Sustainability

As Green Finance begins to be seen more and more as global best practice the energy transition can only accelerate. This week, two stories attest to the growing acceptance of green finance by major financial institutions – ANZ Bank has pledged to extricate itself from thermal coal by 2030 and pursue more sustainable policies and Mike Cannon-Brookes supported startup Brighte announces Australia’s first 100% green asset-backed securitisation, $190 million in debt financing for Australians looking to uptake solar and battery storage in their home.

A report by Finnish company Wärtsilä has estimated the potential impact if every dollar committed to a non-renewables energy sector recovery was instead funnelled to clean power.

The 2020 Prime Minister’s Prizes for Science took place virtually this year, but that won’t quash the recognition of Xiaojing Hao, UNSW’s solar pioneer who took home (or rather, received at home) the prize for Physical Scientist of the Year. Hao’s work in thin-film photovoltaics is leading the world in fashioning new and sustainable applications for solar PV.

Re-elected South Korean president Moon Jae-in today declared he will follow-up on a campaign trail promise to eliminate carbon emissions by mid century. The announcement comes just two days after Japan’s new prime minister said he would accelerate his nation’s emissions target.

BHP Nickel West has extended its PPA with Southern Cross Energy to 2038 as the mining giant looks to integrate renewable energy into its processes toward the goal of meeting its emissions reductions goals and producing ‘sustainable nickel’, a necessary requirement for potential client Tesla. The extended deal begins at Nickel West’s Leinster and Mount Keith operations with the development of an 18.5 MW solar farm and battery storage system.

The Clean Energy Finance Corporation (CEFC) has published its annual report this week, a report glowing with the hue of ‘prudent investment’ according to the CEFC Chair. The report emphasises the prudence and efficacy of the green bank’s mandate despite attempts by the Morrison Government to siphon off funds for fossil-fuel investments.

Investment in large-scale solar appears to be faltering in Australia. The technology with the lowest cost, with no emissions and the fastest time to delivery, has often found itself dangling at the oversubscribed end of a limp transmission line, with additional, expensive requirements to connect, or earnings-slashing curtailments when operational. Investors have found no reassurance in the federal government’s winking at coal, courting of gas, and undermining of agencies established to support innovation and investment in renewables. In short, the Australian prime minister is showing a complete lack of urgency to act on climate change. Enter the Renewable Energy Zone.

The Western Australian Government has given environmental approval to the first stage of the Asian Renewable Energy Hub, a 15 GW hybrid solar and wind plant. The approval is a massive step forward for the project, which will eventually reach 26 GW, and an even larger step forward for green hydrogen development in Australia for domestic use and export.

The Australian Renewable Energy Agency is chipping in over $700,000 to help Frasers Property Australia build 51 energy efficient homes complete with a solar embedded network. The idea is to demonstrate to the wider housing sector that energy efficient homes can be built at scale and be cost-effective to the customer.

Ikea Adelaide is leading the way for the Swedish giant’s global aspirations towards 100% renewable energy through what is being touted as Australia’s largest grid-connected commercial microgrid. The two stage project boasts a range of unique features which could lay the foundations for a new sustainable energy model for Australia.