Antinuclear

Energy Minister Josh Frydenberg aims to have coal mining subsidised by Clean Energy Finance Corporation

Josh Frydenberg flags changes to allow CEFC to invest in carbon capture and storage, ABC News, AM By Eliza Borrello, 20 Feb 17,  Federal Energy Minister Josh Frydenberg has revealed the Government is considering lifting a ban on allowing the Clean Energy Finance Corporation (CEFC) to invest in carbon capture and storage……At the moment the CEFC, the Government’s green bank, is not allowed to invest in it.

But amid the Coalition’s renewed support for coal-fired power, Mr Frydenberg said that could change…..

Shadow Energy Minister Mark Butler said it would require the kind of legislation Labor would strongly oppose.   “This would be an outrageous act of vandalism against a successful financing mechanism for renewable energy, for energy efficiency projects and for genuine low-carbon technology,” he said.”It’s no real surprise, I guess, because the Liberal Party has never really supported the CEFC. “It tried to abolish it for three years and now seems committed to making it a finance mechanism for the coal industry, which is unable to attract finance from the private sector.”

Government interested in low-emission coal-fired plants  Mr Frydenberg said he was also interested in investment in high-efficiency, low-emission coal-fired plants.

Currently they are not green enough for the CEFC to invest in, but Mr Frydenberg has flagged changing the rules. “The Government could issue a new mandate to the CEFC which would then inform its guidelines and would make possible an investment in a high-efficiency low-emission power plant,” he said……

But Mr Butler said the market was not interested in the kind of plants Mr Frydenberg was suggesting.

“It doesn’t reflect the reality in the electricity industry. No-one in the industry is talking about the reality of building new coal-fired power stations,” he said. http://www.abc.net.au/news/2017-02-20/government-interested-in-carbon-capture-tech-frydenberg-says/8284682

February 20, 2017 - Posted by Christina MacPherson | AUSTRALIA - NATIONAL, energy, politics