Climate chief bucks official view on fossil fuels

The federal government’s climate commissioner says the economy could be powered “almost entirely by renewable energy” in coming decades, contrary to the government’s energy white paper, which says fossil fuels will provide most of our electricity for the next 20 years, according to the Australian Financial Review.

Chief climate commissioner Tim Flannery calls for a large and sustained expansion in renewable investment in a report to be released today.

It comes as the government appointed former Macquarie Group executive director Oliver Yates as inaugural chief executive of the $10 billion Clean Energy Finance Corporation.

Corporation chairman and Reserve Bank board member Jillian Broadbent announced the decision yesterday, before the release of a Climate Commission report on renewable energy in Sydney today.

Posco keen to invest in Australia

Posco Australia managing director Soo-cheol Shin said political stability, well-established infrastructure and limited domestic consumption continued to make Australia an attractive investment target for the company, which is the single biggest buyer of Australian raw materials for steelmaking, according to the Australian Financial Review.

“All governments were in favour of us; we could feel the support from the government side,” Shin said. “We are the single largest buyer of Australian commodities.

“They were valuing Posco’s existence in Australia. Australia has the value to be the source of our raw materials now and in the future.”

Challenges in store as resource giants hold tight for leadership merry-go-round

An unprecedented changing of the chief executive guard at the world's biggest miners is in store for next year, according to The Australian.

The challenges facing the newcomer chief executives will be very different and more wide-ranging than those faced by the outgoing chiefs, making the choices by the respective boards of the big miners more important than ever.

Not the least of the challenges will be dealing with the rise of resources nationalism around the globe.

Host countries are making demands for a greater share of their mineral wealth, as well as imposing more stringent controls on issues ranging from bribery and corruption, through to the myriad issues captured by the corporate social responsibility mantra.