CCS critical to attract investment: Santos

Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 22 : 9-Jul-21

Santos hopes to make a final investment decision on its proposed $210 million carbon capture and storage project in South Australia by the end of September. The project will have the potential to capture 1.7 million tonnes of carbon a year, and Santos contends that will be the lowest-cost CCS project worldwide. CEO Kevin Gallagher contends that Australia has a competitive advantage when it comes to CCS, and that making the most of this will be vital when it comes to the resources sector continuing to attract overseas investment.

CORPORATES
SANTOS LIMITED – ASX STO

Mega projects have a future: Woodside

Original article by Perry Williams, Paul Garvey
The Australian – Page: 13 & 16 : 9-Jun-21

The Western Australian government has approved Woodside Petroleum’s proposed expansion of the Pluto LNG project, subject to a number of conditions. Woodside will be required to reduce carbon emissions at the LNG plant by 30 per cent by 2030, while the project must become carbon-neutral by 2050. The expanded plant will process gas from the Scarborough gas field; Woodside’s interim CEO Meg O’Neill contend that the company can both develop Scarborough and meet its carbon reduction targets, given that the gas field contains almost no carbon dioxide.

CORPORATES
WOODSIDE PETROLEUM LIMITED – ASX WPL

Union roasting for Labor: you are out of step

Original article by Greg Brown
The Australian – Page: 4 : 12-Nov-20

The fallout from Joel Fitzgibbon’s resignation from federal Labor’s frontbench over the party’s stance on climate change is continuing. Labor MP Mark Dreyfus has accused Fitzgibbon of being "out of step" with regional Australians on environmental policy; however, former ACTU president Jennie George contends that the only people who are out of step are Labor MPs who have failed to note the outcome of the 2019 election, which saw voters reject Labor’s climate policies. Peter Jordan of the construction union says Fitzgibbon has merely been trying to get Labor back in touch with its traditional supporter base.

CORPORATES
AUSTRALIAN LABOR PARTY, ACTU, CONSTRUCTION, FORESTRY, MARITIME, MINING AND ENERGY UNION OF AUSTRALIA

Lack of climate action over 50 years will cost the economy $3.4tn and 880,000 jobs – report

Original article by Adam Morton
The Guardian – Page: Online : 2-Nov-20

Deloitte Access Economics claims the Australian economy would receive a ‘hit’ comparable to COVID-19 every year by 2050 if the ‘climate crisis’ is not addressed. The consultancy firm contends the Australian economy will be six per cent smaller and there will be 880,000 less jobs if the crisis remains unchecked over the next 50 years, as well as there being $3.4 trillion in lost economic opportunities. Chris Richardson from Deloitte Access Economics says the experience of COVID-19 has shown the cost of ignoring "catastrophic risks".

CORPORATES
DELOITTE ACCESS ECONOMICS PTY LTD

Cbus silent on coal in new carbon reduction policy

Original article by James Fernyhough
The Australian Financial Review – Page: 18 : 1-Sep-20

Industry superannuation fund Cbus is seeking to reduce the carbon footprint of its investments by 45 per cent by 2030, while aiming for a net zero emissions investment portfolio by 2050. Fellow industry funds HESTA and First State have been explicit about their intention to divest thermal coal assets, but Cbus has declined to follow their example. Cbus has links to the Construction, Forestry, Maritime, Mining & Energy Union, which has members working in the coal industry. Cbus’s chief investment officer Kristian Fok says its decision not to specifically divest coal assets was in part based on insight gained from members working in the coal sector.

CORPORATES
CONSTRUCTION AND BUILDING UNIONS’ SUPERANNUATION FUND, HEALTH EMPLOYEES’ SUPERANNUATION TRUST AUSTRALIA LIMITED, FIRST STATE, CONSTRUCTION, FORESTRY, MARITIME, MINING AND ENERGY UNION OF AUSTRALIA

Big banks accused of climate hypocrisy

Original article by James Fernyhough
The Australian Financial Review – Page: 20 : 8-Jul-20

Market Forces estimates that Australia’s four major banks have provided a combined $35.5bn worth of loans for fossil fuel projects since 2016. The activist group, which is affiliated with Friends of the Earth, contends that this is inconsistent with their commitment to the Paris climate agreement. National Australia Bank’s chief risk officer Shaun Dooley recently stated that the bank aims to assist business customers to transition away from fossil fuels, due to the economic impact of a complete and rapid withdrawal from the sector.

CORPORATES
MARKET FORCES, FRIENDS OF THE EARTH, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB

Anthony Albanese vows to set new medium-term emissions reduction target

Original article by Katharine Murphy, Adam Morton
The Guardian Australia – Page: Online : 25-Jun-20

Labor leader Anthony Albanese has used a National Press Club speech to call for a bipartisan approach to energy policy. He has also indicated that Labor will set a new medium-term carbon emissions reduction target prior to the next federal election. Labor has a long-term target of achieving net zero emissions by 2050, and Albanese says the medium-term target will be based on scientific advice. Employers’ groups such as the Business Council of Australia have expressed support for Labor’s stance.

CORPORATES
AUSTRALIAN LABOR PARTY, BUSINESS COUNCIL OF AUSTRALIA

Big miners back a greener future

Original article by Geoff Chambers
The Australian – Page: 1 & 6 : 22-Jun-20

The Minerals Council of Australia will release details of a three-year climate action plan on 22 June, as well as endorsing the Paris agreement. The MCA’s climate plan includes the use of renewable energy and electric vehicles at mine sites, and it has been put together in response to a climate change backlash from fund managers and shareholders of MCA member companies. As to the issue of zero net emissions targets, MCA CEO Tania Constable says there is no set sector-wide deadline, with member companies having their own timeframes.

CORPORATES
MINERALS COUNCIL OF AUSTRALIA, BHP GROUP LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO

Fortescue fast-tracks carbon-cutting plan

Original article by Nick Evans
The Australian – Page: 15 : 17-Jun-20

Fortescue Metals Group has announced a revised target of 2040 to achieve net-zero operational carbon emissions. The pure-play iron ore miner also aims to reduce its scope 1 and scope 2 emissions from existing operations by 26 per cent over the next decade. However, Fortescue has not set any emission reduction targets for its Iron Bridge magnetite project, advising that it will outline separate targets for the project when it becomes operational in mid-2022. Fortescue continues to resist setting scope 3 emission reduction targets.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG

Rio backs green stimulus ahead of activist meeting

Original article by Nick Evans
The Australian – Page: 15 : 7-May-20

Rio Tinto’s scope 3 emissions will come under scrutiny at the resources group’s Australian annual general meeting on 7 May. A motion will be put to shareholders for Rio Tinto to outline its strategy for reducing scope 1,2 and 3 emissions. Just six per cent of shareholders voted in favour of a similar motion at the 2019 AGM. Meanwhile, Rio Tinto chairman Simon Thompson has supported a push by the Energy Transitions Commission for governments to ramp up investment in green energy as part of the recovery from the coronavirus pandemic.

CORPORATES
TIO2 CORPORATION PTY LTD, ENERGY TRANSITIONS COMMISSION