Finance

Doubling down on renewable energy investment and energy transition spending is required to ensure a truly green global recovery from the Covid-19 crisis and its economic aftershock, claims the International Renewable Energy Agency.

Oil and metals trader will join forces with Australian investment group IFM to launch the new entity, which will develop solar, wind and energy storage projects – some of them supplying clean energy to Trafigura operations – as well as making acquisitions.

Project delays and price changes due to fluctuating demand are disrupting the Chinese solar market. Researchers who have analysed the situation claim that the nation’s PV industry will be back on track toward grid parity by the end of the year.

South Australia’s small-scale solar sensation Yates Electrical Services is teaming up with Sustainable Energy Infrastructure to develop 20 MW of small-scale solar over the next 18-months, another sign of the strength of the small-scale solar surge which flies under the radar of the network’s congestion woes.

The Australian Government has finally announced new long term funding and an expanded remit for the Australian Renewable Energy Agency (ARENA) beyond 2022. The funding package, which looks more like a cut than anything else, pushes investment away from solar and wind and toward fossil fuel enabling technologies like carbon capture and storage. 

A new report from Net Zero Momentum Tracker has found that the Australian superannuation sector, which is expected to hold a majority of ASX-listed equity by 2040, is accelerating its divestment from risky greenhouse gas emitting fossil-fuels. The finding represents another disconnect between the Morrison Government’s gas fetish and investor diffidence with dying industries.

The Queensland Government has opened the registrations of interest period for its three planned and well-funded Renewable Energy Zones. The Sunshine State is calling on the renewables sector to come forward and lead Queensland’s renewable revolution.

After being ignored by the Federal Government, Queensland has announced a $500 million Renewable Energy Fund for state-owned energy corporations to invest in commercial renewable project and infrastructure, a particular complement to QLD’s three pending Renewable Energy Zones.

Solar Citizens, the Queensland Council of Social Service (QCOSS) and Queensland Conservation Council have come together to propose a $215 million initiative to the Queensland Government which would see 50 MW of solar installed across more than 50,000 social dwellings to help households save on their energy bills in these tough economic times.

The Federal Government’s Northern Australia Infrastructure Facility is backing Melbourne-based investment firm Merricks Capital to the tune of $37 million for the construction of a 10 MW solar farm and a 12 MW gas power plant south of Darwin. The twin projects are set to be the first privately owned and operated energy projects in the Territory.