BUSINESS NEWS: In this week’s business news, a landmark case has commenced in the Victorian Supreme Court testing Victoria’s key climate legislation, one of Australia’s largest mutual banks has won Green Bank of the Year, and engineered roof solar tiles have launched in Australia.
A power station in South Australia might be retrofitted with thermal energy storage technology if AGL investigations find it viable. The energy company has been given $422,582 in funding from the Australian Renewable Energy Agency (ARENA) on behalf of the federal government, for the Torrens Island Power Station B in SA.
Conducted over 12 months, the $1.01 million study would investigate options to use grid electricity to charge the thermal energy storage and discharge through one of the power station’s existing 200 megawatt steam turbines which usually run on gas.
Two shortlisted manufacturers will be looked at for the thermal solution: a German company Kraftblock which uses recycled synthetic pellets, and Australian company MGA Thermal which uses Miscibility Gap Alloy (MGA) technology.
ARENA chief executive Darren Miller said the study will explore how repurposing existing infrastructure can help thermal energy storage play a role in renewable energy production.
“AGL’s study comes at an important time when we need to look at all options for renewable energy storage. As thermal power stations close, there could be an opportunity to retrofit these sites as we head towards net zero emissions,” Mr Miller said.
EPA fails to protect Vic from climate
A landmark case commenced last week in the Victorian Supreme Court, in the first test of Victoria’s key climate legislation, the Climate Change Act 2017.
Environment Victoria launched legal action last year against the Victorian Environment Protection Authority (EPA) and three energy companies for failing to limit pollution from coal-burning power stations.
Environment Victoria will argue that in amending three licences to power stations in the Latrobe Valley, the EPA failed to properly consider the law in making its decision on the amended licences, including on climate and air pollution.?
“We have nation leading climate change legislation in Victoria that was put in place in 2017, but we believe the EPA ignored it when they amended these power station licences,” Environment Victoria’s policy and advocacy manager Bronya Lipski said.?
“The EPA is supposed to protect the public from environmental pollution but they’ve completely failed on the biggest environmental challenge of all – climate change.??”
Environmental Justice Australia senior specialist lawyer Charley Brumby-Rendell said: “If the case is successful, it could lead to much stronger pollution limits on power stations and reduce the health burden that coal-burning power stations have on our communities. And, it could set vital legal precedents with long-lasting impacts.”?
Teachers bank wins Green Bank of the Year
The Teachers Mutual Bank – one of Australia’s largest mutual banks – has released its Annual Report and Sustainability Update 2021-2022. The bank holds $10.8 billion in Responsible Investment Association Australasia) certified investments, and was named Green Bank of the Year in the 2022 Finder Green Awards.
The bank has become a Certified B Corp, joining 5000 organisations worldwide, has been named one of the World’s Most Ethical companies by Ethisphere for nine years in a row, – one of only five banks in the world to make the cut.
“We recognise the importance of measuring our performance beyond profits. As we move towards a more sustainable future, acting in the best interests of our Members, our communities and the environment will lay the foundations for our long-term success,” chief executive officer Steve James said.
“Socially responsible banking drives everything we do. We’re proud to be a bank for good, for those who do good. We put people before profit – it’s central to the way we do business.”
Engineered roof solar tiles launch in Australia
Leeson Group, a diversified group of Australian renewable energy companies, has launched a new Australian engineered roof solar tile, Volt. The group has also appointed Bristile Roofing as the roofing partner of Volt in Australia and La Escandella, the world’s largest terracotta roof tile manufacturer as its global distributor.
Claiming to be the world’s first tiles that can generate the equivalent amount of energy as a standard solar panel, the solar tiles integrate with roof tiles, and have an initial potential market of 250 megawatts annually.
Peter Leeson, managing director of Leeson Group, founder and director of Volt Solar Tile said one five kilowatt system costs $12,000 fully installed after small-scale technology certificates solar rebates.
“Australian engineered solar technologies are highly regarded around the world and recognised for their innovation and quality. Our partnership with Bristile Roofing and La Escandella will allow us to expand our market share in the solar tile industry.
“In the future, Volt solar tiles will be Australian made as we are planning to manufacture our solar tiles in Australia and to produce them at a competitive price.”
Pathzero launches estimations tool for emissions in private markets
Pathzero, a company specialising in the management of financed emissions, has launched Pathzero Navigator, a data-driven portfolio alignment tool designed to provide private markets investors with a snapshot of financed emissions.
The tool aims to help firms measure, reduce, offset and report carbon emissions and was tested in the pilot phase by firms including StepStone, Antler and Carthona.
Carl Prins, co-founder and chief executive said private market firms are under pressure to decarbonise.
“Private market firms—which are traditionally opaque— are under increasing pressure from investors, stakeholders, employees and the public to report accurate information about their emissions.
The tool “is specifically designed for asset managers regardless of where they are on their climate journey, giving them the tools to take action to comply with the global emissions reporting standards while upholding fiduciary duty and improving their brand image.”