BUSINESS NEWS: Victoria is leading the way with the most ambitious climate agenda yet, while Queensland pays the cost of climate inaction, and across the country we have seen the worst year on record for new approved capacity in renewables.
“Victorians just endorsed the most ambitious climate change agenda in Australian political history”.
That was the statement from Environment Victoria, and the rest of planet-conscious Victorians will be watching closely to see that the Andrews government now delivers on its ambitions.
If it does it will be scene-setting for the rest of the country, even federally.
The fledgling green shoots displayed by the Coalition in Victoria ought to bring home the message that green is most definitely the new black, or whatever curly moniker you want to put on it. Point is Mr Andrews, you’ve been endorsed to gun it!
Here’s a quick summary of what you promised and we all want now:
- close all remaining coal power stations by 2035
- build massive amounts of offshore wind and large-scale batteries
- cut Victoria’s emissions by up to 80 percent by 2035
- revive the State Electricity Commission
Saturday’s result shows voters will reward governments willing to take the fight to big polluting energy companies, Environment Victoria said.
“In taking the driver’s seat in Victoria’s renewable revolution, the Andrews government has the opportunity to always seek First Nations consent and ensure they receive a share of the wealth generated from renewable energy projects on their land.
“And given the SEC helped dig the mines in the Latrobe Valley, we’d like to see the same commitment to cleaning them up as there is for government-owned energy. If done right, the enormous task of rehabilitating the scars left by a century of coal mining can bring jobs and an improved environment to the Latrobe Valley community.”
After COP 27 it’s hard to find any reason to delay on fast and radical action.
Meanwhile in NSW the Upper House launched an inquiry into the integrity of the NSW Biodiversity Offsets Scheme, to ensure it meets best practice principles for biodiversity offsetting.
The government is also reviewing biodiversity conservation and land clearing laws introduced five years ago that have offsetting as a key component.
Queensland pays cost of climate inaction
And in Queensland it’s unfortunate to note that the state has been named number one in terms of economic damage from extreme weather disasters, including this year’s floods.
The new report, from the Climate Council reveals that more extreme weather is likely over summer.
The report reveals:
- extreme weather disasters have cost the state approximately A$30 billion since the 1970s, about three times those of Victoria
- the state suffered an estimated $7.7 billion in social, financial and economic impacts due to rainfall and floods in February and March 2022 alone
- the City of Brisbane suffered $1.38 billion in insured losses from this year’s floods, more than any other local government area in Australia
- extreme weather cost every Australian household an average of $1,532 over the past year
- agricultural damage during February in Southeast Queensland was estimated to be $254 million, with impacts ongoing
- sea surface temperatures around Australia are higher than average, leading to a wet seasonal outlook and an increased risk of marine heatwaves during summer
The Climate Council called on the federal government to develop a properly integrated national adaptation and disaster resilience strategy and supporting action plan to reflect the new reality of disasters.
Professor John Quiggin, economist at the University of Queensland said: “By 2030, one in every 25 Australian properties will be effectively uninsurable due because they are in the firing line time and time again.
“The cost of climate-fuelled disasters is running into the billions and without urgent emissions reductions, will continue to soar.
“That’s billions of dollars that could have been better spent on hospitals, education, early learning and other vital services for our community.
Worst year on record
And a new report from the Clean Energy Council reveals that the past year has been the worst on record for new approved capacity.
Clean Energy Council chief executive, Kane Thornton said: “This report also makes it abundantly clear that Australia’s clean energy transition has been throttled by years of policy uncertainty, with just one project reaching financial close this quarter and the amount of quarterly commissioned capacity continuing the downward trend of the last few years and now at its lowest level on record at 127 MW.”
This comes as renewables receive a push back from environmental groups in North Queensland, with the controversial $1 billion Chalumbin wind farm waiting for approval.
The 86 turbine wind farm planned by South Korean-owned Ark Energy hopes not to impinge on the World Heritage-protected rainforest it would sit just 600 metres away from, but local environmentalists say it would destruct habitat essential for species including the northern greater glider, the red goshawk, magnificent brood frog, the masked owl and the spectacled flying fox.
Queensland Conservation Council director Dave Copeman told The AFR: “We support wind farms – we need gigawatts to transition to net zero – but they need to make sure you don’t damage critical habitat.”
First finance from CEFC timber building program
Hines’ Melbourne timber high-rise development has received new investment from the Clean Energy Finance Corporation (CEFC) as well as finance from the Madigan Active Debt Fund, backed by the Victorian Funds Management Corporation.
It’s the first project to be financed through the $300 million specialist CEFC Timber Building Program, to help kick start mass timber construction in Australia, we hear.
There’s $70 million from the CEFC in debt finance for the 15 storey Melbourne T3 Collingwood development, at 36 Wellington St Collingwood.
The project will reduce embodied carbon by 40 per cent and target market leading net zero emissions once operational. A glue laminated timber structure with cross-laminated timber flooring will sit on five reinforced concrete podium levels.
CEFC chief executive Ian Learmonth said: “Mass timber can play an important role in decarbonising the buildings that make up our cities and this investment showcases how timber can be used to change the way we approach commercial scale buildings.”