11 May 2017, Renew Economy, Budget papers reveal jobs to grow at CEFC, but CCA left without funds. While the Turnbull government’s second budget distinguished itself for its complete lack of provisions for – or even references to – climate change, RenewEconomy did notice that the papers flagged an increase in staff numbers at the Clean Energy Finance Corporation, from 80 people to 101. According to the CEFC, the staff increase noted in the budget reflects the green bank’s expectation that it will need more hands on deck to manage its “expanding and diversified” investment portfolio. And that’s because it is doing very well. “The budget papers show that we are forecast to exceed the target $800 million to $1 billion of new contracted investments during 2016/17, which is a considerable step up in the level of investment over prior periods,” a CEFC spokesperson told RE in an email. “As the CEFC’s investment portfolio progressively grows (currently $1.5 billion invested and $3 billion committed of the $10 billion appropriated to CEFC), the Board of the CEFC must ensure it has the requisite resources in place to properly manage those investments and associated business risks, on behalf of the Australian taxpayer, in an efficient and effective manner,” the email said. The extra funds contrasts with the fate of the Climate Change Authority, which has been effectively defenestrated by the Coalition government. Once again, its funding does not extend beyond the coming financial year, as the Coalition repeats its desire to close the authority. The CCA, established by Labor and the Greens to provide independent advice on climate targets and policies, has been embroiled in controversy in recent months, leading to resignations from key board members such as Clive Hamilton and John Quiggin, over what they described as compromised reports. But even these have been ignored by the Coalition. The CEFC has also been on the coalition’s hit list, but is now tolerate given it has chalked up an impressive track record since its inception in 2013. The LNP has shifted from describing the CEFC as a “giant green hedge fund” or “honeypot to every white-shoe salesman imaginable,” to claiming it as a major national success; one that marked its third year of operation with a record $837 million committed to new clean energy investments, contributing to projects with a total value of $2.5 billion, and achieving a 73 per cent year-on-year increase in the value of new investment commitments. Read more here

10 May 2017, Renew Economy, Turnbull abandons fig leaf and stands naked on climate policy. You would think that with all the hoo-ha about the scandalous increases in electricity prices that it would have rated some sort of mention in the budget. You know, one of the biggest cost inputs for business being addressed in the government’s economic centrepiece. But no. The 2nd Morrison/Turnbull fiscal document blithely ignores the issue, despite the fact that their lack of policy direction in the last few years has been the major contributor to the price surges that are scorching household and business budgets. There’s some pointless extra money for coal seam gas, the removal of some funds for carbon capture (finally) and some previously promised funds for solar thermal (about time), and even another thought bubble on Snowy Hydro – this time to buy it out from the state governments. See Matt Rose’s article for more details. But there is nothing on climate change, no grand vision on energy. There are no new funds for the Direct Action policy that Turnbull had once ridiculed as a fig leaf for a climate action, and nothing on what might take Australia along the path to the pledge it signed in the Paris deal – effectively to reach zero net emissions by 2050. As Labor’s Mark Butler noted this morning, the Coalition’s climate change policy has officially gone from that fig-leaf to a non-existent farce. Nearly three years after celebrating the dumping the carbon price (above), slashing the RET and ignoring expert advice (CCA and the Climate Council), the Coalition government has no actual policy, on energy or climate, and its negligence is adding to the stunning rise in electricity prices it is trying to blame on everything and everyone else. “Malcolm Turnbull, the Prime Minister who once said he didn’t want to lead a Liberal Party that didn’t feel as strongly about climate change as he did, is now the Prime Minister who has completely dropped any pretence of attempting to combat climate change,” Butler says in his statement, noting that climate change did not rate a single mention in the Budget speech. “As the central pillar of the Direct Action policy, the Emission Reduction Fund, runs out of funds, this budget delivers ZERO new policies or funding to drive down pollution and combat climate change. This budget allocates more new money to the Department of the House of Representatives than it does to tackling climate change. “Budgets are about choices and priorities, and this budget makes it perfectly clear the Turnbull government isn’t choosing a safe climate because they don’t think it is a priority. This budget finally makes official what we already know; this Liberal government is failing all future generations of Australians.” Read More here