Weekend read: The pieces that make China’s PV puzzle
Last year was a disappointing period for China’s PV industry, as high module prices restrained domestic demand and the ongoing pandemic continued to cause upheaval. This year looks more promising, even though the pieces of China’s PV puzzle have yet to fall into place. But sorting through them allows for a better understanding of the world’s largest PV market, reports Vincent Shaw, pv magazine’s China correspondent.
World will need 5.2TW of solar this decade to avoid climate breakdown
The International Renewable Energy Agency’s latest global outlook has spelled out just how ‘woefully’ far the world is from capping temperature rises at 1.5C, and lamented: ‘The stimulus and recovery efforts associated with the pandemic have also proved a missed opportunity.’
Federal budget promises billions in election handouts, virtually nothing for renewables
Renewables, climate change mitigation, the energy transition and Australia’s economic future were all big losers in Tuesday’s 2022-2023 federal budget. Treasurer Josh Frydenberg’s budget not only fails to provide direct funding for renewable energy projects but actually continues cuts to important institutions, and moreover proves the Morrison government’s belated 2050 net zero emissions plan was merely lip service prior to last year’s COP26 climate summit in Glasgow.
Federal fossil supports grows to $10.5 in FY22 as own party rules ARENA changes illegal
A standing committee has blocked federal energy minister Angus Taylor’s longstanding attempts to allow ARENA to fund fossil fuel projects, finding it illegal. The ruling came on the same day new analysis found the Morrison government’s fossil fuel subsidies increased 12% in FY22, costing taxpayers a total of $10.5 billion.
New Zealand opens $9 million in funding for renewable projects for Māori housing
New Zealand’s federal government has opened the final funding round in its NZ$14 million (AU$13 million) Māori Housing Renewable Energy Fund, open to small and larger-scale projects.
World Bank wants 210,000 mini-grids this decade
The international development entity has already invested $1 billion in local, off-grid electricity networks over the last decade – and attracted a further $1.1 billion in matched funding – and wants to set up mini-grids to supply electricity to 490 million people by 2030.
Morrison commits $240 million to shore up critical minerals supply chain
The Australian Government has committed more than $240 million to critical minerals projects in a bid to end Australia’s reliance on China and cement its place in the rapidly growing global electric vehicle and battery markets.
Labor pledges $22m to establish Northern Australia’s first eco-industrial precinct
Federal Labor has promised to allocate $22 million to help establish the Lansdown Eco-Industrial Precinct being developed in northern Queensland if it wins the election in May.
World’s biggest solar-plus-battery project gets $210m funding boost
Sun Cable’s ambitious plans to build the world’s largest solar PV and battery energy storage project in Australia’s remote far north are a step closer to fruition after two of the nation’s richest men provided their backing for a $210 million capital raise.
Behind Taylor’s ‘weird’ decision that sparked Australia’s carbon credit drama
Over the weekend, Angus Taylor effectively handed over billions to carbon credit aggregation companies born of the increased price of Australia’s carbon credits – without any clear reasoning. This “weird” decision, as Bruce Mountain called it, stumped many but the Australia Institute told pv magazine Australia it’s just one of many moves the Morrison government has made to increase the supply of carbon credits and depress their price – a strategy which seems curiously misaligned with the scheme’s stated purpose of reducing emissions.
