Several large fortunes have pledged to give up to five billion dollars for the protection of the planet. These actions nevertheless remain timid, and public opinion expects more from these private initiatives. In Australia, one of the country’s greatest fortunes, computer scientist Mike Cannon-Brookes, wants to invest in energy produced with coal, to transform it into 100% green energy.
Can a tech billionaire decide on the decarbonization of an entire country on his own?
Frustrated by the Australian government’s inaction on climate change, software kingpin Mike Cannon-Brookes, Australia’s third-richest person, plans to buy several large coal-fired power stations so he can shut them down at the moment. profit from renewable energies, according to the hurry Australian. Described by local media as a “bold solution”, the initiative raises doubts, as the country currently produces the highest carbon emissions per capita in the world, with electricity generation by burning coal. The country’s government is very committed to fossil fuels. Scott Morrison, the Prime Minister, has warned last Monday that the closure of coal-fired power plants would represent a significant increase in the electricity bill: ” We need to make sure our coal-fired power generation is working, because if it’s not, electricity prices will go up. They don’t go down “, did he declare. Mike Cannon-Brookes said instead, electricity prices would fall under his plan as renewables became cheaper than coal-fired power.
The business of software and green energy, two complementary industries
For Tim Buckley of Climate Energy Finance, a consultancy in Sydney, Mr Cannon-Brookes’ strategy could actually help, as smart software is increasingly used to deliver renewable energy more efficiently. Mike Cannon-Brookes is Australia’s savviest billionaire, and for this project he’s partnered with Canadian asset management giant Brookfield, one of the world’s most successful renewable energy investors. This would therefore be, according to specialists, a perfect synergy “. In addition, he already has some experience in renewable energy: in 2019, he partnered with Australia’s second richest person (mining magnate Andrew Forrest) to fund a project called “Sun Cable”, which will supply electricity to a giant solar farm in northern Australia via an undersea cable from Singapore. In 2017, he also convinced Elon Musk to build a giant battery to store wind power in South Australia after making a bet with him on Twitter.
Negotiations are underway for a full transformation by 2030
Mike Cannon-Brookes told Australian TV ABC, on February 21, that negotiations were underway. If the takeover goes ahead, it will mark the start of the world’s largest decarbonization project. His initiative could lead to others. The Asian Development Bank, for example, recently announced a plan to buy and close five to seven coal-fired power plants in Southeast Asia and replace them with renewable energy.