Essays by Eric Worrall
What if all the personal money they modeled didn’t show up?
$500 million to set up Powering Australia tech fund through CEFC
November 23, 2022 4:02 pm
The Australian Government is investing $500 million in the Powering Technology Australia Fund to help businesses deploy innovative projects and technologies to reduce emissions.
This funding will be provided to the Clean Energy Finance Corporation (CEFC) and will accelerate the commercialization of innovative clean energy technologies.
The fund aims to leverage an additional $500 million from the private sector. It will include providing ‘growth capital’ to clean energy technology businesses looking to expand.
Through the modification of the Clean Energy Finance Companies ActAs part of the Treasury Amendment Bill, $500 million will be added to the CEFC Special Account and the fund details will be incorporated into CEFC’s investment mandate.
State governments are also rushing to pour money into the pot, although in Victoria’s case they are a bit more explicit about that.
‘Dangerous journey ahead’ under Victoria’s energy overhaul
Clean energy investors have warned of an investment drought and major energy users say their survival will be at stake unless the Victorian Labor government implements a radical plan. to restore state ownership of the electricity supply.
Large industries fear that they will be forced into higher prices and forced to take on more risk Andrews government’s plan for re-election revive the State Energy Corporation to invest, own and retail renewable electricity.
The fear of the group representing companies like Brickworks and Bluescope Steel comes as major renewable energy investors say they will not invest the tens of billions of dollars needed to meet the 95% energy target. Victoria’s proposed renewables for 2035 if they are disadvantaged in any way against new state players.
Private investors could face being squeezed out of the planned new investment in energy, which the super-industry — which will co-invest with the SEC — has lined up to support. Morgan Stanley has labeled the plan a “net negative” for key suppliers AGL Energy and Origin Energy.
My question, if renewable energy is such an attractive investment, then why is there a constant need for State and Federal governments to keep pumping taxpayer money?
In my opinion, the desperate political effort to promote the green revolution is strong evidence that the green energy revolution machine is refusing to kick in.
As the Vestas and Siemens graphs at the top of the page show, investment in renewable energy has not really skyrocketed. vestments to close three turbine factories by 2021.
That green investment slump could be about to get a lot worse. US Republican Jim Banks (R-IN) Just Promised To Take Down Biden’s Green Revolution.
Without government money, the only way renewables could prosper is if they were actually cheaper than coal. Do I need the /sarc tag?
Organizations like Australia and California can stumble for a while, burning through their children’s futures in a futile attempt to fulfill their impossible green energy dreams. But in the end, they, like everyone else, will give in. Governments can only defy economic laws for so long, before the gravity of financial distress sends their green fantasies crashing back to Earth.
I expect to see a lot of wind farms and solar farms abandoned over the next decade. Please post any link to the photo you took in the comments, along with a description of the place in the photo. Please state if you are willing to let me use the photos. I would like to use such photos, with acknowledgment, in future WUWT articles on the death of the renewable industry.