Investment

Australia to Significantly Bolster Green Energy Investment

Published

12 months ago

November 24, 2023

(Bloomberg) — Australia plans to dramatically expand its policy to lure renewable energy investment to the country, Climate and Energy Minister Chris Bowen said, as concerns grow that the government is on track to miss its 2030 green energy targets.

Officials intend to broaden the Capacity Investment Scheme to underwrite about 32 gigawatts of renewable energy projects in Australia, the government said in a statement Thursday, more than five times the 6 gigawatts which were planned under the initial pilot program.

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Bowen said Australia was doing “well, but not well enough” when it came to boosting renewable energy in the country’s power grids. The government had previously promised to boost renewable energy usage to 82% of Australia’s overall power consumption by 2030, but there are concerns the transition is not moving fast enough.

The minister said he wanted to avoid energy shortfalls caused by coal power plants going offline before new renewable alternatives were available.

“We’re in a global race for capital and critical supply chain elements, and we need to make Australia as welcoming and as stable a policy environment as possible for this most important economic transformation,” he said in an interview with the Australian Broadcasting Corp.

The center-left Labor government has expanded Australia’s action to tackle climate change since coming to power in May 2022, including setting the country’s first targets for cutting carbon emissions and expanding investment in green energy. However, it has repeatedly faced criticism from independent lawmakers and environmental groups for failing to do enough to stop severe climate change.

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As Australia moves to cut fossil fuels from its power grid, the Capacity Investment Scheme is designed to help rapidly introduce replacement energy. Under the policy, successful bidders for renewable energy contracts will be offered special conditions which aim to remove the risk for the companies.

Read more: Coal Failures Make Australia World’s Most Volatile Power Market

For renewable projects built under the initiative, any shortfalls in revenue below a certain floor will be reimbursed in part by the federal government. For exceedingly profitable projects, on the other hand, a certain percentage of any excess revenue will be returned to the federal purse.

(Updates with statement from government.)

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Investment

S&P/TSX composite up more than 100 points, U.S. stock markets mixed

Published

3 weeks ago

October 16, 2024

Anne Joseph

TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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Economy

S&P/TSX up more than 200 points, U.S. markets also higher

Published

4 weeks ago

October 11, 2024

Anne Joseph

TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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Economy

S&P/TSX composite little changed in late-morning trading, U.S. stock markets down

Published

4 weeks ago

October 10, 2024

Anne Joseph

TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.

The S&P/TSX composite index was up 0.05 of a point at 24,224.95.

In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.

The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.

The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.

The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.

This report by The Canadian Press was first published Oct. 10, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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