The CEFC closure bill has been rejected in the Senate. But will a short term reprieve lead to long term salvation?
The under-siege CEFC says it could achieve half of Australia’s emissions reductions out to 2020, at no cost to the taxpayer – and still return money to the struggling Federal Budget. So will ideology and sloganeering triumph over smart policy?
Tony Abbott faces a near impossible task tailoring Direct Action to meet current and future emission reduction targets. The CEFC could deliver abatement at negative cost to the government, and help solve its problems about what to do with ageing coal assets.
The Clean Energy Finance Corporation, targeted by the incoming conservative government as a “giant green hedge fund” that should be closed, has provided $70 million to a new wind project in Victoria in a previously unannounced deal.
The Greens have legal advice that suggests a Coalition government could not close down Clean Energy Finance Corp as it wants to do. However, an Abbott government could fiddle extensively with its mandate.
The Coalition is full of ill-informed anti-renewable energy rhetoric, and there is huge pressure – from outside forces and within its own ranks – to take action to curb its expansion. So what are the ways that Tony Abbott’s team could effectively kill the development of renewables in Australia?
Good luck guessing what the melt-down in Canberra means for climate and renewable energy policies. But one positive spin is that we are half way to the election everyone wanted. Expect an accelerated passage to an ETS, CEFC investments to depend on election timing, and a plea for Rudd to stop saying ‘we’re cooking with gas.’
Tabling of CEFC legislation raises concerns about RET role; UK energy plan to boost nuclear, wind; Windlab’s South Africa win; Dyesol buy-back; SEA CEO shift.