Establishment of the Minerals Security Partnership Finance Network

Good news for Australia’s critical minerals industry as Australia partners with other nations to establish Minerals Security Partnership Finance Network This week, Australia, the United States, Japan, Canada and 11 other nations announced the establishment of the Minerals Security Partnership Finance Network (Network),a joint financing body designed to fund critical minerals projects across the globe.  …

Combatting greenwashing in the race to net zero: ASIC’s crackdown on misleading sustainability claims

Greenwashing at a glance Greenwashing continues to be a key enforcement priority for both ASIC and the ACCC.G The Commonwealth Senate Standing Committees on Environment and Communications Greenwashing Inquiry is due to report 28 June 2024 in relation to claims made by companies, the impact of these claims on consumers, regulatory examples, advertising standards, and …

Challenges impacting the delivery of renewable energy projects

The pipeline of renewable energy projects in Australia continues to increase in the wake of the Federal Government’s commitment to achieve net zero emissions by 2050. However, there remain numerous headwinds impacting the delivery of these projects. Some of these hurdles affect construction and infrastructure projects generally, while others pose challenges for renewables projects in …

Stakeholder engagement – the critical social licence for renewable projects

There is no strong opposition to the idea that Australia must transition to net zero emissions. The Federal Government has committed to reducing greenhouse gas emissions by 43% from 2005 levels by 2030 and achieving net zero by 2050. States and Territories have similarly ambitious targets. There is similarly little opposition to the idea that …

Unravelling decommissioning liabilities and security obligations for renewable energy infrastructure assets

Decommissioning of infrastructure is a fundamental stage of any renewable energy project. In reality, the operational life of a wind or solar farm can be anywhere from 30 to 60 years, and potentially decades longer for intensive hydroelectric assets. After this time, the renewable energy developer is generally bound to decommission the infrastructure and restore …

A spotlight on convertible notes in the Australian energy and resources sector

Key takeaways Australian economic environment A noticeable market trend over recent years, particularly in 2023, is the increased use of convertible notes by listed and larger established Australian resources and renewables companies. This fundraising instrument has traditionally been associated with early-stage venture capitalists and start ups in their seed financing stages. However, the utility of …

Driving the global EV supply chain: a comparison of international policies and implications for Australia’s mining industry

In this article, we look at what policies are being implemented overseas to drive decarbonisation of the transport industry. We compare what incentives are being offered at a national and international level, and what further support we need to see to secure Australia’s mining, processing, and manufacturing position in the global EV supply chain. The …

Market update: renewable energy

The Australian renewable landscape continues to evolve, with the Federal Government’s increased involvement and investment in renewable energy projects at all levels, as Australia continues its push towards the target of 82% national renewable electricity generation by 2030. Notwithstanding the increased Government support, new and old hurdles for renewable energy proponents continue to impact projects …

Exploring Queensland’s first renewable energy legislation: the Clean Economy Jobs Act and the Renewable Transformation Act

Queensland’s Energy and Jobs Plan has been enacted into law, with the passing of the Clean Economy Jobs Act (Qld) 2024 (Clean Economy Jobs Act) and the Energy (Renewable Transformation and Jobs) Act (Qld) 2024 (Renewable Transformation Act), strengthening Queensland’s position in Australia’s energy transition. While both Acts passed on 18 April 2024, they are …

Federal Government announces Capacity Investment Scheme to boost renewable energy investment

The Federal Government has announced its plan to accelerate Australia’s progression towards its 2030 Renewable Energy Target, by implementing an underwriting scheme to drive further investment in Australia’s energy market (Capacity Investment Scheme or Scheme). Current state of play While solar and wind are cost-effective forms of energy generation, reliability issues, grid connection, land access, …

Safeguard Mechanism Reforms: what you need to know in the race to net-zero

Against the backdrop of a decarbonising global economy and as part of Australia’s commitment to the Paris Agreement (now enshrined in Commonwealth legislation), the National Greenhouse and Energy Reporting (Safeguard Mechanism) Amendment (Reforms) Rules 2023,[1] are set to come into force on 1 July 2023. These reforms have been designed by the Federal Government to …

Market update: resources

In 2023, both the Australian Federal and State Governments are expected to continue to increase their efforts to secure domestic supplies of coal and gas, as they attempt to address projected supply shortages, creating, as some stakeholders say, a type of ‘resource nationalism.’  For those stakeholders, operating in the Australian resources market in 2022 was …

Market update: renewable energy

The Australian energy sector has evolved considerably in the last 12 months.  Following the Federal election, we saw Prime Minister Anthony Albanese acknowledge Australia’s significant potential to become a renewable energy superpower and enact a series of energy policies aimed at driving the country forward to 2030 and beyond. After a period marred by a divided, …

Market update: critical minerals

2023 outlook The surge in demand for critical minerals is expected to continue in 2023 and beyond, as battery and automotive sectors source these minerals to facilitate global decarbonisation targets.  The investment in clean energy technologies – and in turn, the demand for the minerals which make up those technologies – is expected to quadruple …

Panic at the pump: shortfalls in Australia’s gas supply and intervention measures

2023 outlook Predictions in 2022 of a gas shortage in Australia’s east coast energy market have extended into 2023, with continued concerns for the stability of the country’s energy supply.  The Australian Competition and Consumer Commission’s (ACCC) most recent gas inquiry report (released on 27 January 2023) forecasted a 30 petajoule (PJ) shortfall in the Australian east …

M&A trends in resources and renewables

The Australian M&A market resurged in 2021 with record-breaking deal activity as investors turned their backs on pandemic-induced economic uncertainty. With significant amounts of deployable capital preserved as a result of cost-saving initiatives during the height of COVID-19, this trend continued strongly through the first half of 2022, but trailed off in Q3 as a …

Money talks – reporting convergence across project finance and capital raising

Last year we highlighted the impact that ESG initiatives are having on financing Australia’s significant resource and renewable industry.  12 months down the track, and access to capital to fund the next wave of projects and investment continues to be one of the major challenges for Australian project operators, however the new era of reporting frameworks …

McR ESG: spotlight on green commodities – more than unlocking customer premium

Interest in the supply of ‘green products’ has never been higher. Both from producers looking to offer a differentiated product and possibly unlock premium pricing but also from customers under pressure to demonstrate their commitment to sustainability by procuring carbon neutral or lower emissions products. The commodities market has been experiencing these shifts for some time …

Update on the Michael Roche Scholarship

In 2021, McCullough Robertson Lawyers, through the McCullough Robertson Foundation, committed $100,000 to establish and support the Queensland University of Technology (QUT) Michael Roche Scholarship (Scholarship). The Scholarship drives innovation in the areas of environment, sustainability, or climate change within the resources and renewables industry, by supporting insightful leadership and creative vision in originating concepts …

Overlapping resources and renewables developments – can these projects co-exist?

Approximately 95% of Australia’s landmass is uninhabited, giving the impression that little competition exists for the development of this land. In reality, vast areas of the Australian continent are endowed with valuable resources that are critical for the development of new ‘clean’ technologies, and this same land is often also ideal for other competing land …

Riding the wave of renewable energy – when will Australia become a world leader in offshore wind?

Australia’s offshore wind farm journey so far The Albanese Government’s Rewiring the Nation policy has promised an investment of $20 billion towards the modernisation of the electricity grid to unlock the commercial development of large-scale renewable energy projects.  With an ambitious focus to increase overall renewable energy production to 82% of the National Electricity Market generation …

BESS retrofit projects – as easy as plug and play?

Battery energy storage systems (BESS), when co-located with a solar or wind farm, provide a more reliable generation source by charging during periods of high irradiance or high wind and discharging to meet demand during periods of low irradiance or low wind. Given this, we are seeing an increasing number of new solar and wind …

Is this the end of enterprise bargaining?

For 30 years, the industrial relations regulatory environment in Australia has entrusted employers and their employees to negotiate the most suitable terms and conditions for their collective circumstances.  The Fair Work Legislation Amendment (Secure Jobs, Better Pay) Act 2022 (Cth) (Fair Work Amendment Act) fundamentally alters this dynamic, such that conditions of employment will be set …

Significant resources safety act changes in the pipeline

Representing the vanguard of upcoming changes to Queensland’s resources safety laws, in late 2022, the Coal Mining Safety and Health Act 1999 (Qld) was amended to include ‘direct employee requirements’.  Those changes now provide that a coal mine operator must not appoint a person to certain statutory positions unless the person is an employee of: …