Markets

Danish investment group Copenhagen Infrastructure Partners has ramped up its green hydrogen ambitions, acquiring a strategic stake in Europe-headquartered renewables developer CWP Global’s development portfolio of ultra-large-scale green hydrogen hubs, including projects in Australia.

The West Australian government has utilised investor hunger for green bonds to help secure funding for major state government projects geared towards decarbonisation or environmentally sustainable outcomes as it transitions from coal-fired power to renewables.

By 2050, the practice of using renewable energy to electrolyse water and create hydrogen fuel could become a global market of well over USD 1 trillion ($1.47 trillion), according to a new report by Deloitte.

New PV capacity additions in Southeast Asia are expected to bounce back this year for the first time since 2020, according to the Asian Photovoltaic Industry Association. The market is expected to grow by 13% in 2023, for 3.8 GW of new installations.

South Korea is opening what it claims is the world’s first hydrogen power generation bidding market, while the Queensland government has approved funding to assess water use in Gladstone’s hydrogen industry.

The value of critical minerals companies listed on the ASX has hit $86.2 billion (USD 58.3bn), just scraping above the value of companies within the All Ordinaries Gold Index. Australia risen to the booming demand for these minerals, but experts have urged caution.

As many as 60 renewable energy projects are expected to lodge environmental impact statements in New South Wales over the next 12 to 18 months. As the transition accelerates, the state’s new Energy Minister has told renewable proponents they must substantiate what’s in it for hosting communities.

The world installed 239 GW of new solar capacity in 2022, according to SolarPower Europe. The rooftop PV segment accounted for 49.5% of additions – the highest share in the past three years. The rooftop sectors in Brazil, Italy, and Spain grew by 193%, 127%, and 105%, respectively.

Queensland’s government has allocated $19 billion (USD 12.9 billion) to deliver on its energy transition plan, with a heavy focus on public ownership of energy assets. Queensland’s flush financial position was enabled by recent change to increase coal royalties, which injected an extra $10.5 billion into the budget.

Recharge Industries, which had hoped to begin construction on its Geelong lithium-ion gigafactory this year, is reportedly refocusing its manpower on British endeavours. Despite Australia’s growing rhetoric around capturing more of the battery value chain, companies in the space are turning attention overseas.