At this time, the attack on fossil fuels, especially coal, is at its peak.
In North America with a dishonest label Inflation Reduction Act And the European Union through the Green Deal, key government institutions are redoubling their efforts to support renewable energy and enforce coal shutdowns. (emphasis, links added)
In Australia, we are seeing similar trends led by Climate Change and Energy Minister Chris Bowen, a man whose political arrogance is only outgrown by his apparent incompetence for the job. …
With his ALP credibility intact, Bowen is now helping push the economy over a cliff try Complete destruction As it was, less than 20 years ago, The most successful energy industry in the world.
the Domestic electricity and gas industry currently Double attack. First, there Increase government subsidies to Wind and solar power are high cost and low reliability.
Secondly, he confronts her Financial regulators seek to choke off sources of financing for all but the politically sanctified renewables.
Supporting renewable energy sources Owns steadily mounted Since John Howard, in what he considers his worst political decision, has submitted Regulatory support for renewable energy in 2002.
Starting out as a humble goal to give wind generation a boost, then It is said that it is about to become the least expensive source of electricitysubsidies now up to $10 billion a year.
the cost 3 billion dollars a year she planners to Wind and solar energy support: The Renewable Energy Target (RET) and Small Renewable Energy Plan (SRES) for rooftop solar.
Join these are Australian Carbon Credits Unit scheme (ACCU), which ALP armed By stipulating the 215 largest carbon dioxide emitters reduce its emissions by five percent each year.
the Annual cost For those companies of this organization is 30 million dollars this yeara massive increase $4.5 billion by 2030. In addition, there is a file $750 million a year Cost manage these procedures Through the Clean Energy Regulator.
Additional annual support for some That includes $5 billion a year:
- managing renewable energy sources in the daily operating system ($400 million);
- $1.8 billion to build the $20 billion Snowy 2 storage and transmission lines needed by renewables;
- Financial support, mainly through the “green” Commonwealth Bank ($1.4 billion) and
- Support from state government schemes ($1.4 billion).
And This does not include the cost of wind and solar power generation or who Thousands of Hornsdale batteries It will be required in addition to Snowy 2.
Of course, all of this was supposed to be redundant A very imminent victory for renewables.
But from John Howard’s “emerging industry” support scheme of $2-300 million a year, We have built a behemoth of $10 billion annually that it Force heavily sanctioned coal generators out of the market And Bringing devastating price increases.
But the renewable energy industry lobby is far from over.
Campaign launched this week for Extend support for renewable energy this It is due to end by 2030 (The last ever-regressing dates when renewables were destined to be more than competitive with pesky “old” coal plants).
And no one is surprised, Minister Bowen He seems to be listening. In fact, addressing the Clean Energy Council last week, he said Announce plans Developed for new regulations It covers industry, agriculture, buildings, transportation and resources as well as energy.
financial regulations used to to increase these subsidies.
treasury about to implement Climate Financial Disclosure SystemAnd Which drives companies to paraphrase their input to avoid carbon emissions And It forces a whole lot of green tape in the works to make that happen.
That depends Australian Prudential Regulatory Authority (APRA) require super funds to Demonstrate an understanding of ESG (ESG) “risks and opportunities” in investment activities. …
Climate exposure is at the center of this. Super funds are expected to set targets that Climate experts agreeinvest the savers money accordingly and Take an active role in influencing which company they invest in Engage in real investment focused on the environment and l Call out any “greenwashing”.
These measures are becoming increasingly necessary to Completes the attack on coal.
while ESG pension funds have woken up They tend in the past to do better than average for the money, because They were overweight on technology and property stocks. These sectors have It has performed poorly over the past two years.
At the same time, Hydrocarbon stocks outperformed the market – To the extent that Shell has now reversed its policy of slowly extracting itself from oil and gas.
last year Four of the five best-performing pension funds do not have an ESG policy.
The political picture is not devoid of hope.
Australians have always cheated about the Inexpensive benefits of “clean” energy.
Prices are going up now As are the complaints there There is no possibility of permanent refuge from High cost wind/solar power system.
At the same time, we are seeing growing concern about Visible penetrations and other wind farms And theirs associated transmission lines So is criticism, albeit muted, from green groups regarding Destruction of plants and animals from wind and solar energy.
Read the full post on Spectator AU
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