Comments on: The Power Index: carbon cutters, Oliver Yates at #4

By: Hamis Hill

Hamis Hill — Mon, 18 Mar 2013 22:59:45 +0000

Keeping that $10 Billion in perspective; this is just eight weeks worth of John Howard’s annual $60 Billion mortgage interest bill.
Now labor has been busy trying to defuse Howard’s $1Trillion GFC housing debt time bomb for the last five years.
This work includes the reduction of expenses by empbracing renewables and overcoming waste using “our” $ten billion slush fund.
All set to collapse into chaos with the coming Abbott fiscal Anarchy.
Are bankers unaware of this risk?
The GFC comes to OZ?

By: Mark Duffett

Mark Duffett — Mon, 18 Mar 2013 22:31:02 +0000

Depends whether the ‘formal policy’ actually applies to the CEO’s lifestyle - he wouldn’t be the first CEO to be practically exempt from such things. And even if it does, I’m not sure how ideal it is to have a Charlie-like boss who only ever appears to his employees as a disembodied voice or head on a screen.

I still find the arrangement incongruous in the extreme, and bemusing that more hasn’t been made of it.

By: dazza

dazza — Mon, 18 Mar 2013 09:12:10 +0000

Considering its the bankers who are to blame for GFC, manipulating the markets, interest rate derivatives, Libor scandal, Collusion between wall street and Capitol hill in US! Bank of England admits loss of income caused by banks is as bad as World War II, fraudulent and criminal activities with south American drug money etc.
These are the people still in charge of the system and were suppose to trust them? However, I take my hat of to him for realising it was the perfect time to get out.

By: Cathy Alexander

Cathy Alexander — Mon, 18 Mar 2013 05:46:36 +0000

Mark, for what it’s worth, apparently the CEFC board adopted a formal policy of tele and video conferencing last week. I’m not sure if this will assuage your concerns …

By: Coaltopia

Coaltopia — Mon, 18 Mar 2013 04:57:56 +0000

It ain’t easy being green if you’ve been tarred with the Linc Energy brush, but it seems like he’s on a tunnel to Damascus which won’t have much light at the end of it.

By: bjb

bjb — Mon, 18 Mar 2013 04:34:39 +0000

Climate industry analyst Rob Fowler welcomed the arrival of this mainstream banker: “I think it’s important people from the real world get more and more involved in this area.”

- and why would that person be any more competent than someone from the public service. It’s nonsense to suggest that someone with ‘real world’ experience would be any better than one of the many, many highly skilled people in the senior ranks of the public service. Indeed, what is an ex-Macquarie banker likely to be best at ? The whole culture of merchant banking is to maximise one’s own personal position. I would guess that Mr Yates and his ilk spent rather less time thinking out the return the shareholders of Mac Bank were getting as a result of his efforts, than he though about his own remuneration. In fact, probably the only thing worse than an ex high flying banker to be in charge would be an ex politician.

By: Achmed

Achmed — Mon, 18 Mar 2013 04:19:23 +0000

That was meant to 3%. and yes, Norway have lots of hydro

By: Cathy Alexander

Cathy Alexander — Mon, 18 Mar 2013 03:27:29 +0000

Interesting point Achmed, but not sure where you got your numbers from. Renewables generated 4.3% of Australia’s energy last year (http://www.bree.gov.au/documents/publications/aes/BRE0133EnergyUpdate2012.pdf), or 10% of Australia’s electricity generation. The RET will see 20-25% of electricity from renewable sources in 2020. Does Norway have lots of hydro?

By: Mark Duffett

Mark Duffett — Mon, 18 Mar 2013 02:51:50 +0000

“lives in Melbourne and commutes to CEFC headquarters in Sydney”

Say what?

I don’t care how many billions of winner-picking taxpayer dollars he controls, there’s no way anyone with such a carbon-profligate modus operandi deserves to be on any list of carbon cutters, let alone no. 4.

By: Mike Flanagan

Mike Flanagan — Mon, 18 Mar 2013 00:56:58 +0000

Thanks Cathy A for this series.
One would have thought that doing ‘some good’ whilst being any leader in what ever sphere should be an imperative or basic modus operandi rather than an optional extra that offers a ‘bonus’.

By: Achmed

Achmed — Mon, 18 Mar 2013 00:52:13 +0000

Clean Energy Finance Corporation is “giant slush fund”? And what will Abbott’s Direct Action plan to give the polluters taxpayer money from the budget be called?

Renewable energy target was first set by Howard in 2001. Aust is now around the 30% mark, in comparison Norway is around 60%.