What Does the Australian Election Outcome Mean for Climate Policy in a Major Coal Economy?

Few voters can impact climate change as significantly as Australians.

In terms of per capita greenhouse gas emissions, only the US and Canada closely approach Australia. The nation stands as one of the largest exporters of fossil fuels contributing to global warming, notably sending vast quantities of natural gas to Asian countries alongside some of the most polluting fossil fuels.

As the country prepares for national elections on Saturday, polls indicate that climate change is not a primary concern for many voters. However, the leading candidates from the Labour Party and the Free State Union present starkly different approaches to climate and energy policy.

Central to the discussion is the dependence on the aging coal plants that generate electricity for the country.

“We’ve witnessed a lot of global experiences,” noted Andrew McIntosh, professor of environmental law and policy at Australian National University. “One perspective emphasizes workforce requirements and the need for increasing renewables, while the alternative espouses a conservative coalition favoring nuclear energy.”

Both strategies could lead to reduced emissions, according to McIntosh, though many are puzzled by the nuclear program. Constructing nuclear power plants can take over a decade, whereas renewable energy sources can be implemented within months.

“We need to rely on coal for the foreseeable future,” he added.

In some ways, analysts reflect a polarized debate akin to that in the US, where former President Donald J. Trump dismissed climate science and branded efforts to clean energy as a hoax. Matt McDonald, a political scientist specializing in climate issues at the University of Queensland, stated:

“However, rather than making Australians more apprehensive about climate change, Trump’s rhetoric has not gained significant traction internationally, effectively cooling the debates on both sides,” remarked Dr. McDonald.

For Australians feeling the pressure, it largely stems from rising energy costs for households. Australian energy regulators report that average energy prices have surged by approximately 60% over the past decade.

Incumbent Prime Minister Anthony Albanese, who leads the Labour Party, has proposed an ambitious target for renewable energy, aiming for over 80% generation by 2030.

“But,” Dr. McDonald pointed out, “we have substantial coal reserves as well.”

Albanese’s main rival, Peter Dutton, at the helm of a liberal coalition, advocates for increased domestic gas production to support electricity generation. While gas is a fossil fuel, it is considerably less polluting than coal. Dutton proposes that gas producers be mandated to supply a portion of their output to Australian power grids, while also expediting the approval process for new drilling projects.

Generally, both parties are proponents of gas development, with Australia being the world’s second-largest gas exporter after the US.

With polls indicating a tight race, the Green Party and the so-called Teal Independents, both strong advocates for robust climate policies, could potentially influence Congress significantly. “If they retain their seats, they’ll be poised to push harder on climate initiatives—like decreasing coal exports,” Dr. McDonald noted.

An additional point of contention globally is whether Australia will be the host for the upcoming United Nations-sponsored Global Climate Conference next year, commonly referred to as COP. Currently, Australia is vying with Türkiye for the hosting rights, an opportunity carrying geopolitical significance and economic advantages by welcoming tens of thousands of representatives.

Hosting nations often establish the dialogue tone for consultation ambitions, and Prime Minister Albanese’s government has been actively lobbying other countries for over a year to support Australia’s bid. “If the coalition wins, this opportunity will certainly vanish,” Dr. McDonald asserted.

Source: www.nytimes.com

CoreWeave is not satisfied with the outcome of the deal.

Shares of CoreWeave, the first artificial intelligence startup to be published, opened its first day of trading at $39 on Friday. This was a slight drop from the initial public offering price set by CoreWeave a day ago, after reducing the size and value of the IPO.

The company’s stock price, trading under the ticker symbol CRWV, shows concerns among Wall Street investors about the economy and CoreWeave’s business model.

The decline came amidst a sluggish stock market and uncertainty over inflation and President Trump’s tariffs. List lower prices – CoreWeave previously estimated the range between $47 and $55 Submit – Already reflects investors’ skepticism compared to a month ago. Our share price rose approximately 1% in early trading.

CoreWeave, a data center supporting Power Giant AI Systems, also raised just $1.5 billion in offerings that analysts had expected, less than $4 billion.

In an interview Friday, CoreWeave CEO Michael Intrator said concerns about the stock market and AI industry have cut the list to the company, but the timing of its offering will benefit the company in the long run.

“It’s just a day. I’ll get through this day and keep moving,” Intrator said. “It’s important for us to enter the open market.”

It is unclear whether the stock’s performance will mark the start of the IPO parade that some investors have been hoping for. Among the companies watching Coreweave’s public debut on Friday were online lending service Klarna and ticketing company StubHub, which is predicting the public list this year.

“This is not an easy IPO market,” said Samuel Kerr, head equity capital market analyst at financial insights firm Mergermarket. “The USIPO market shows that CoreWeave is probably not as strong as we thought it would be early this year.”

A more ideal time would have been at the end of last year for CoreWeave’s public list after Trump was elected, before the release of a new chatbot by Chinese AI company Deepseek, Kerr added.

Nvidia, a supplier of CoreWeave’s computer chips and one of its major investors, has not helped its share price fell 9% since Wednesday last week.

Some analysts are skeptical of CoreWeave’s substantial debt, and have been taken over to build more data centers, a large facility that houses AI chips. The company’s revenue rose from $1.9 billion from $229 million a year last year, but lost $863 million after spending nearly $1 billion to fund its debt.

“The very high debt profile is something IPO investors disliked for quite some time,” Kerr said.

CoreWeave was founded in 2017 as a cryptocurrency mining startup, but after Openai released its ChatGPT chatbot in 2022, it shifted to using powerful NVIDIA chips for AI development.

Some of CoreWeave’s customers include Microsoft, which accounted for a large portion of last year’s revenue, and Openai, which announced nearly $12 billion in deals with CoreWeave in the weeks leading up to its IPO.

Source: www.nytimes.com

Improving the Outcome of Major Life Decisions: A Guide to Decision Making

You could argue that LIFE is like a long game of blackjack. A common version of this is that each person is first dealt her two playing cards. The goal is to increase your hand to 21, or as close to this as possible without bursting. Players can either “stick” with their existing hand or “twist” it by requesting that they be dealt another card to add to their total. Of course, going over 21 risks being eliminated.

This may sound far from an everyday choice, but many of the most important decisions in our lives end up in dilemmas like this. Should I stay like this or should I take the plunge and move house? Should you keep your job or start your own business? Should you put up with an unsatisfactory relationship, or try your hand at love another time? In each case, we have to weigh the safety of what we have against riskier but potentially more valuable alternatives.

The uncertainty inherent in these dilemmas causes many of us to become paralyzed and stagnant in our analysis, staying where we are and never getting the chance to win big. In contrast, some people are easily swayed by the lure of new things. They are quick to gamble until they lose everything due to impulsive behavior. If any of these scenarios sound familiar, help may be on the way. Thanks to a greater understanding of our underlying cognitive biases and how to escape them, we now have evidence-based strategies to think more rationally about these challenges, so we can put our lives on the line. Playing the game gives us the most benefit.

Source: www.newscientist.com