Markets & Policy

Iron ore magnate Andrew Forrest’s Fortescue Future Industries has purchased three cattle stations in Western Australia’s northwest on which it plans to construct a renewable energy hub to both decarbonise its mining business and export green hydrogen and green ammonia.

An attempt by the Morrison Government to extend the closure requirement notification for electricity generators from 3.5 years to five years will likely have “limited” impact, says industry observers. Federal Energy Minister Angus Taylor announced the move today, requesting that the Australian Energy Market Commission (AEMC) enact the rule change.

Mineral Resources Limited along with its joint venture partners is set to double the spodumene output of its Mount Marion Lithium mine over the course of 2022 in response to enormous lithium price due to electric vehicle demand.

Australian deployment of battery storage remained steady in 2021, according to market research firm SunWiz, bringing cumulative installations to 1,089MWh.

The University of Sydney, Australia’s oldest, has signed a contract with Snowy Hydro and its subsidiary Red Energy to match “100%” of its energy consumption with renewables, in particular solar.

The Greens have announced a $6.1 billion plan to boost the uptake of electric vehicles and reestablish auto manufacturing in its previous hub, South Australia.

Hertz, one of Australia and indeed the world’s biggest car rental companies, has announced it will be adding up to 65,000 new electric vehicles (EVs) to its fleet. While the percentage of those bound for Australia is still being negotiated, it adds to the rapid growth of our EV market – albeit from a low baseline.

Photovoltaics can wipe out 4.25 billion tonnes of carbon emissions every year this decade, according to the UN Intergovernmental Panel on Climate Change. Even so, the actions announced so far remain way short of what is needed, with capital flows to fossil fuels still greater than the cash directed toward combating climate change.

Western Australian miner Iluka Resources will build Australia’s first integrated rare earths refinery to supply electric vehicle and renewable energy industries. The project has been enabled by a $1.25 billion loan from the Commonwealth government and is part of a broader push within Australia to establish ourselves as a serious alternative to China for the supply of processed critical minerals.

The 7.5MW Cosgrove solar farm in central Victoria has reached financial close and will begin construction as soon as next month after its owners, Bison Energy, reached an agreement with an undisclosed Australian superannuation fund.