Finance

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.

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’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.

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.

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.

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.

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.

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.

The London-based analyst has published a series of clean tech predictions for the year which also highlighted the rising proportion of sub-5MW solar projects in the global market, and cheaper clean energy financing costs even as panel prices continue to rise.

A joint fund with roughly $125 million from both the Australian and German governments has opened today and is seeking applications from projects across the value chain of renewable green hydrogen.