Monthly Archives: December 2013

Climate Action, Climate Policy & Planning

Saving the CEFC

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Sophie Vorrath at RenewEconomy reports that both Senators Xenephon and Madigan spoke against the bill to abolish the Clean Energy Finance Corporation (CEFC). The Abbott government may not be able to complete their destructive war against renewable energy, even with the new senate next July. My understanding is that they need six votes from the cross benches. These may be hard to find.

However, Vorrath gave prize for best and most impassioned Senate speech in defence of the CEFC to WA Greens Senator Scott Ludlam, who repeatedly pointed out the lack of Coalition Senate representatives to argue their side of the debate. I’ve republished here her selection of highlights in plain text rather than italics. Continue reading Saving the CEFC →

Climate Action, Environment

Galilee Basin coal: a vision splendid or a kind of madness?

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This map gives some idea of the geographic positioning of the vast Galilee Basin, one of the greatest untapped coal reserves in the world.

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This map locates it in relation to some well-known towns.

Last year we were told that nine coal mines are proposed. The Alpha proposal and Kevin’s Corner (GVK and Hancock Coal) could each produce 30 million tonnes per annum for export, Palmer’s China First hopes for 40 million tonnes. The Carmichael deposit (Adani) at 10 billion tonnes is the world’s largest coal deposit. I think the plan there is for another 30 million tonne mine.

Greame Readfearn has calculated that the Alpha and Kevin’s corner projects alone will produce 3.7 billion tonnes of CO2-e when burned. He compares that to the UK which emitted 571.6 Mt of CO2-e last year. He also outlines some of the difficulties being encountered, including contestation in the land Court.

Greenpeace calculated that if the Alpha coal project was a country, its annual emissions would be higher than the likes of Austria, Columbia and Qatar.

Last week Lateline highlighted the problems encountered by Adani, mainly high debt. A report by the Institute for Energy Economics and Financial Analysis commissioned by Greenpeace found the project “uncommercial” and found that Adani Power was losing money on its other operations. Continue reading Galilee Basin coal: a vision splendid or a kind of madness? →

Life, Social Science and Society

Is the Pope a communist?

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Hardly, but he is certainly a severe critic of market capitalism. George Weigel sees his recent apostolic exhortation Evangelii Gaudium (The Joy of the Gospel) as

a clarion call for a decisive shift in the Catholic Church’s self-understanding, in full continuity with the teaching of the Second Vatican Council, Paul VI, John Paul II and Benedict XVI.

Austen Ivereigh begins his broader treatment this way:

The first teaching document mainly authored by Pope Francis, Evangelii Gaudium, is a bold and thrilling bid to send the Catholic Church worldwide on mission. Energetic, direct, lyrical, its language and style model the evangelization to which the Pope is calling Catholics. In sharp critiques and passionate prose, it polarises the choices faced both by the Church and the world, gently but insistently inviting people to opt for mission – and to a journey of transformation and reform.

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Be sure to read, however, Travis Gettys’ Pope Francis rips capitalism and trickle-down economics to shreds in new policy statement. Continue reading Is the Pope a communist? →

Politics & Government

Keating the maddie

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Politicians come in three types – straight men, fixers and maddies. … I am certainly a maddie!

That or something like it was the grab used on radio to promote the final episode of the Keating interviews with Kerry O’Brien.

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I was left wishing for more. I’d be interested in what he has to say about anything, but his comments on Labor since his time would have been especially interesting – even on Gillard/Rudd!

Laying the groundwork for the annual APEC Economic Leaders’ Meeting will be an enduring achievement.

We were left with a haunting glimpse into the personal cost to Keating’s family life.

The earlier post is here.

I can still remember the fateful day on 2 March, 1996. I was mowing a lawn in Milton. There was daylight saving and by 5.20pm our time it was clear that an era had ended. Labor retained only 49 seats though the 2PP ended up 46.37/53.63. This time it was 46.51/53.49. The furniture disappears very quickly when you get into that zone!

Climate Action

Climate clippings 88

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Climate clippings_175These posts are intended to share information and ideas about climate change and hence act as a roundtable. Again, I do not want to spend time in comments rehashing whether human activity causes climate change.

This edition is completely about implementation issues and is largely based on a number of links drawn to my attention by John D, for which gratitude and thanks. I’ve restricted the offering to six items to make it more digestible.

1. The battery storage system that could close down coal power

A German company is developing relatively large scale battery storage (up to 10MW-sized battery parks) which could “stabilise the grid faster, cheaper and with greater precision that conventional generation.”

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It says that these systems can substitute 10 times the capacity from conventional generation – coal, nuclear and gas – and at a fraction of the cost. According to Younicos spokesman Philip Hiersemenzel, each battery park can be installed at around € 15 million, which means that for an investment of €3 billion, conventional generation in Germany’s 80GW would no longer be needed – at least for frequency and stability purposes. Continue reading Climate clippings 88 →

Social Science and Society

Hockey’s Graincorp decision

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grain silos_image_300Terry at Saturday Salon has raised the issue of Treaurer Hockey’s decision to disallow the US company Archer Daniels Midland’s (ADM) A$3.4 billion 100% takeover bid for the Australian company GrainCorp. As Terry said, Judith Sloan went ballistic, Bernard Keane and Glenn Dyer were scathing at Crikey, as was Geoff Kitney at the AFR.

For a straightforward account of what happened, try Michelle Grattan at The Conversation. She does call GrainCorp an agri-giant, although it’s not a large company in Australian terms, may just rate as a ‘mid-cap’. In American terms it’s a tiddler. Nevertheless it would have been ADM’s biggest acquisition to date. ADM is worth about $US27 billion. Graincorp after the post-bid price fall in now worth about $A2 billion.

Must reads, I think are Laura Tingle’s article and Hockey’s statement.

There are at least three reasons why the bid was rejected.

First, there is a lack of competition in the eastern seaboard grain handling market. Graincorp owns 7 out of 10 terminals and handles some 85% of the grain. From Grattan:

“Many industry participants, particularly growers in eastern Australia, have expressed concern that the proposed acquisition could reduce competition and impede growers’ ability to access the grain storage, logistics and distribution network,” he [Hockey] said

Given the transition to a more competitive network was still emerging, “now is not the right time for a 100% foreign acquisition of this key Australian business.”

Secondly,

A “further significant consideration” was that the proposal had attracted a high level of concern from stakeholders and the broader community.

Allowing the bid to proceed “could risk undermining public support for the foreign investment regime and ongoing foreign investment more generally”.

Thirdly, and down-pedalled somewhat, there were issues about ADM’s motivation and longer-term priorities and its record of providing service in its home market, in other words, questions of character. The sweetener of $200 million for additional investment and promised price caps for handling fees was too late to be persuasive. In any case there was no guarantee that farmers would not pay in the long run. Continue reading Hockey’s Graincorp decision →