More Australian giants set target commitments, including ANZ, Woolworths and REST.
Geelong is set to host one of the world’s largest batteries, thanks to a new initiative from the Victorian government. The Victorian Big Battery will be twice the size of the famous Tesla battery at Hornsdale in South Australia, with a capacity of 300 MW and 450 megawatt-hours. Angela Macdonald-Smith at the Australian Financial Review.
New research, using data produced for the Australia Institute, shows renewables have reduced Australia’s emissions more significantly than the COVID-19 pandemic. Graham Readfearn at The Guardian.
Joe Biden’s election is ‘likely to affect climate in two ways… increasing the confidence of major investors to back clean solutions as it became even clearer the world was moving away from fossil fuels’ and by ‘radically transforming climate change diplomacy’, says ClimateWorks board member Howard Bamsey. Adam Morton at The Guardian.
Climate targets and commitments
AustralianSuper, the nation’s largest superannuation fund, has stepped up its climate policy with a commitment to net zero by 2050. Charlotte Grieve at the Sydney Morning Herald.
ANZ has a new climate change policy. Group executive Mark Whelan describes the ten year strategy as ‘taking strong action to support the Paris Agreement’. Rachel Clayton at ABC News.
Woolworths has pledged to source 100 per cent renewables by 2025. Sophie Vorrath at Renew Economy.
Retail Employees Superannuation Trust (Rest) pledged to align its investment portfolios to net zero emissions by 2050 and settled the case from 25 year old fund member Mark McVeigh against the fund for failing to protect retirement savings from the impact of climate change. Elouise Fowler at the Financial Review.
Stationary giant Officeworks commits to 100% renewable electricity in the next five years. Bella Peacock at PV Magazine.
From the region
On the back of Japan’s net zero by 2050 announcement, the country’s multinational conglomerate Toshiba announced it would stop taking orders for new coal-fired plants. Nikkei Asia.
Indonesia is set to develop a circular economy for electric vehicles (EVs), the country has set its sights on becoming a major player in the EV economy and is expected to export 200,000 electric cars by 2025. Yunundita Prasidya in The Jakarta Post.
The Philippines has shut the door on accepting new proposals for coal power projects in order to encourage investment in other energy sources after coal’s growing dominance in the country, accounting for up to 41% of capacity last year. Bangkok Post.
The Asian Development Bank (ADB) and Indonesia’s state-owned electrical giant PLN are set to pilot issuance of energy transition bonds in 2021 in an effort to reduce the company’s carbon footprint. Norman Harsono in The Jakarta Post.
Malaysia’s Sarawak Energy and Petronas have signed an MoU to collaborate on green hydrogen production and its value supply chain exploration in Asia. The Edge Markets.
In case you missed it
Japan’s new Prime Minister announced an ambition to achieve net zero emissions by 2050 and become a carbon neutral society, a major shift in policy. ABC News.
South Korea, where renewables currently make up just 6% of electricity generation, also pledged to achieve carbon neutrality by 2050. Justin McCurry at The Guardian.
In a global first for a jurisdiction of its size, all of South Australia’s power was generated by solar power for just over an hour. Richard Davis for ABC News.