14 December 2015, Renew Economy, Hidden gem in Paris deal condemns coal to early demise. When France foreign minister Laurent Fabius brought the gavel down on Saturday night and declared the Paris Agreement on climate change action was sealed, the reaction was almost immediate. Within the conference hall it was greeted with cheers, hugging and great emotion. Outside, the agreement to cap temperature rises “well below 2°C” and as low as 1.5°C signalled a remarkable achievement that had one major implication: the end of the fossil fuel era is nigh. ….But if that is what the fossil fuel industry and the Coalition government are really thinking, then the evidence suggests that they are kidding themselves. One little gem, alerted to me by the Potsdam Institute’s Malter Meinshausen (on the dance floor of the COP after party of all places) puts the agreement in a new perspective. It is this paragraph, article 17, in the decisions text of the deal: “Clause 17. Notes with concern that the estimated aggregate greenhouse gas emission levels in 2025 and 2030 resulting from the intended nationally determined contributions do not fall within least-cost 2 ̊C scenarios but rather lead to a projected level of 55 gigatonnes in 2030, and also notes that much greater emission reduction efforts will be required than those associated with the intended nationally determined contributions in order to hold the increase in the global average temperature to below 2 ̊C above pre-industrial levels by reducing emissions to 40 gigatonnes or to 1.5 ̊C above pre-industrial levels by reducing to a level to be identified in the special report referred to in paragraph 21 below”; OK, now for a quick translation. The world currently emits around 50 gigatonnes of greenhouse gas emissions a year. Even if all the pledges put together by 186 nations before and during the Paris climate talks were enacted, these emissions would grow to around 55 gigatonnes of GHG emissions a year by 2030. But to meet the 2°C target, the world will need to reduce those emissions to 40 gigatonnes a year. And to reach that level, they are likely going to have to reverse direction before 2020. What’s more, if the world does move to that aspirational goal of capping temperatures to 1.5°C above pre-industrial levels, then it is going to have to move a lot faster, and a lot more dramatically than that. That trajectory will be outlined by a new IPCC report due in 2018. Read More here
Category Archives: Australian Response
13 December 2015, Renew Economy, Lomborg legacy: Why Turnbull Coalition still doesn’t get it. In the final, frantic, virtually sleepless hours in Paris before the global climate deal was finalised on Saturday, Australia found itself on the outer of a powerful international movement. Canada, once joined at the hip with Australia as one of the developed world’s two “climate dunces”,signed up to the Coalition for High Ambition – a 100-strong grouping of countries pushing for an ambitious climate treaty that sought to limit global warming to 1.5°C. Then came Brazil, breaking away from its traditional allies India and China to declare that “if you want to tackle climate change, you need ambition and political will.” It was not a formal voting block, but its influence in the final days of the talks was critical. This was acknowledged by the cheers in the plenary session on the final day of the Paris talks when Marshall Islands foreign minister Tony de Brum walked in at the head of his coalition colleagues. Australia was not among them. It had found itself marginalised as we explained on Friday, by the lingering impact of Tony Abbott’s war on climate policies and renewable energy. Foreign minister Julie Bishop then made a last minute bid to sign Australia up. But it wasn’t until the Coalition had arrived on the floor of the plenary session where France announced – to general acclimation – that the finalised text would be soon released, that Bishop managed to secure her “pin”. By then, it was all but over. Read More here
13 December 2015, The Guardian, Malcolm Turnbull lifts Abbott ban on government finance for wind power. Malcolm Turnbull has lifted the ban imposed by Tony Abbott on wind investment by the Clean Energy Finance Corporation (CEFC) before it was officially enacted, even though it remains Coalition policy to abolish the green bank. A spokeswoman for the prime minister said the new CEFC investment mandate – issued by the environment minister, Greg Hunt, and the finance minister, Mathias Cormann – reflected “the Turnbull government’s strong support for renewables and innovation”. “The mandate puts the CEFC’s focus on new and emerging renewables technologies, rather than supporting well-established technologies that are financially viable without government support,” the spokeswoman said. In the wake of the new mandate and the Paris agreement, various stakeholders in the renewable sector were optimistic that the CEFC decision could reboot the government’s relationship with the clean energy industry. The new mandate says: “As part of its investment activities in clean energy technologies, the corporation must include a focus on supporting emerging and innovative renewable technologies and energy efficiency, such as large scale solar, storage associated with large and small scale solar, offshore wind technologies, and energy efficient technologies for cities and the built environment.” Read More here
10 December 2015, Renew Economy, Adani hits panic button over Carmichael coal mine. In a seemingly desperate move the billionaire chairman of Adani has announced that early in November he met the new Australian Prime Minister, Malcolm Turnbull, and demanded legislation be passed to extinguish legal actions challenging the proposed Carmichael coal mine. On Saturday, a little over a month after his meeting with Turnbull, Gautam Adani complained to journalists that legal challenges against the $15 billion mine, railway and port project had caused banks to refuse to finance the project. “Ultimately, a decision lies with the politicians. They have to go to Parliament for enacting a special law which says that once government gives approval, no one can challenge it. That is what our request is to the Australian government. You come up with a special legislation which they have done in the past also,” Adani complained. “Even though there is no stay, because of the judicial review, no lender will finance the project. They do not know what will be the outcome,” Adani told journalists, including the Indian business news website LiveMint. Adani also bemoaned the dramatic slump in thermal coal process in the seaborne coal market. “In the meanwhile, coal prices have also slumped. We have to revive to the next cycle,” he said. Adani’s loneliness on display Adani’s comments, which reveal how isolated the company has become, are extraordinary for three reasons. Firstly, the fact that Adani has chosen to go public just over a month after the November 4 meeting suggests that Turnbull didn’t immediately accede to Adani’s demand to extinguish the legal rights. In other words, having failed with his behind-the-scenes lobbying, the company is now pinning its hopes on publicly pressing its case via comments to Indian journalists. Read more here