Courier Mail
Saturday 23/10/2010 Page: 85
CLEAN energy developer GeoDynamics says it is critical the "policy inaction of the past year is reversed" in order to aid investment in new technologies to help control climate change. GeoDynamics chairman Martin Albrecht, in the Brisbane-based company's annual report issued yesterday, said its board would continue with policy measures that encourage the rollout of emerging renewable energy technologies. GeoDynamics is focused on commercialising energy from its tenements in South Australia's Cooper Basin.
It has secured key shareholders including India's Tata Power, and has a federal grant to help fund a commercial-scale power plant. But many other geothermal companies are struggling for funding and the sector will need a carbon price to compete with planet-warming coal and gasfired power. The Australian Council of Superannuation Investors, which has members with $250 billion in assets under management, this week said analysis of climate science data implied 25% of coal, oil and gas reserves could be used if governments stuck to pledges to hold global warming to a maximum 2C.
ACSI president Michael O'Sullivan said the study showed Australia needed a carbon price to spur investment in clean industries. He said it indicated the world was likely to see a "very rapid conversion to renewable energy", given the short space of time now left to hold global warming to 2C. GeoDynamics shares hit a six-month high of 63.5 this week and yesterday closed down 0.5( at 63 as more than 131,000 shares changed hands.
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