『Diesel Fuel Rebate Underpins BHP's Inaction - Tim Buckley - Ep70』のカバーアート

Diesel Fuel Rebate Underpins BHP's Inaction - Tim Buckley - Ep70

Diesel Fuel Rebate Underpins BHP's Inaction - Tim Buckley - Ep70

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Grant McDowell & Tim Buckley– Spark Club Podcast 27 May 2026 Highlights – ACCELERATING RENEWABLES DRIVES NEM ELECTRICITY PRICE DEFLATION Amazing to see electricity price DEFLATION being delivered in Australia in the middle of the latest fossil fuel war, with its resulting hyperinflation of global fossil fuel prices. The Australian Energy Regulator has released its final Default Market Offer (DMO) starting 1 July 2026. Residential flat rate standing offer prices will fall by between 3-5% in NSW and by 7.2% in South East Queensland compared to last year, while South Australian households will have a modest increase of 1.4%. Small businesses will see reductions across all three regions, with prices decreasing by 7-12% in South Australia, 10-14% in South East Queensland, and 9.0-21% in NSW. Earlier this week the Essential Services Commission delivered a further reduction in the Victorian Default Offer; FY2026–27 will be on average 5% lower than last year for households. For small businesses the price is down on average 6%. A major contributing factor is the record high investments into clean energy by Australia's public – with over 400k home battery installs totalling >11GWh achieved in just 11 months, supporting the 3GW pa of rooftop solar installs. Lowlights – China installed just 75GW of RE in 4MCY2026, -41%$ yoy Solar installs of 51GW in 4M 2026 -51% yoy. Still more than the RoW combined, but disappointingly down in the middle of year. China added a depressing 28GW of fossil powered capacity YTD 2026, +26% yoy. Why? China is consolidating after knocking the lights out last year. But also GDP growth is still on track at +5% yoy, and Industrial value-add +5.6% yoy. Keeping their govt. firepower in-case Trump attacks China again, and this time has an impact, unlike the last few times! In the electricity sector, total electricity generation was +5.4% yoy YTD 2026, unfortunately with nuclear down yoy, coal power was +3.8% yoy. Not what we want to see continue over the rest of 2026. Main Story – The ABC / Guardian Australia Epic reveal A major exposé on ABC Four Corners on Monday, in collaboration with the Guardian, revealed irrefutable evidence of BHP reversing its commitments to meaningfully cut emissions in a credible timeframe. The egregious walkback, as the climate crisis escalates, was laid out in hundreds of pages of leaked internal company records. What BHP does matters. It is the world's largest mining company by market capitalisation, generating revenues of US$51bn in the last financial year with underlying earnings of US$26bn and a US$18bn pre-tax profit to its shareholders. Andrew Mackenzie, BHP's CEO until 2019, said publicly that decarbonisation was a strategic imperative, with failure to act posing an existential risk. Its Pilbara decarbonisation plans were urgent and comprehensive, and involved rapid electrification of locomotives and haulage trucks, and a massive buildout of solar to reduce diesel and gas dependence. It had plans to deploy US$3bn in decarbonisation investment by 2030 to underpin its climate targets and secure its licence to operate. Then it all went to the proverbial. In 2024, CEO Mike Henry introduced BHP's Climate Transition Action Plan (CTAP, aka CRAP), which sounds great except for it being entirely hollow. BHP massively delayed its entire decarbonisation trajectory until after 2030 – trashing its stated intention to address climate risk and abrogating its corporate responsibility to act in this critical decade. Astonishingly, the "plan" forecasts BHP's global emissions will rise from FY2025-FY2030. Up is not down. There is currently categorically zero chance of BHP's plans meeting its net zero by 2050 commitment. In the knowledge that this story was coming, BHP vigorously cranked up the spin machine. A curiously timed pamphlet, released last week by economics consultancy Mandala, which has close ties to the PMO, broke down top ASX listed industrial corporates' global scope 1 and 2 emissions profiles in FY2025 vs FY2020, conveniently pitching BHP as a corporate leader. BHP then mounted an ad campaign trumpeting the trumped-up claims. To call Mandala's brochure misleading is generous. BHP primarily relies on the electrification of BHP's huge Chilean copper mining operations and the closure of the high emissions NickelWest business to boost BHP's decarbonisation credentials and obscures BHP's dereliction of its responsibilities in the Pilbara. Production-based emissions intensity would tell a different story on BHP's progress, and that of other giants like Rio featured by Mandala – despite the coordinated reporting in The Australian engineered to promulgate the Mandala talking points while bashing genuine decarbonisation leader Fortescue. Why the heel dragging by BHP? Follow the money – the billions paid to the big miners each year by the federal government to maintain their imported diesel addiction. In Australia, BHP ...
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