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Minister @AngusTaylorMP is trying to amend Australia's green bank @CEFCAus from a profit-making investor in renewables to a loss making underwriting of fossil fuel projects

Key concerns with amendment (thead) #auspol

smh.com.au/politics/feder… summary in @smh from @micksfoley
1. Invest

Definition of 'investments' to now include funding projects that 'may not have a return on investment'

Why make a successful public bank do that?

So it can back in dud projects cherry-picked by Minister Taylor (hint -they are gas + coal)

thesaturdaypaper.com.au/news/politics/…
2. Gas

Changes the definition of 'low emissions technology' to include a fuzzy thing on 'low emissions energy system' (see pic)

Why?

To specifically include gas and probably also coal.

Only assurance its not coal is a throwaway line in the Explanatory Memo - nothing in law!
3. 50%?

The entire @CEFCAus (currently $6 billion deployed) has a mandate to make at least 50% of funded projects renewables.

But this new $1 billion gets an exemption. It can fund majority non-renewable projects

@MichaelM_ACT @renew_economy #auspol
reneweconomy.com.au/grid-reliabili…
4. Function

It adds a function to the CEFC to support grid stability which under a government you can trust with the energy grid seems sensible....

This function applies to the whole CEFC on our reading.

canberratimes.com.au/story/6897524/…
@_gredley @canberratimes
5. No love for sister org @ARENA_aus

The CEFC can provide a dividend from profits to @ARENA_aus - something we @DanJCass suggested to save ARENA which is running out of funds

This bill ringfences the new $1b from ever going to ARENA!

tai.org.au/content/fighti…
6. UNGI

All this to fund the dodgy Underwriting New Generation Investment program, @AngusTaylorMP list of shady new power generation projects inc 5 gas plants and one coal upgrade (Vales Point).

So dodge the Auditor is now looking into it

#auspol

theguardian.com/australia-news…
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Richie Merzian
@RichieMerzian
Energy and Emissions Reductions Minister #AngusTaylor quietly commissioned fossil fuel executive Grant King to review gov climate policy

Its out and its worrying

It help polluters with quicker, cheaper, easier reductions at climate's and taxpayer's expense.
#auspol

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First this is a red carpet exercise for the Government's failed clean coal technologies

This includes amending mandates for our clean energy funding bodies the @CEFCAus and @ARENA_aus to now allow them to not fund clean energy through CCS

smh.com.au/politics/feder…
King calls for the limited climate funding (only $2b over 10yrs vs 100 times that spent on #covid19) to go to Carbon Capture and Storage

The gov has already spent $1.3b on CCS with nothing to show for it, see @TheAusInstitute report

Yep clean coal 2.0

tai.org.au/content/money-…
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Richie Merzian
@RichieMerzian
Minister for Emissions Reductions will move away from highly successful emission reduction tech (renewable energy)....

To the most unsuccessful emissions reduction technologies in the last 15 years - Carbon Capture and Storage for Fossil Fuels

Thread

theguardian.com/australia-news…
Carbon Capture and Storage (CCS) coupled with coal ('clean coal') has been a dismissal failure

Both Labor and Coalition governments have invested over $1.3 billion since 2003 to get CCS on coal up and running and have nothing to show for it

#auspol

tai.org.au/content/money-…
The optimism and money thrown at CCS has been an international failure and distraction to keep fossil fuels alive

See @TheAusInstitute report in 2018 that every target set for CCS, be it from IEA to IPCC has failed.

#auspol

tai.org.au/content/sunk-c…
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Richie Merzian
@RichieMerzian
There will be alot of scrambling to hide years of climate wrecking behaviour from the likes Business Council of Australia and major fossil fuel companies

Don't be fooled - they are just trying to buy their way back and as cheaply as possible

thread

australia.chevron.com/news/2020/aust…
Chevron

Responsible for half national increase in Australia's emission 2017-2018 from failed CCS

Shouted down the WA Government when asked to offset future emissions

Massive tax dodger! Caught by ATO expects $10 BILLION back

Gives $1m charity #auspol
Business Council of Australia, lobby of biggest richest companies

Flip flopped on climate with each PM, including on the 2011 carbon price

Claimed Aus doing the bottom end of its fair share (45% cut) was 'economy wrecking'

Set up a $25m trust fund

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