Australia must stop subsidising new fossil fuel developments if it is to win a key Pacific nation’s support for its plan to co-host a major UN climate summit in 2026.
The Albanese government has launched a campaign at the Cop27 climate talks in Egypt to co-host the annual climate conference with Pacific neighbours in four years. The proposal could bring tens of thousands of people to an Australian city for climate negotiations and advocacy and has won support from the Pacific Islands Forum.
Vanuatu’s new climate change minister, Ralph Regenvanu, told Guardian Australia the support should be conditional.
A former foreign affairs minister who took on responsibility for climate change after national elections last month, Regenvanu said he was not critical of the Albanese government, describing it as a “breath of fresh air” and a refreshing change after the Morrison government, which was widely criticised for its inaction on global heating.
But he said his government could not endorse Australia’s co-hosting bid if it invested more money in developing fossil fuels, and would call on other Pacific countries to adopt the same stance.
“I will be talking to other Pacific island nations to make our support for Australia hosting the Cop conditional on no new government money being given to fossil fuels,” he said.
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Australia will join the Global Offshore Wind Alliance (GOWA), as part of the federal government’s COP27 efforts to restore the country’s climate credentials.
Offshore wind will play a critical role in Australia’s transition to zero emissions and clean energy superpower ambitions, said climate change and energy minister Chris Bowen last night at the COP27 climate conference at Sharm El-Sheik in Egypt.
This is despite the country not yet owning any operational projects, and still to formally declare the first offshore wind zone that will allow the first detailed feasibility studies.
Western Australia, Victoria, South Australia, NSW and Tasmania are hurrying to capitalise on more than 40 gigawatts (GW) of proposed developments, as seen on RenewEconomy’s offshore wind map.
“Australia is starting this industry from scratch and we stand to benefit from combining efforts with the Global Offshore Wind Alliance to bolster the development of this industry and the employment opportunities it will bring,” Bowen told the COP27 session.
“Countries around the world have taken advantage of the jobs and energy that offshore wind can provide. It’s time for Australia to do the same.”
GOWA is an International Renewable Energy Agency, Danish and Global Wind Energy Council initiative that wants to help lift the current 60GW of offshore wind operational around the world to 380GW by 2030.
Belgium, Colombia, Germany, Ireland, Japan, the Netherlands, Norway, the UK, the US all joined the initiative ahead of COP27.
The hope is that Australia will be able to tap into the collective experience of other countries as it develops from scratch the port infrastructure, supply chains and workforce needed to build an offshore wind industry, says Clean Energy Council director of energy generation and storage, Dr Nicholas Aberle.
“With the stronger and steadier winds in the ocean, that kind of capacity can comfortably replace the generation from Australia’s coal fleet,” Aberle says.
The 2.2GW, $10 billion Star of the South wind farm proposed for the coast of Gippsland is set to be the first approved under a new national framework establishing the ground rules for offshore wind.
The project, jointly owned by its Australian founders and Copenhagen Infrastructure Partners, will take up to a decade to install 200 turbines across a 500-square-kilometre patch of ocean.
The prospects for offshore wind have attracted major players such as Orsted, Shell, Equinox, Iberdrola, Corio and others, and a host of smaller players including Danish company Copenhagen Energy, which has four different 3GW proposals in Western Australia, each costing around $8 billion to build.
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Anthony Albanese reveals details of his conversation with Xi Jinping
The pair also spoke about the climate crisis and Taiwan, according to Mr Albanese.
“I referred to the floods that are occurring in New South Wales, that climate change is a global issue and it requires a global response,” he said.
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The Albanian government has drawn internal criticism at the UN climate talks in Egypt for opposing a global push to end international public subsidies for fossil fuels, with Labor’s grassroots environmental wing calling the decision “disappointing”. and asked for an explanation.
Australia chose not to sign an agreement known as the Declaration of International Public Support for the Clean Energy Transition Partnership at a public event held at Cop27 in Sharm el-Sheikh on Tuesday. Launched in Glasgow last year, the partnership is backed by 36 countries and five public financial institutions that have pledged to support export credits directly towards clean energy and away from “unabated fossil fuels”.
Felicity Wade, the national co-convener of the Labor Environment Action Network (Lean), said there was little point in the government not joining the export finance deal given that Climate Change Secretary Chris Bowen was making a key speech at the conference have conference to denounce multilateral development banks, particularly the World Bank, for not doing enough to advance the clean energy transition in developing countries.
Wade said joining the partnership is “an important machine of change” and joining would allow Australia to reach an OECD-wide consensus on shifting public finances away from fossil fuels.
“It is disappointing that the Australian government has decided against joining the Clean Energy Transition Partnership,” she said. “While it’s great that Chris Bowen has called for reform of multilateral financial institutions to achieve better decarbonisation, it does raise the question of why Australia hasn’t committed to ensuring our own international public investment is matched to the fossil fuel transition aligned.”
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Members of Doctors for the Environment Australia (DEA) are disappointed their country has been ranked 55 in the recent release of the Germanwatch Climate Change Performance Index (CCPI).
While Australia has improved three places from last year, it still ranks well behind other developed nations.
DEA spokesman Dr John Iser said the improvement was due to its strengthened Nationally Determined Contribution (NDC) but the emissions target of 43 per cent below the 2005 level by 2030 was still well below what would be required to stay within its carbon budget and to achieve net-zero by 2050.
Positive changes to climate foreign policy and electric vehicle uptake have helped contribute to the higher ranking.
While the assessment was done when Labor had been in power for only four months, it does not account for more favourable policies announced since, such as joining the Global Methane Pledge.
Dr Iser said Australia still failed massively with its reliance on fossil-fuel mining.
“As yet there are no policies to phase out subsidies and exports of coal and gas which are still among the highest in the world,” Dr Iser said.
As a national assessment, the CCPI judges Australia a little unfairly as much of its progress has been gained by state policies.
The states have pressed on with renewable energy and battery storage to enable Australia to achieve the highest uptake of solar conversion to electricity per capita in the world.
This gain must now be supplemented by national policies to offer more incentives for electric vehicle car imports, strengthen building efficiency standards and curb emissions by industry and agriculture.
“There is still much to be done,” he said.
US is at 52 https://ccpi.org/
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- Billionaire Climate Activist Wins Board Fight at Australia's AGL Energy
Shareholders in AGL Energy, Australia's largest power producer, on Tuesday defied their board and approved all four directors proposed by the company's top shareholder, tech billionaire Mike Cannon-Brookes.
At the same time, in a surprise outcome, more than 25% of shareholders rejected the executive pay plan, final votes showed. Under Australian corporate rules, the entire board could face re-election if that is rejected again next year.
Climate activist Cannon-Brookes, with an 11% stake in AGL, succeeded earlier this year in forcing the company to scrap a demerger and instead announce plans to speed up the closing of its coal-fired power plants by a decade and spend up to A$20 billion on renewable energy by 2036.
Looking to boost his influence, Cannon-Brookes' investment vehicle, Grok Ventures, proposed four candidates for AGL's board: ex-Tesla executive Mark Twidell, former Energy Security Board chair Kerry Schott, John Pollaers and Christine Holman.
All four were approved by AGL's shareholders, Chair Patricia McKenzie told shareholders at the group's annual meeting, citing proxy votes, although the board had only endorsed Twidell.
"A great day in the future of Australia's decarbonisation," Cannon-Brookes said in a message on his Twitter feed, thanking his four board nominees for "stepping up to help guide" AGL and shareholders for supporting them.
AGL Chair McKenzie said the board would work constructively with the new directors.
The expanded board's first job will be to find a new chief executive to lead the company's transition to green energy, after Cannon-Brookes' battle to overhaul the company led former CEO Graeme Hunt to quit.
https://money.usnews.com/investing/n...ias-agl-energy
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- Sun Cable signs up to help unlock $150 billion of green growth in Indonesia
Sun Cable, the Australian solar and storage developer with mammoth plans backed by the country’s two richest men, has been tapped to work with the Indonesian government to unlock more than $150 billion in “green industry” growth in the archipelago.
The collaboration was formalised in a Memorandum of Understanding sannounced on Tuesday at the G20/B20 summit in Bali by Sun Cable founder and CEO David Griffin and Indonesia’s minister for energy and mineral resources Arifin Tasrif.
The initial focus of the joint effort will draw on Sun Cable’s experience as a “leading renewables connectivity developer,” as the starting point for Indonesia’s particular set of circumstances, as a country made up of 17,500 islands.
But the broader plan is to build out five key industries identified in a joint study as having the potential to underpin green growth and add up to $A171 billion (IDR1,600 trillion) to Indonesia’s GDP by 2035.
The five industries, identified in the study by Sun Cable and Indonesia’s energy department (EDSM), include mining and minerals processing, energy and fuels, transport manufacturing, food processing and agriculture, and IT infrastructure.
https://reneweconomy.com.au/sun-cabl...-in-indonesia/