ESG Snapshot: Issue 84
This week's highlights include:
- Queensland backflip. Two months after the Qld government suspended the assessment of a huge wind project, it has ordered that a planning decision be expedited.
- 'Southern Cross' climate COP. In an open letter, the president of this year's climate COP in Brazil highlights the significance of a southern hemisphere COP (international news).
- Balance of power. The Greens will hold the balance of power in the WA Upper House, and they want legislated 2030 targets and a reformed EPA.
- New biodiversity guidance. The NT EPA has issued draft guidance on biodiversity asessments, and a draft biodiversity data policy.
- New ACCC approval. The ACCC intends to allow the Australian Sustainable Finance Institute and its member banks to exchange information about constraints on sustainable finance and investment.
- More critical minerals. A new Geoscience Australia update says 13 critical minerals saw an increase in the quantity of resources reported as ready for extraction or production.
- Climate strategy survey. The Victorian government is consulting on its proposed climate change strategy for 2026 to 2030.
- 'Red tape slasher'. Tasmania will take 'a slasher to red tape', and will arrange an independent review of all approval, licensing and permitting processes.
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A Senate committee inquiry into PFAS held a public hearing in Launceston last week, hearing from organisations including the Mindaroo Foundation, TasWater, and Airservices Australia.
The federal government has announced an $80 million allocation for two new programs to improve the quality of water flowing into the Great Barrier Reef.
The $50 million Reefwise Wetlands Program will provide grants of up to $19.75 million for projects that rehabilitate, restore and modify large-scale Reef wetland and riparian systems.
The $30 million Reefwise Urban Program will fund activities that reduce water pollution from urban and industrial sources within priority Reef catchments.
The new programs follow announcement last November of a new $30 million Reefwise Farming Program, which will support on-farm activities that reduce the flow of nutrient pollution into Reef waters.
DCCEEW has published a report on real estate sector perspectives on home energy ratings and disclosure schemes.
The report is based on NSW government engagement with the state's real estate sector.
The Australian Energy Regulator has released its draft determination for Default Market Offer (DMO) electricity prices in south-east Queensland, NSW and South Australia for FY26.
The DMO says cost increases have resulted in draft prices for residential customers increasing by between 2.5% and 8.9%. Small business customers could see rises between 4.2% and 8.2%.
"The DMO is intended as a safety net for those who don't or can't shop around, but there are better offers available," said AER chair Clare Savage.
"By early February 2025 we had seen median market offers fall between 2% and 5% compared with July 2024, and the most competitive offers are now 19% to 25% below the current DMO price," Savage said.
Comments are due by 3 April.
Climate and energy ministers met last week, discussing issues including the Default Market Offer.
Ministers encouraged the Australian Energy Regulator to further examine retailer revenues and margins, and to further consider ongoing cost of living pressures in settling the final DMO, which applies in south-east Queensland, NSW and South Australia.
They noted that the Victorian Default Offer uses a different methodology to the AER and has proposed average price increases of less than 1%.
Ministers also agreed to a National Energy Equity Framework.
Geoscience Australia has released its latest annual stocktake report of the nation's mineral resources.
In the 2023 calendar year Australia had significant new investment in mineral exploration for 'other metals', a category which includes critical minerals, the report says.
"This investment of $767.5 million exceeded the exploration spend in both our iron ore and copper sectors," according to Geoscience Australia.
Thirteen minerals on Australia's critical mineral list saw an increase in the quantity of resources reported as ready for extraction and/or production.
Additionally, Australia became number one in world ranking for vanadium resources - with almost half of the world's economic resources and vanadium projects under development in Queensland and Western Australia.
The Business Renewables Centre Australia has released the recording of a recent webinar on the current state of the power purchase agreement market.
The ACCC has granted interim authorisation to the Australian Sustainable Finance Institute (ASFI) and its member banks to discuss and exchange information to address constraints on sustainable finance and investment in Australia.
The interim authorisation is granted only with respect to information on regulatory capital requirements in Australia.
ASFI is a collaboration between representatives of the Australian financial sector, civil society, academia and financial regulators.
DCCEEW has issued guides to help apartment block owners and strata managers to make their buildings "EV ready".
The Australian Industry Group has published a blog post on progress in the industrial energy transition, which says the brightest spot has been the significant uplift in Australia's renewable energy generation.
"However, there remains an exceptionally long way to go before renewables can meet Australia’s energy needs," it says.
The Economic Inclusion Advisory Committee has submitted its latest annual report and recommendations to the federal government.
EPBC developments:
- the EPBC referral for the Vestas $700 million, 252MW Captains Mountain wind farm proposed for a site near Toowoomba is now open for comment.
- DCCEEW has decided that the 600MW Samsung Romani solar farm proposed by Samsung C&T Renewable Energy, proposed for a site in Hay (NSW), is not a controlled action.
- DCCEEW has formally confirmed that the proposed Western Green Energy Hub will require EPBC assessment. The WGEH is a massive wind and solar project, with associated hydrogen and ammonia production facilities, proposed for a site 1,300km east of Perth and 15 km north of Eucla.
- DCCEEW has granted approval for AGL to demolish infrastructure associated with the former Liddell coal power plant in NSW, and to take steps to prepare the site for future uses.
Open consultations:
- ACCU animal effluent method. The Emissions Reduction Assurance Committee is looking at the animal effluent method's compliance with integrity standards, and is canvassing views on improving its usability and uptake. Comments are due by 25 March.
- Guarantee of Origin scheme. DCCEEW is consulting on the first tranche of draft rules for the Guarantee of Origin (GO) scheme. Comments are due by 27 March.
- Capacity Investment Scheme. DCCEEW has released a design paper on the WA tender under the Capacity Investment Scheme. Submissions are due by 31 March.
- ACCU Scheme. The Emissions Reduction Assurance Committee is seeking feedback on the ACCU Soil Organic Carbon Method, with comments due by 11 April.
- Circularity. The Productivity Commission has released its interim report on circular economy opportunities. Comments are due by 11 April.
Two months after the state government directed the planning department to put the assessment process for a wind farm on ice, it has ordered the department to complete the assessment of the project within 20 days.
In January, Deputy Premier Jarrod Bleijie, who is also Minister for State Development, Infrastructure and Planning, directed the Department of State Development, Infrastructure and Planning to suspend the assessment of Windlab's $3.9 billion, 1.4GW Bungaban wind farm.
But last week, after receiving new "briefing material", the Deputy Premier directed the department to complete the assessment of the project within 20 business days.
The wind farm would be located in the Western Downs and Banana Shire regions of Queensland.
Windlab has a power purchase agreement in place that would result in 80% of its power being allocated to Rio Tinto's Gladstone operations, with the remainder sold into the National Electricity Market (see company news below).
An associated Community Benefit Fund will provide over $2 million annually for local sponsorships, regional partnerships, and community-led projects.
A separate Good Neighbours Shared Benefit Program will provide more than $10 million in voluntary benefits throughout the project's life, including annual payments to nearby landholders, based on their proximity to turbines.
Statutory development - environmental authorities. Environment Minister Andrew Powell has introduced the Nature Conservation and Other Legislation Amendment Bill 2025.
The Bill ensures that authorities issued via automated systems under the Environmental Protection Act and Nature Conservation Act are valid.
The Bill also provides "operational certainty and administrative clarity" regarding
compliance and enforcement tools issued under the Environmental Protection Act, as originally intended (see explanatory note).
A parliamentary committee inquiry into the annual report of the NSW Net Zero Commission held a public hearing last week.
The many witnesses appearing before the committee included representatives of Lock the Gate, the NSW Department of Primary Industries and Regional
Development, the Australian Industry Group, the Property Council, the NSW Minerals Council, the Australia Institute, and the Climate Council.
Members of the Net Zero Commission also appeared before the committee. Transcript is not yet available.
The NSW government has placed on exhibition a proposed Central Coast facility on the ccc that would annually process up to 100,000 tonnes of drill mud and 50,000 tonnes of oily water.
At present, there are no facilities within the Central Coast region that can process these wastes.
The NSW government is offering $15 million to nine local government areas under the first round of funding for its $160 million support program targeted at areas affected by federal water buyback programs.
Eligible organisations can apply for grants of between $50,000 and $1 million for programs, initiatives and capital investment projects and between $250,000 and $4 million for infrastructure projects.
Open consultations:
- Waste to energy. The NSW EPA is consulting on proposed changes to the state's energy from waste framework. Comments are due by 8 April.
- Resource recovery. The NSW EPA is consulting on updated guidelines regarding its resource recovery order and exemption framework. It is also consulting on a pathway to support innovative resource recovery. Comments are due by 9 April.
Consultation opportunity - climate change strategy. The Victorian government is seeking survey responses on preparations for its 2026 to 2030 climate change strategy. Comments are due by 8 April.
Consultation opportunity - default electricity prices. The Essential Services Commission has released its draft Victorian Default Offer, which varies according to five distribution zones.
About 13% of Victorian households and 20% of small business customers are currently on the Victorian Default Offer.
For residential customers, the average across the five zones is a $12 increase on last year (less than 1%).
For small businesses on a Victorian Default Offer, annual prices would increase across the five distribution zones by an average $103 (3%).
"The default offer isn't the cheapest on the market, as retailers look to attract new customers by offering a low price," said Commission chair Gerard Brody. "But it is a fair price and one that won't increase by more than the Essential Services Commission allows."
Comments are due by 11 April.
Grant opportunity - electrification. The Victorian government is inviting applications for the Community Electrification Engagement Program – which funds local community groups to help locals switch from gas to electric and save.
Organisations will be eligible for grants of up to $110,000 to help local families in their region to electrify their homes. Applications close on 14 April.
The Tasmanian government is forming a Red Tape Reduction Industry Taskforce, with Treasurer Guy Barnett saying it would help the government "take a slasher to red tape".
"This is all about reducing the barriers holding our industries back, accelerating project approvals, eliminating outdated regulation and reducing compliance costs to give our businesses the launchpad they need," Barnett said.
Barnett also announced a "full audit" of all state and local licences, permits and approvals to remove any unnecessary barriers preventing economic growth and job creation.
The audit will be undertaken by an independent auditor.
Open consultations:
- Planning legislation. The Tasmanian government has released a draft Bill that would allow certain types of development applications to be determined by independent Development Assessment Panels (DAP), appointed by the Tasmanian Planning Commission. Comments are due by 24 April.
Consultation opportunity - planning regulations. New draft planning amendment regulations would exclude electric vehicle charging stations from the definition of 'development'.
Comments are due by April 22.
Open consultations:
- Energy efficiency. The South Australian government is consulting on the next phase of the Retailer Energy Productivity Scheme (REPS), which subsidises energy efficiency activities in homes and businesses. Comments are due by 31 March.
The Greens will hold the balance of power in the WA Legislative Council, according to election analysts.
WA Greens climate policy includes banning new gas developments, legislating strong 2030 renewables and emissions targets, and imposing a "clean energy transition levy" on gas profits.
It also advocates for the development of a gas exit strategy and industry phase-out plan for WA.
Their environment policy advocates for a strengthening of the state's nature laws, "starting by restoring the independence and authority of the EPA".
Consultation opportunity - biodiversity data. The NT EPA is inviting comments on its draft biodiversity policy and related guidance.
The EPA has also released draft environmental factor guidance on terrestrial ecosystems, on assessing impacts on terrestrial biodiversity, on marine ecosystems, and on assessing impacts on marine biodiversity.
Comments are due by 11 April.
NT start-up Environmental Keystones has been awarded federal and NT funding to establish a pyrolysis plant that will process organic waste using a CSIRO-developed technology.
The $8 million facility, which will be the only one in Australia using the CSIRO technology, can convert green waste into biochar, bio-oil, syngas and fertiliser.
The $8 million project has been made possible through a $5.59 million concessional loan from the Territory Infrastructure Loans program, funded by the Australian Government’s Northern Australia Infrastructure Facility (NAIF) and the CLP Government.
New listings are in blue.
Under the agreements, Rio Tinto will purchase 90% of the power and battery storage capacity generated by the Smoky Creek & Guthrie's Gap solar farms for 20 years. Edify Energy will build, own, and operate the projects, with construction due to begin in late 2025 and targeting completion in 2028.
The two solar farms have a joint capacity of 600MW of solar and 600MW/2,400MWh of battery storage.
"These agreements are integral to repowering our Gladstone aluminium operations with affordable, reliable and lower carbon energy for decades to come," said Rio Tinto Australia chief executive Kellie Parker. "For the first time, we have integrated crucial battery storage in our efforts to make the Boyne aluminium smelter globally cost-competitive, as traditional energy sources become more expensive."
"We continue to investigate further renewable energy investments to repower our Gladstone aluminium operations," Parker said.
When combined with the 2.2GW of renewable wind and solar PPAs that Rio Tinto announced for its Gladstone operations in 2024 (linked the Bungaban wind farm and the Upper Calliope solar farm), the Smoky Creek and Guthrie's Gap agreements help secure a total of 2.7GW of wind and solar energy in Queensland. Together, the four contracted projects are expected to supply 80% of Boyne smelter's annual average electricity demand, reducing the smelter's scope 1 and 2 emissions by 70%.
The members’ statements say Woodside's entire Board shares collective responsibility for the company’s failings, which include Woodside's chronically poor shareholder returns and its ongoing failure to manage climate risk.
"Last year's 58% vote against Woodside’s Climate Transition Action Plan is the world’s only majority vote against a company climate plan," the filings point out.
André Aranha Corrêa Do Lago, president-designate of the climate COP to be held in Brazil at the end of the year, has issued an open letter on his vision for the COP.
"In previous COPs in the Northern Hemisphere, we navigated guided by the "North Star'," he writes in the letter.
"As COP30 moves to the Southern Hemisphere, we look at the sky to find the five stars of the 'Southern Cross' as our compass in reaching decisive inflexions across all the UNFCCC’s five pillars – mitigation, adaptation, finance, technology, and capacity-building."
A recording is now available of an UN Environment Program webinar on the latest trends and innovations in nature finance.
UNEP has also published an associated blog post.
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