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Under the new terms offered by Brookfield, the A$9.43 per share bid remains but some investors can stay invested in the energy markets business that would be owned by Brookfield. Brookfield's consortium partner EIG Partners would take on Origin's integrated gas business which includes the 27.5% stake in Australia Pacific LNG (APLNG). If that bid fails to achieve 75% shareholder support, an alternative proposal has been lodged that would see Origin sell the energy markets business to Brookfield for A$12.3 billion. When asked during a press conference if he had reservations about the revised deal, Chairman Scott Perkins said: "absolutely". DONE TALKINGFollowing the announcement of the revised offer, EIG CEO Blair Thomas told Reuters that he was done talking to AustralianSuper.

Persons: Dado Ruvic, Australia's, EIG, Scott Perkins, Blair Thomas, Allan Gray, Simon Mawhinney, Mawhinney, Chris Bowen, Scott Murdoch, Lewis Jackson, Praveen Menon, Lincoln, Sonali Paul, Jamie Freed Organizations: Brookfield, REUTERS, SYDNEY, Brookfield ., EIG Partners, Australia Pacific LNG, Reuters, Brookfield consortium's, Energy, Thomson Locations: Brookfield, Sydney, Australia

Origin said based on the early votes received the original offer would not have won support. Under the new terms, the A$9.43 per share bid remains but some investors can stay invested in the energy markets business that would be owned by Brookfield. If that bid fails to achieve 75% shareholder support, an alternative proposal has been lodged that would see Origin sell the energy markets business to Brookfield for A$12.3 billion ($8 billion). Origin shareholders would receive a total of A$9.08 per share, with an additional A$0.22 if EIG got up to 90.1% control of Origin. Institutional investors who have already voted on the A$9.43 offer can choose to change or keep their vote, or opt to invest in the energy markets business.

Persons: Dado Ruvic, EIG, Chris Bowen, Scott Murdoch, Lewis Jackson, Miral Fahmy, Lincoln, Sonali Paul Organizations: Brookfield, REUTERS, Companies Brookfield, Origin Energy, Brookfield ., EIG Partners, Australia Pacific LNG, Brookfield consortium's, Energy, Thomson Locations: SYDNEY, Brookfield, Sydney, Australian, Australia

The A$300 billion ($195.24 billion) pension fund was against the original offer, which it also said substantially undervalued the company's ability to profit from Australia's shift to renewable energy. Under the new terms offered by Brookfield, the A$9.43 per share bid remains but some investors can stay invested in the energy markets business that would be owned by Brookfield. Brookfield's consortium partner EIG Partners would take on Origin's integrated gas business which includes the 27.5% stake in Australia Pacific LNG (APLNG). If that bid fails to achieve 75% shareholder support, an alternative proposal has been lodged that would see Origin sell the energy markets business to Brookfield for A$12.3 billion. DONE TALKINGFollowing the announcement of the revised offer, EIG CEO Blair Thomas told Reuters that he was done talking to AustralianSuper.

☆ Australia says nuclear isn't part of its energy mix. Here's why
▼ + stars: | 2023-07-25 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +3 min

watch nowNuclear energy has never been part of Australia's energy mix as it has abundant renewables, according to Australia's minister for climate change and energy. Nuclear plays a role in various countries' mix, but in Australia, it never has," Chris Bowen told CNBC on the sidelines of the G20 energy ministers meeting in Goa, India. "Wherever you look, there's issues from our point of view with nuclear energy," he said, outlining problems that can come from adopting nuclear energy. Furthermore, Australia will be starting from "worse than scratch" since it never had a nuclear industry in the first place, he said. "They're not going to be replaced with coal fired power, it's just not going to happen," Bowen said.

Persons: Chris Bowen, CNBC's Sri, Liddell, Bintang, They're, it's, Bowen, Vladimir Putin, David Gray Organizations: CNBC, Liddell Power Station, Getty, Australia, Gas, country's Clean Energy Council Locations: Australia, Goa, India, CNBC's Sri Jegarajah, Europe, Ukraine, Lake George, Canberra

☆ Nuclear power will not be part of Australia's energy mix, Australia's climate and energy minister says
▼ + stars: | 2023-07-22 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNuclear power will not be part of Australia's energy mix, Australia's climate and energy minister saysAustralia's Minister for Climate Change and Energy Chris Bowen says that his country must "double down" on investments in renewable energy, storage and transmission.

Persons: Chris Bowen

☆ Australia unveils roadmap to boost uptake of electric vehicles
▼ + stars: | 2023-04-18 | by ( ) www.reuters.com time to read: +1 min

SYDNEY, April 19 (Reuters) - Australia on Wednesday released its first national electric vehicle strategy, aimed at ensuring the country has a better choice of electric vehicles and improved affordability in a bid to boost the uptake of cleaner vehicles. Apart from Russia, Australia was the only developed country to either not have or be developing fuel efficiency standards, which encourage manufacturers to supply more electric and no-emission vehicles. Transport is the third largest source of carbon emissions in Australia - one of the world's biggest emitters on a per capita basis. Australia's centre-left Labor government last year flagged it had plans to introduce new regulations targeting vehicle carbon emissions to increase sales of electric cars, as it looks to catch up with other developed economies. "Fuel-efficient and electric vehicles are cleaner and cheaper to run - today's announcement is a win-win for motorists," Bowen said in a statement.

SYDNEY, April 19 (Reuters) - Australia said on Wednesday it would introduce new standards targeting vehicle emissions to boost the uptake of electric cars, as it looks to catch up with other developed economies. "Fuel-efficient and electric vehicles are cleaner and cheaper to run - today's announcement is a win-win for motorists," Bowen said in a statement. "Fuel efficiency standards would require more affordable electric vehicles to be sent to Australia," he said. Transport is the third largest source of carbon emissions in Australia - one of the world's biggest emitters on a per capita basis. Australia's centre-left Labor government last year flagged it had plans to introduce new regulations targeting vehicle carbon emissions to increase sales of electric cars.

SYDNEY, March 27 (Reuters) - Australia's lower house on Monday passed an emissions reduction plan with curbs on some new gas and coal investments and a cap on total greenhouse gas emissions from the country's biggest polluters after a key deal with the Greens Party. The updated legislation also requires all new gas projects in the Beetaloo Basin to have net zero carbon emissions and new gas fields supplying existing liquefied natural gas (LNG) plants to have net zero reservoir emissions, imposing new costs. "Today, we are a step closer to achieving net zero by 2050," Energy Minister Chris Bowen said. Under the revised legislation, projects such as the massive Browse field that Woodside Energy (WDS.AX) wants to develop would have to have carbon capture and storage to achieve net zero. The government said it would tip in A$400 million ($266 million) to help the cement, steel and aluminium industries decarbonise.

☆ Billionaire urges overhaul of collapsed Australia-Asia solar mega project
▼ + stars: | 2023-01-12 | by ( Sonali Paul | ) www.reuters.com time to read: +2 min

MELBOURNE, Jan 12 (Reuters) - Iron ore magnate Andrew Forrest called on Thursday for an overhaul of a $20 billion-plus project to send solar power from Australia to Singapore, which collapsed after he and tech billionaire Mike Cannon-Brookes split over funding plans. Singapore-based Sun Cable, largely owned by Forrest's private firm Squadron Energy and Cannon-Brookes' private firm Grok, appointed voluntary administrators this week less than a year after raising A$210 million for the Australia-Asia PowerLink project. In Squadron's first public comments since the collapse was announced on Wednesday, the firm said the project "requires vision and precise execution". "Squadron Energy believes in the vision but believes the manner in which the project is delivered needs urgent change," Squadron Chairman John Hartman said in an emailed statement. "Exceptional governance practices and world-class project delivery expertise, as well as pursuing bankable technologies, will be required to make the project a reality," Hartman said.

☆ Australia lays out plan to make biggest polluters slash emissions
▼ + stars: | 2023-01-10 | by ( Sonali Paul | ) www.reuters.com time to read: +2 min

The government also announced it would release A$600 million ($414 million) to trade-exposed facilities to help them cut emissions. The "safeguard mechanism" reform plan, which needs to be finalised before taking effect on July 1, is key to the government achieving its target to cut carbon emissions by 43% from 2005 levels by 2030 and achieve net zero emissions by 2050. The safeguard mechanism, in place since 2016, seeks to limit emissions from Australia's biggest polluters - 215 oil, gas, mining and manufacturing facilities that annually emit more than 100,000 tonnes of carbon dioxide-equivalent (CO2-e). Together they account for 28% of Australia's carbon emissions. They are forecast to emit 143 million tonnes of CO2-e in the year to June 2023, and the government wants them to cut that to no more than 100 million tonnes of CO2-e by 2030.

SYDNEY, Dec 8 (Reuters) - Indonesia's release of convicted Bali bomb maker Umar Patek will be a "difficult day" for Australians who lost loved ones and relatives in the attacks, Australia's Deputy Prime Minister Richard Marles said on Thursday. Patek was sentenced to 20 years in prison in 2012 for his involvement in bombings that ripped through two Bali nightclubs, killing 202 people, including 88 Australians and 38 Indonesians. "I think this going to be a very difficult day for many Australians – all Australians – to hear about the release of Umar Patek," Marles told ABC radio. "I'm particularly thinking right now of the families of those who were killed and injured in the Bali bombings." [1/2] Indonesian militant Umar Patek walks after reading his final defence at the West Jakarta court May 31, 2012.

It also referred to the need to reform international financial institutions. It should lead to a tripling of the amount international financial institutions lend "with a clear focus on climate and sustainable development goals," Prasad said. Similarly, Akinwumi Adesina, head of the African Development Bank said: "If you want to do more, you actually need more." "There has to be a lot more increase in capital, for the multilateral development banks," he told Reuters. "Our international financial architecture is built for a different time and different challenges," he said.

☆ Analysis: Australia's climate policies don't match its big talk at COP27
▼ + stars: | 2022-11-20 | by ( Praveen Menon | ) www.reuters.com time to read: +6 min

Albanese's climate change minister, Chris Bowen, telling the conference Australia was a "willing climate collaborator", made a pitch to host COP31 in 2026 along with the Pacific island nations. "But if you turn to see the other side of the face it's all about the fossil fuel development and the government's addiction to fossil fuel royalties and revenues," Hutley told Reuters in a phone interview from COP27 in Sharm el-Sheikh. Australia's biggest contribution to the climate crisis is its export of fossil fuels. More than 100 fossil fuel developments continued in various stages as of December 2021, the council said in a report this month, based on government data. "There is clearly a policy gap in Australia that is allowing fossil fuel companies to continue expanding and developing new fossil fuel projects," said Will van de Pol, asset management campaigner at activist investor group Market Forces.

☆ Australia, Pacific nations to bid to co-host 2026 UN climate summit
▼ + stars: | 2022-11-05 | by ( Laurie Goering | ) www.reuters.com time to read: +1 min

SYDNEY, Nov 5 (Reuters) - Australia will launch a bid with Pacific nations to host the United Nations climate summit in 2026, its energy minister said on Saturday, as the new labour government seeks to position the country as a renewable energy powerhouse on the global stage. The government also reinstated the role of the Ambassador for Climate Change, appointing Kristin Tilley, who it said has over a decade of experience with climate change policy, to work with other countries to tackle the climate crisis. We're back at the International table," Chris Bowen, minister for climate change and energy, said of the bid for COP31 at a press conference in Sydney,"It's an opportunity to work closely with our Pacific family, and we will seek to co-host the bid with the Pacific to help elevate the case of the Pacific for more climate action." Australia has lagged developed countries on its climate action, with the former government of Scott Morrison resisting pressure to set more ambitious carbon emission targets at last year's Glasgow climate summit. Bowen is leading Australia's delegation to attend COP27 climate summit in Egypt from Nov. 6 to 18, the first such summit for the newly elected labour government that came into office in May.

☆ Australia signs up to global pledge to cut methane emissions by 30%
▼ + stars: | 2022-10-23 | by ( ) www.reuters.com time to read: +2 min

SYDNEY, Oct 23 (Reuters) - Australia's climate change minister Chris Bowen on Sunday said the government has joined the Global Methane Pledge as part of multilateral efforts to reduce global methane emissions. The government will continue to partner with industry to decarbonise the economy, especially in energy and waste sectors, and capture waste methane to generate power, he said. The senior minister said the pledge would not require Australia to focus only on agriculture, or reduce agricultural production or livestock. The U.S.- and EU-led effort pledges to slash methane emissions by 30% by 2030. The effort now covers 60% of global gross domestic product and 30% of global methane emissions.

GENEVA, Sept 23 (Reuters) - A United Nations committee found on Friday that Australia had violated the human rights of a group of islanders off its north coast by failing to adequately protect them from the impacts of climate change, such as by cutting greenhouse gas emissions. A spokesperson for Australia's energy and climate change ministry did not immediately respond to a request for comment. Torres Strait Islanders are part of Australia's indigenous population, along with Aboriginal people, who live on small clusters of low-lying islands dotted between Australia and Papua New Guinea. The case was filed when the former conservative government, seen as a laggard in the battle against climate change, was in power. Since then, parliament has passed legislation on emissions cuts and Climate Change and Energy Minister Chris Bowen has visited the islands this year.

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