The Paris Agreement calls for countries to adopt measures which, collectively, will hold global warming well below 2° and limit this to 1.5°C. The Finkel Review has specifically dealt with the question of the Australian electricity sector transformation and emissions within the context of the Paris Agreement.
Commenting on reports that the Carmichael mine has been given the final go ahead from the Adani’s Indian Parent, Adani Enterprises Ltd Tim Buckley, Director of Energy Finance Studies, Australasia for IEEFA said:
5th June, 2017: Queensland, the Australian state with the lowest uptake of renewable energy in the country, has today announced significant changes to put it on the path to a renewable energy future.
“Today we have seen the first real policy response arising from the Queensland Renewable Energy Expert Panel’s report and while we’re still working through the detail there are some welcome signals in relation to supporting solar energy,” said Shani Tager, Senior Solar Campaigner at Solar Citizens.
“Solar Citizens have been campaigning for some time for governments to have a plan for our energy future, so we can hit 100% clean, renewable energy as soon and as cheaply as possible.
“There is no such plan Federally so we recognise the fact that the Queensland Government is actually enacting a ‘Queensland Power Plan’ – we hope the Federal Government might see the sunlight and do its bit now, but given recent efforts of our leaders it is hard to see they will see the light.
Commenting on President Donald Trump’s decision to pull the United States out of the Paris agreement, Tim Buckley, Director of Energy Finance Studies Australasia at Institute for Energy Economics and Financial Analysis (IEEFA) said: “The Paris Climate Agreement is a critical historic milestone, and the result has been an acceleration in investment activity, renewable cost deflation and technology development that has reached critical mass.
The National Council of Churches in Australia (NCCA) have called on Prime Minister Turnbull to show leadership in commitment to the global climate agreement, which is our best chance for the stewardship of the world around us.
Tim Buckley, Director of Energy Finance Studies, Australasia for Institute of Energy Economics and Financial Analysis: The latest political manoeuvrings by Adani has wedged the Queensland government into conceding a massive taxpayer funded $575m loan in the form of a royalty deal. This is yet another taxpayer subsidy to a foreign billionaire, alongside the Federal Government’s Northern Australia Infrastructure Facility (NAIF)’s $900m. However, after seven years of talking, Adani Enterprises has not demonstrated how it intends to reach a legally binding, fully funded “Financial Close” on the Carmichael proposal.
Press reports that Adani Enterprises has deferred its investment decision on its Carmichael coal proposal due to the Queensland Government having failed to grant yet another subsidy, again shows this project is not commercial and is unbankable without public subsidies.