ASX Renewable Energy Stocks: Australia rejoins key trading partners as Albo resets for 2030 emissions target
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Newly elected Prime Minister Anthony Albanese has vowed to make Australia a renewable energy ‘superpower’ with promises to boost the share of renewables in the National Electricity Market and “end the climate wars”.
The Australian Electoral Commission had Labor ahead in 75 seats on Sunday night, just one short of the 76 needed to secure a majority, ending nearly a decade of conservative government.
Federal Labor have pledged to cut carbon emissions by 43pc from 2005 levels by 2030, offer discounts for electric cars as well as draft the nation’s first National Electric Vehicle strategy and install community-owned solar power and battery projects around the country.
Under Labor, Australia is set to rejoin key trading partners in their ambition to 2030, like Canada (with its similar economic base) at 40-45%, South Korea at 40% and Japan at 46%.
An allocation of up to $3 billion from Labor’s National Reconstruction Fund has also been set out to invest in green metals (steel, alumina and aluminium), clean energy component manufacturing, hydrogen electrolysers and fuel switching, agricultural methane reduction and waste reduction.
Albo and Foreign Minister Penny Wong will have their first chance at repairing the nation’s tarnished climate reputation on the world stage at the Quad Leaders’ Summit in Tokyo alongside leaders from the US, Japan, and India.
The Quad countries have established a climate working group to cut emissions in the Indo-Pacific and help countries in region respond to the climate crisis.
Climate Council researcher Dr Wesley Morgan says the Quad meeting is Albanese’s first shot to showcase what strong leadership looks like from a country that’s been a global climate embarrassment for far too long.
“This is a pivotal moment,” he said.
“Climate action is a key area for cooperation among Quad states who make up some of our most important trading partners and allies.
“The US in particular, our key security ally, has pressed Australia to do more on climate as part of Quad collaboration.
“The US has integrated climate policy into its Indo-Pacific Strategy – Washington wants to see countries in the region setting stronger emissions targets, and wants to serve as the preferred partner as the region transitions to a net-zero future.”
Australia must work with our key ally toward a net-zero Indo-Pacific, Wesley added, as we are well placed to “cash-in on supplying growing economies with our clean energy, minerals, and products”.
Here are the Quad state’s climate targets:
Waste management company, M8S, is seeking to raise around $10 million with a minimum subscription of $8 million through a pro-rate renounceable entitlement offer of 21 fully paid ordinary shares.
Funds raised will enable the completion of the Gingin Landfill Facility, allow for payment to Gingin construction lead contractor SBANG Australia for project costs, and provide additional working capital to strengthen the balance sheet.
The entitlement offer is not underwritten but the company’s major shareholder, M8 Holding, will be converting its loan of around $1.4 million to equity under the offer.
Construction at Gingin is nearing completion with final ancillary works covering fencing, roads etc currently underway.
Final documents associated with the sign-off of the Works Approval, as granted by DWER, to obtain an operating licence will be lodged on completion of construction – currently expected to be July 2022.
Operations are expected to kick off by the end of September 2022.
TOU is developing the Lesedi Power Project in Botswana’s central district, about 100km away from the existing electricity grid.
Construction activities for the transmission line to connect the project to the power grid have kicked off and contractors Zismo Engineering have completed their preliminary work with bush clearing underway.
Work on the transmission is set for completion in mid 2023, with the substations at either end of the transmission line expected to be completed in the second half of 2023.
Sale of electricity will then begin thereafter.
Zismo has also started procurement of equipment, which includes manufacture of steel and wooden poles, cross-arms, line hardware, fittings and stay wire and assemblies.