Australia pledges more funding for hydrogen, CCS

Market: Coal, Electricity, Emissions, Natural gas
21/04/21

The Australian government has pledged further funding for hydrogen and carbon capture and storage (CCS) activities, with A$275.5mn ($212mn) to be allocated to develop more hydrogen hubs in regional Australia. The funding will come from the federal budget for the 2021-22 fiscal year to 30 June.

Canberra has identified seven highly prospective locations to develop hydrogen hubs. These are Bell Bay in Tasmania; the Pilbara region in Western Australia (WA); Gladstone in Queensland; Victoria's La Trobe valley; Whyalla in South Australia; Hunter Valley in New South Wales (NSW); and Darwin in the Northern Territory. All of these are already energy-, including thermal coal and gas, or mineral-producing regions and close to port facilities. This implies that the hydrogen is likely to be produced from fossil fuel sources as opposed to renewable sources.

The Australian government said it has now committed around A$850mn in funding for hydrogen. A further A$263.7mn has been allocated for CCS, including potential projects in Moomba in South Australia, Gladstone; the Darling basin region in NSW; the North West Shelf (NSW) and Bonaparte basin, both offshore WA; as well as Darwin and southwestern WA. The new funding is in addition to the A$50mn pledged for CCS projects last year.

The announcements come ahead of the US-hosted virtual climate summit on 22-23 April.

Australia is the world's largest LNG exporter and second-largest thermal coal exporter. Its largest buyers of coal and LNG, China, Japan and South Korea, have all pledged to achieve net-zero greenhouse gas emissions by 2050, and 2060 for China.

By Kevin Morrison

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Cop: Sweden pledges GCF, loss and damage finance

London, 14 November (Argus) — Sweden has committed to provide 8bn Swedish kronor ($763mn) for the UN's Green Climate Fund (GCF) and a further SEK200mn ($18.1mn) to the UN loss and damage fund. The loss and damage fund seeks to address the irreversible and unavoidable effects of climate change in developing countries. The fund is now ready to receive contributions — all of which are voluntary — after the World Bank and the Philippines officially became its secretariat and host country, respectively, on 12 November. Sweden's contribution takes the total finance pledged to more than $720mn. The fund is expected to start financing projects next year. And the country's commitment to the GCF takes that fund's latest replenishment to more than $13.5bn. The GCF is the world's largest climate fund, with a portfolio of almost 300 projects across 133 developing countries. The UN Cop 29 climate conference started on 11 November and runs to 22 November. Governments and banks typically use the summit's themed ‘finance day' — today — to make concrete pledges of funding. But these are so far largely absent this year, although a group of ten multilateral development banks yesterday estimated an increase in their climate financing to $170bn/yr by 2030. Most countries are focused on reaching agreement on the new overarching climate goal , known as the new quantified collective goal (NCQG). By Georgia Gratton Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

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Bangladesh’s spot LNG purchases spike on power demand

14/11/24

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14/11/24

Bangladesh’s spot LNG purchases spike on power demand

Mumbai, 14 November (Argus) — Spot LNG imports into Bangladesh have spiked just three months into the interim government of Muhammad Yunus. The interest upsurge is the largest seen so far, and is made more compelling particularly with spot prices well above $13/mn Btu, which has sidelined even key importers such as India and China. The rise in LNG imports comes on the back of Bangladesh's power market struggling to meet electricity supply owing to unpaid power bills under the previous prime minister Sheikh Hasina's government earlier this year. Bangladesh's power generation currently has stabilised after experiencing a sharp downturn in August when the former prime minister resigned. Maximum power generation so far this month stands at an average of 12.5GW, up by 6pc on the year (s ee graph ). Bangladesh's Rupantarita Prakritik Gas (RPGCL), operating under state-owned oil and gas firm Petrobangla, is the sole LNG importer in the country. 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Cop: ADB, Kazakhstan tie up on early coal retirement

14/11/24

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14/11/24

Cop: ADB, Kazakhstan tie up on early coal retirement

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Cop: Argentina pulls delegation from Baku

13/11/24

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13/11/24

Cop: Argentina pulls delegation from Baku

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Cop: French energy minister cancels visit to Baku

13/11/24

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13/11/24

Cop: French energy minister cancels visit to Baku

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