Q&A: Why Banks Are Steering Clear of Coal FacebookTwitterLinkedInEmailPrint分享Huffington Post Australia:As news broke of the government’s decision to ditch the proposed Clean Energy Target (CET) and adopt instead the hastily cobbled-together “National Energy Guarantee” (NEG), Energy Finance Analyst Tim Buckley, from the Institute for Energy Economics and Financial Analysis (IEEFA), went on Sky News and voiced strongly worded opposition to the plan.HuffPost Australia contacted Tim Buckley to run some of the key points of the National Energy Guarantee past him.HuffPost Australia: OK Tim, let’s start at the beginning. In abandoning the CET, the government is effectively saying renewable energy simply can’t do the job that fossil fuels can do, and that only coal can provide the baseload grunt underpinning the system. Is this true?Tim Buckley: Baseload is a term which was 100 percent relevant 10 years ago. It is is out of date now and is an excuse for why we need to subsidise coal. Baseload is no longer relevant because demand and supply are more flexible. This is what AEMO [the The Australian Energy Market Operator] is saying and what the Chinese government and other governments are saying. A grid is stronger when it is diversified.HuffPost Australia: But both Prime Minister Malcolm Turnbull and Resources Minister Josh Frydenberg repeatedly said on Tuesday that only their new plan provides true “reliability”.Tim Buckley: The government is fixated with reliability as an excuse to prop up the coal-fired power industry even more than it’s already been propped up through 50 years of massive subsidies. The government is throwing misinformation. When did you last have a blackout? Our network is gold-plated to allow grid reliability, especially in Sydney and Melbourne.HuffPost Australia: What about “affordability”, which is another term Turnbull and Frydenberg have repeated many times this week. Is renewable energy more expensive?Tim Buckley: No, that is not true. Wind is now cheaper than new coal or gas, and solar is at least at parity. The price of wind and solar is dropping every year.HuffPost Australia: We often hear that the government’s reluctance to subsidise or incentivise renewables has left investors running scared of committing to the sector. Are there really Australian investors out there busting to invest in renewables?Tim Buckley: We have the fourth largest superannuation pool in the world. It is 2 trillion dollars and growing, and it is looking for industries of the future that are sensible and commercially viable. Anyone investing in thermal power could assume to maximise profits in the near term because they know the world has to deal with climate change in the medium to long term.HuffPost Australia: And if they can’t invest here…Tim Buckley: They are going offshore instead.HuffPost Australia: We know that banks are increasingly reluctant to fund massive new coal projects like Adani’s proposed Carmichael mine. But will they fund renewable energy?Tim Buckley: The banks are there to make money, and that’s why they are moving. They know that the policy is changing in China, in Europe, in Korea, in America, in Indonesia and they don’t want to be facing a cliff [by committing to redundant coal projects] when inevitably we get sensible energy policy here.The five biggest American banks have in the last three months committed $575 billion in lending to renewable projects, and no one is forcing them to do it. CommBank here has committed $20 billion, and it’s roughly the same size as the American banks. In many ways, [renewable energy projects] are the perfect asset — long duration and low risk.More: The Energy Analyst Who Is Totally Gobsmacked By Turnbull’s ‘Ridiculous’ Energy Plan
BATESVILLE, Ind. — The annual Batesville Fire & Rescue Summerfest kicks off tonight with events for the entire family.Friday night you and your family can enjoy a fish dinner from 5 – 8 and live music by The Renegades from 7 – Midnight.Saturday the firemen’s parade begins at 2 PM, with the fried chicken and smoked pork chop dinners being served from 4 – 8.The festival concludes with live music by Five Lights from 7 – Midnight.There will be concessions available and bounce inflatables.
Chuck Bullough was asked on Tuesday if he would stick with cornerback Julian Whigham, or look to use some of the younger players over the incumbent senior starter.“We’ve discussed that as a staff,” Bullough, Syracuse’s (3-3, 1-1 Atlantic Coast) defensive coordinator, said. “I don’t want to give our opponent any kind of advantage. But Julian’s a great kid. He works hard. We just got to keep progressing as we go through.”Whigham has been a starter the past two seasons after recording three interceptions in an injury-shortened sophomore season. Since then, he’s recorded just one interception, and has been at the center of numerous defensive lapses, including the game-tying touchdown in double overtime against Virginia on Saturday.Along with fellow starting cornerback Corey Winfield, the Orange has used Cordell Hudson, Juwan Dowels and Wayne Morgan at the position. Comments AdvertisementThis is placeholder text Published on October 20, 2015 at 9:52 pm Contact Sam: [email protected] | @SamBlum3 Facebook Twitter Google+