Day 60: 'Our targets are stronger'
An introductory weekday newsletter from Schwartz Media. Counting the days since Australia had an energy policy.
Good morning and welcome to day 60.
Today in summary: the Greens used the Senate to put a deadline on government releases of data on Australia’s carbon pollution levels; Origin Energy faced a big proxy vote from the anti-carbon lobby; and Hydro Tasmania’s A$168 million profit went unremarked in political circles.
— Charis
Today’s policy spin level: 💨💨💨
The government will be expected to release data on Australia’s carbon pollution levels within five months of the end of each quarter (or explain why it can’t), after the Greens moved a Senate order, supported by Labor and the crossbench. The National Greenhouse Gas Inventory is a federal government database that tracks progress towards Australia’s 2020 emissions reduction target. The most recent data for the March 2018 quarter was released on September 28.
Sydney Morning HeraldGentailer Origin Energy says it will provide further disclosure on its policy advocacy on climate change and how that differs to that of the industry associations it’s a member of, following a resolution backed by 46.3% of proxy shareholders. Speaking at the company’s annual general meeting, Chairman Gordon Cairns said:
“We continually assess the alignment of our own climate and energy positions with those industry associations of which we are members. Where there are differences we make our position clear to the specific industry association and we represent our own position to relevant governments and other stakeholders, but we understand that clarifying our involvement with industry associations is of considerable interest to our shareholder base, therefore we are very happy to improve the disclosure of our membership of industry associations including describing our processes for engagement and our contribution to policy advocacy in our future annual sustainability reports.”
At the heart of the issue is what some lobbyists see as a divide between the Business Council of Australia’s stated view that a 45% emissions reduction target would be “economy wrecking”, and Origin Energy’s position that Australia’s current 26 to 28% reduction target should be the minimum. Origin chief executive Frank Calabria yesterday said:
“We’re very clear about what we think should be the minimums around emissions…
I don’t think there will be bipartisan support on emissions at a government level, but we will continue to lead our transition according to targets that we think are responsible.
The current targets by Australia should be the minimum. Our targets are stronger than the Australian targets here today.”
The Tasmanian government will receive an A$80 million windfall from Hydro Tasmania, after the state-owned company delivered a A$168 million profit for the 2017-18 financial year. The dividend to the State government was significantly higher than the A$12.3 million predicted, with Tasmanian dams benefiting from higher rainfall. Tasmania’s power boom comes on the back of profit rises by state-owned power companies in Queensland. The A$1.65 billion dividend expected to be delivered to the Queensland government this year sparked accusations of price gouging by the State opposition, but Queensland Energy Minister Anthony Lynham said more than 90% of it would be invested back into energy affordability measures for consumers.
The Mercury | The Australian
The Commentariat
In the absence of US regulatory certainty on climate change, investors are pressuring industry to reduce methane emissions, writes Sean Wright and Kate Gaumond from the Environmental Defence Fund.
“Investors have found current methane reporting inadequate compared to its importance in determining the role gas can play in a low-carbon future. The inconsistency and inaccessibility of information leaves concerned investors in the dark about industry’s plan to manage a major climate risk.”
Three more things
European policymakers have agreed on a pact to safeguard data generated by smart grids. The European Distribution System Operators' Association for Smart Grids (EDSO) and the European Network for Cyber Security will team up to manage grid security requirements, training and testing.
Associate Professor Jack Clegg, a researcher at the University of Queensland, is a recipient of a 2018 Prime Minister’s science prize for both his work on crystals, and his research into the use of molecules as sieves in purification processes, which currently use about 15% of the world’s energy.
Gentailer Origin Energy has become an internet service provider, using Optus sub-wholesale services to offer NBN and ADSL deals. The company yesterday said it had signed on 1,500 customers.
This is an introductory service while we’re building a comprehensive daily paid online publication, coming in early 2019.
We’re not here to take sides, simply to cut through the noise, and help you make sense of the emerging policy and market trends you need to be across. We call it pure intel. You can read more about us here.