The CEFC, in its annual report, said it had invested more than $2 billion in new capital to support renewable energy projects valued at more than $6.5 billion. Over the previous two years, the CEFC had only committed $1.32 billion in total.
Its total portfolio of investments now sits at $3.4 billion.
The CEFC said for every dollar it had invested in a project it helped to leverage an additional $2.10 from the private sector.
As well as investing in renewable energy projects, the group announced funding for a lithium mine, tapping into the growing demand for the metal that supplies rechargeable batteries.
The group also has an ongoing $1 billion Reef Funding Program investment, focused on targeting clean energy projects in the Great Barrier Reef catchment area, and supports the Australian government’s Reef 2050 plan to aid the long-term health of the reef.
CEFC’s projects are forecast to produce an annual abatement of nearly 7.3 million tonnes of carbon dioxide equivalent, or more than 121 million tonnes of CO2-e over its projects’ lifetimes.
The investments have had a positive yield for the nation beyond decarbonisation, CEFC chief executive Ian Learmonth said.
“Our $3.4 billion portfolio of investment commitments had a forecast lifetime investment yield of more than 5 per cent,” he said.
In the future, the Clean Energy Finance Corporation said it would invest in distributed energy, energy storage, improved grid transmission, network security and demand-response management.
The CEFC’s pipelines of investment has more than doubled since it began in 2014.
“This growth reflects increased interest in clean energy investment, coupled with a broader understanding of the role of the CEFC in working with investors and project developers,” the company said in its annual report.
could it be that our own government is walking into the middle of an economic contest between China and India for control over industry and infrastructure?
Surely our government wouldn’t be using public money to subsidise Adani’s mine, undermining its own country’s interest and supporting China to strengthen its grip on power and infrastructure in countries neighbouring India?
Last month I claimed that using a $900 million, publicly funded loan to bail out Adani’s otherwise unviable Carmichael coal mine proposal was the height of absurdity.
The Australian government has been equally desperate, creating an agency and filling it with taxpayers’ money so we can fund a project opposed by the majority Australians.
But the government’s efforts to support Adani stretch well beyond the financial.
Market Forces executive director Julien Vincent said more than a dozen commercial banks had ruled out involvement in the Carmichael mine and rail project due to its “financial and reputational risk”.
“To know that NAIF and EFIC are aware of these risks should underscore the argument against giving a $900 million loan to Adani,” he said.
Mr Vincent pointed to the Infrastructure Facility’s investment mandate, which says it “must not act in a way that is likely to cause damage to the Commonwealth government’s reputation”.
The emails, obtained under freedom of information laws, have fuelled the mine’s opponents, who say granting the $900 million loan would pose unacceptable risks to taxpayers and the Commonwealth.
Indian mining giant Adani has proposed a $16.5 billion Carmichael coal mine in Queensland’s Gallilee Basin, sparking legal challenges and widespread protests.
Australia’s big four banks have ruled out funding the project, and Adani has sought a federal government loan to build a railway line from the mine to the Abbot Point coal terminal, near the Great Barrier Reef.
The loan is being considered by the Turnbull government’s Northern Australia Infrastructure Facility, a taxpayer-funded concessional loan scheme. Critics have derided the facility as a Turnbull government slush fund.
Emails obtained by environmental campaign group Market Forces show officials involved in assessing the loan proposal have for months been weighing up Adani’s environmental and financial history.
Much of the content of the emails has been redacted. However one dated November 24 last year has the subject line “NGBR [North Gallilee Basin Rail] Project – Proponent’s environmental track record”.
Attached to the email is a Greenpeace briefing paper titled Adani’s record of environmental destruction and non-compliance with regulations.
The email was sent between senior officials at Australia’s export credit agency, Export Finance and Insurance Corporation, which is providing support to the Infrastructure Facility. Continue reading →
Adani coal mine: Townsville City Council under fire for pumping $19m into airstrip, ABC,
7.30 By Peter McCutcheon 1 Nov 17, Townsville City Council’s decision to help fund an airstrip for the proposed Adani coal mine has come under fire from locals.
The council agreed to contribute up to $18.5 million to finance the airstrip at the proposed Carmichael mine site, about 300 kilometres south of the city.
Rockhampton Regional Council also agreed to contribute to the project, which is estimated to be costing about $30 million.
Under the arrangement with Adani, the Indian company would source the bulk of its mine and construction fly-in-fly-out workforce from the two cities.
“Why does a billionaire want two councils in Queensland to pay $36 million for an airstrip?” Peter Newey, convenor of the Townsville Residents and Ratepayers Association, said. “He [Gautam Adani] would be able to afford at least two dozen of them and then gold plate them. “It just doesn’t make sense.”
More than 50,000 people have signed an online petition — started by Mr Newey — calling for Townsville City Council to withdraw its support for the airstrip.
A member of the council’s city image committee, business owner Lucy Downes, also had concerns. “I despaired to be honest, because that money could have been used to reactivate the CBD,” she said…..
Townsville wants guarantee from AdaniTownsville City Council is seeking a bank guarantee from Adani to refund any losses, should the Carmichael coal and rail project not proceed. Mayor Jenny Hill told 7.30 she would like construction on the airstrip to start this year, despite Adani not yet securing bank finance for the $16 billion project……..
Adani waiting for loan Adani said it may not secure bank finance until next March, and it postponed plans last month for a ground-breaking ceremony…….Adani also said it is critical that it receives a loan from the Federal Government’s North Australia Infrastructure Facility (NAIF).
‘ … The Wangan and Jagalingou people, who are also fighting a court battle to retain their right over their land, are of the view that if the Adani coal mine is built, their cultural heritage will be destroyed beyond repair.
‘“The land, the springs, the waterways, the mountain ranges, are not just physical forms for us.
They are remnants of our ancient culture.
‘If the mine is built, there will be no record of us ever having been there”,” said Adrian Burragubba, spokesperson of the Wangan and Jagalingou Traditional Owners Family Council.
‘They said that they are prepared to battle it out for as long as it takes.
‘“Every inch of that land is mine. Every blade of grass, every drop of water, each leaf on a tree, each bird, each animal, is mine. And I am going to fight for it. I want to tell Adani – I am not your slave,” an animated Burragubba said when I met him in Brisbane in late July. … ‘
‘Kabir Agarwal is an independent journalist whose writings have appeared in
The Kashmir Walla, The Times of India, Mint, Al Jazeera English and The Caravan.
He can be found on twitter @kabira_tweeting.’ thewire.in/author/kabir-agarwal
Lina Caneva | Editor | @ProBonoNews 2 Nov 17,Australia’s international development charities have passed a resolution at the sector’s annual conference in Melbourne calling on the federal government to halt “disturbing developments” which are set to restrict Australian charities’ funding and advocacy.
The Australian Council for International Development (ACFID), the peak-body for Australian non-government organisations involved in international development and humanitarian action, also called on the federal government to “use its position on the UN Human Rights Council to become an international champion for civil society”.
In a preamble, the resolution expressed concern at a “number of disturbing developments in Australia (which) may constrain the role of charities in undertaking advocacy”.
ACFID’s members voted to call on the government not to impose proposals on expenditure-caps advocacy by charities and a ban on international philanthropy to charities who undertake advocacy……..
“Increasingly, fear and division are being used around the world as a precursor for draconian laws and regulations which are crippling democratic freedoms and stifling citizen-led groups. ACFID’s members are all too aware of this trend as they are forced to adjust to severely constrained operating environments, instituted by governments overseas.
“A free and vibrant civil society is crucial in maintaining peace; keeping governments accountable; and protecting people’s rights.
“Backed by Australia’s democratic values and with our membership of the Human Rights Council, the Australian government is well-placed to defend civil society space on the international stage. We are calling on the government to embrace this opportunity.”
ACFID said it was continuing to work with its members and a consortium of charities to support and protect space for civil society overseas and in Australia.
Earlier this year ACFID released a position paper outlining concerns about the ban on foreign donations to political parties which it said may result in charities who advocate being prevented from accepting international philanthropy.
ESB to use inflated costs for wind and solar to justify NEG
Energy Security Board to use vastly inflated costs of wind and solar to justify its National Energy Guarantee. By using prices around 30-40 per cent above actual costs, will support its argument for little new wind and solar to be built in the coming decade.
Lets be honest: Australia is well behind on renewables
Australia’s fossil fuel share of electricity generation is higher than that of our peers. This chart is ugly for Australians who care about doing our bit in the 21st century.
NE: A rushed job that takes us backwards, not forwards
National Energy Guarantee appears to be a plan to get through the Coalition Party Room, and then a plan to have a plan. Unfortunately, that means many more months of uncertainty.
Rejected teenagers: the trend of closing young coal plants
It’s not just old coal power plants that are being closed down. In Italy, the US, and the Netherlands, coal plants that are barely teenagers are being targeted for closure.
Supreme Court of Qld: Environmental Law Australia envlaw.com.au
‘This case study involves a major dispute in the Land Court of Queensland
over the Carmichael Coal Mine proposed in the Galilee Basin of central Queensland
and a subsequent judicial review challenge to the mine’s approval
in the Supreme Court of Queensland.’
‘ … Two separate disputes (also not the subject of this case study) about the mine involve native title issues
raised by the Traditional Owners of the land on which the mine was proposed,
the Wangan and Jagalingou People.
‘The first of these disputes involved hearings in the National Native Title Tribunal (NNTT) and
the Federal Court under the Native Title Act 1993 (Cth) (NTA) after the
Wangan and Jagalingou People rejected an Indigenous Land Use Agreement (ILUA) proposed by Adani
for the grant of the mining lease for the mine. …
‘The second dispute concerning native title issues involved an application by
elders of the Wangan and Jagalingou People in the Supreme Court of Queensland for judicial review
of the grant of the mining lease under the MRA based on native title grounds.
That application was also dismissed.
An appeal in the Queensland Court of Appeal was also dismissed in August 2017.
Australian tourism policies fail to address climate change https://phys.org/news/2017-11-australian-tourism-policies-climate.html November 2, 2017Australia’s Federal and State governments are failing to produce effective long-term tourism policy to address climate change, according to the findings of new QUT-led research.
Tourism contributes to climate change
Tourism policy on climate change in Australia is inconsistent and ineffective
Federal and state governments are not collaborating on best practice approaches to tourism policy on climate change
The tourism industry can contribute to the sustainable management of climate changeDr Char-lee Moyle, from QUT’s Australian Centre for Entrepreneurship Research, and her co-authors from Griffith University and James Cook University analysed 477 relevant documents for their paper – Have Australia’s tourism strategies incorporated climate change?
Just published in the international Journal of Sustainable Tourism, it reveals only 21% of Australia’s tourism strategies mention climate change, with most simply acknowledging it as an issue.
“Despite the fact tourism is worth billions of dollars to our economy and has been found by scientists to accelerate climate change, only five Australian tourism strategies analysed by us (one per cent of the entire sample) even recognised the sector’s impact,” Dr Moyle said.
“Looking at policy documents from 2000-2014, we have seen Australia’s tourism strategies increasingly focus on adaptation strategies, with mitigation appearing to have fallen off the policy agenda in recent years.
“Even certification and accreditation schemes are essentially viewed by industry as adaptation measures and a way to reduce climate change induced costs such as rising electricity bills.”
Dr Moyle emphasised the link between tourism climate change rhetoric and federal government election cycles.
“We found significantly more tourism climate change strategies were produced during the years the Australian Labor Party was in power at the federal level, with a peak in 2007,” she said.
“State Governments appear to be far less proactive in considering climate change in relation to tourism and, conspicuously, New South Wales did not even mention climate change in any state-level tourism strategies.”
Dr Moyle said there was significant room for the tourism sector to improve and step up action, particularly in developing tangible adaptation and mitigation policies.
“There are opportunities for the tourism industry to contribute to the sustainable management of climate change, including through the development of more ‘green’ products and implementing more environmentally-friendly practices,” Dr Moyle said.
She added that many initiatives proposed and subsequently implemented no longer exist, indicating an extremely dynamic climate change policy environment, as well as a lack of long-term consistent support and planning for tourism climate change response.
“On a positive note, there has been an increased focus on identifying opportunities, strategic needs, barriers, challenges and potential actions in relation to climate change since 2008,” Dr Moyle said.
More information: Char-lee J. Moyle et al, Have Australia’s tourism strategies incorporated climate change?, Journal of Sustainable Tourism (2017). DOI: 10.1080/09669582.2017.1387121
Energy technologies and business model innovator Justine Jarvinen takes up role as Wattwatchers Chair
Energy technology pacesetter Wattwatchers is delighted to announce the appointment of Justine Jarvinen as non-executive Chair. Ms Jarvinen is currently Chief Operating Officer of the Energy Institute at the University of New South Wales (UNSW) and her prior corporate roles include Head of Emerging Technologies at AGL Energy. Ms Jarvinen will lead the Wattwatchers Board […]
ENTHUSIASM for space travel has been mounting since Australia hosted the recent International Astronautical Congress (IAC), held in Adelaide in September.
“ … more than 3000 of the world’s top space experts wildly cheered [and] all aspects of Australian society were united on the need for a national agency.”
In November, the very brilliant and appealing space travel and nuclear power enthusiast, Professor Brian Cox is to tour Australia! Champion astronaut Scott Kelly has just published his exciting book, Endurance: a Year in Space, A Lifetime of Discovery.
Dare anyone throw cold water on all this joy?
Intriguingly, the Australian Government, while proudly hyping up this initiative, has not yet come up with a title for the new agency. However, someone else has and they have set up an elegant and professional-looking website for it: Australian Research and Space Exploration (ARSE).
Let’s start with that most important consideration — money Continue reading →
The proposed Intermediate Level Waste Store is predominantly for ANSTO reactor wastes
Briefer (Nov 2017) by David Noonan, Independent Environment Campaigner The Federal government has divided Australian community and is compromising safety in proposed import and indefinite above ground storage of ANSTO nuclear wastes in South Australia.
Since April 2016 the Federal government has solely targeted regional communities in SA for a proposed above ground Store to take irradiated Nuclear Fuel Waste (NFW) and long lived Intermediate Level Waste (ILW) from the ANSTO Lucas Heights reactor facility in NSW.
The ARPANSA CEO formally considered this proposed NRWMF Store and stated in May 2015:
“This plan will have the provision for ILW storage above ground for approximately 100 years.”
This nuclear waste storage plan compromises safety by importing long lived reactor waste to SA without any waste disposal capacity or even a program or plan for potential disposal of NFW and ILW. Safety requires these nuclear wastes are isolated from the environment for over 10,000 years.
The proposed 100 year Store in SA for 10,000 year nuclear wastes is a divisive, unsafe and unnecessary plan – given ANSTO’s capacity to retain these nuclear wastes at Lucas Heights.
Federal Contingency options to store Nuclear Fuel Wastes at Lucas Heights:Continue reading →
THE AUSTRALIAN, 31 Oct 17 The UN has blocked the nuclear industry from participating in an international forum on clean energy….
The London-based World Nuclear Association was originally accepted by the organisers of next month’s Sustainable Innovation Forum as a £40,000 ($68,338) gold sponsor, but the deal was rescinded a week later after intervention by the UN environment program.
The organisers then offered a watered-down sponsorship that would include no branding presence, but that deal was also vetoed by UNEP………
Next month’s forum takes place on the sidelines of the UN’s COP 23 climate change conference, where government representatives from around the world will meet to discuss progress towards meeting international emission-reduction targets.
The Sustainable Innovation Forum will be hosted in the purpose-built Climate Action Dome, which itself will be powered by energy generated using food waste from the conference.
Ben Heard, an energy researcher [ ed. more correctly a nuclear promoter] with the University of Adelaide and an advocate for the climate benefits of nuclear energy, described the UN’s intervention as “frightening” and an example of “outright prejudice”. “This family of technologies has been the principal source of carbon-free energy for the last four decades. Along with hydro-electricity, they have been the two big hitters that have actually delivered, and you’re running a climate change conference and you won’t let the representatives of that industry through the door,” he said.
“For me it’s gobsmacking to see this. I’m an advocate for this technology on environmental grounds but it struggles, and part of the reason is time after time it faces this kind of institutional bias which means no-one can even have a conversation about it.”
Catholic, Anglican bishops unite in opposition to Adani mega-mine, By Nicole Hasham Brisbane Times, It may have the Turnbull and Palaszczuk governments firmly in its corner, but the Adani super-mine is facing a formidable new opponent: the Christian faith.
The Catholic and Anglican bishops of Townsville have issued a joint statement to their followers criticising “projected mega-mining developments across Queensland, especially the Galilee Basin”, and accusing politicians and big business of failing to protect the common good.
The bishops’ message puts them head-to-head with Adani, the Indian mining behemoth behind the $16.5 billion Carmichael mine proposed for the Galilee Basin. It also puts them at odds with the local council and state and federal governments, which resoundingly support the project.
Adani has located its regional headquarters in Townsville, and the statement will fuel debate in the already divided community over what would be Australia’s biggest coal mine.
The Right Reverend William Ray of the Anglican Diocese of North Queensland, and the Most Reverend Timothy Harris of the Catholic Diocese of Townsville, issued the statement to their parishes on Saturday.
They cited Pope Francis’ groundbreaking encyclical on the environment in June 2015, in which he said “the Earth, our home, is beginning to look … like an immense pile of filth”.
“We, too, as bishops in north Queensland, have concerns about many global and local issues that are impacting negatively on our environment and which require greater dialogue, examination, prayer and action,” the statement said.
Antinuclear 