACT big battery after landing unique revenue deal (Renew Economy): Battery specialist Eku Energy is set to build its Williamsdale project after securing a 15 year funding and revenue share deal with the ACT government, and funding from three lenders. The company said on Wednesday it’s reached financial close for the 250 megawatt (MW) / 500MWh Williamsdale battery energy storage system (BESS), its seventh to date to hit that milestone globally.? It secured debt funding from Westpac, Sumitomo Mitsui Banking Corporation and MUFG Bank for the project, which will cost up to $400 million, on the back of a deal struck with the ACT government.?

New wave energy hopeful lands government grant, says it’s cracked the cost barrier (Renew Economy): A new Perth-based company thinks they have cracked the code when it comes to wave energy, a feat they sheet home to their experience in the offshore oil and gas industry.? WaveX is proving up a system that uses technology and supply chains that already service offshore oil and gas rigs, allowing them to cut costs and install it themselves, says founder Simon Renwick.?

OTHER MATTERS OF INTEREST

Rising Tide's Newcastle coal port protest blocked by NSW Supreme Court (ABC News): The NSW Supreme Court has prohibited a planned climate protest on Newcastle Harbour later this month, siding with an application from the NSW police commissioner to block the demonstration. The protest, organised by activist group Rising Tide, has been advertised as a multi-day demonstration on land and water. The group has recruited the likes of Peter Garrett for the protest, which has been promoted as a "protestival".

The frozen carbon of the northern permafrost is on the move – we estimated by how?much (The Conversation): Among the most rapidly changing parts of our planet are the coldest landscapes near the top of the globe, just south of the Arctic. This region is warming two to four times faster than the global average. The frozen ground beneath these “boreal” forests and treeless plains or “tundra” is thawing, fast. That’s a problem because the permafrost holds enormous amounts of vulnerable carbon, more than twice as much carbon as is already present in the atmosphere. Some of that carbon is now on the move.