New Australian government climate policy killing renewables investment
Habanero EGS Pilot Plant of Geodynamics, Australia (source: Geodynamics)
Alexander Richter
17 Nov 2013
The new Australian government cutting back on renewable energy funding, likely killing investments into renewable energy projects, including geothermal in Australia.
Indications of recent actions by the new Australian government are a blow to the renewable energy industry in the country. Being “focused mostly on pursuing coal, gas and other fossil fuels no matter the social or environmental cost”, so a recent take from an article in the Guardian, it likely means that the already difficult times for the renewable energy industry in Australia will become even more difficult.
The government plans now to abolish carbon price legislation and in those bills, there are worse news to find. There are now provisions being introduced that will cut funding for the Australian Renewable Energy Agency (ARENA) by AU$435 million over the coming three years. This is assumed to kill investments and put projects across the renewable energy technologies at risk. This is particularly difficult for geothermal, an industry that has been struggling in the country.
So the breakthrough of the 1 MW pilot plant of Geodynamics at Habanero in Australia will likely be one of the last projects to be realized in the country. Already Australian companies focus their work on international work, e.g. in Indonesia (Origin Energy), the Pacific room (KUTh Energy/ Geodynamics) and Hot Rock (South America).
Source: The Guardian
