Australia, UK Team Up to Back Clean Energy Technologies

British Prime Minister Keir Starmer during a TV interview at the Commonwealth Heads of Government Meeting, in Samoa. Picture date: Friday, October 25, 2024. Stefan Rousseau/Pool via REUTERS
British Prime Minister Keir Starmer during a TV interview at the Commonwealth Heads of Government Meeting, in Samoa. Picture date: Friday, October 25, 2024. Stefan Rousseau/Pool via REUTERS
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Australia, UK Team Up to Back Clean Energy Technologies

British Prime Minister Keir Starmer during a TV interview at the Commonwealth Heads of Government Meeting, in Samoa. Picture date: Friday, October 25, 2024. Stefan Rousseau/Pool via REUTERS
British Prime Minister Keir Starmer during a TV interview at the Commonwealth Heads of Government Meeting, in Samoa. Picture date: Friday, October 25, 2024. Stefan Rousseau/Pool via REUTERS

Australia and Britain plan to work together to ramp up the deployment of renewable energy technologies, such as green hydrogen and offshore wind, to support decarbonization, the two countries' leaders said on Friday.
The transition to net zero would open up economic opportunities creating new jobs and bolster the industrial base of both countries, Australian Prime Minister Anthony Albanese and UK Prime Minister Keir Starmer said in a joint statement.
According to Reuters, their statement did not mention how much funding they would commit to clean energy.
"This partnership will ... build on our long-standing cooperation on international climate action and shared commitment to reach net zero emissions by 2050," Albanese said after meeting Starmer on the sidelines of the Commonwealth Heads of Government Meeting (CHOGM) in Apia, Samoa.
Both leaders announced grant recipients for their renewable hydrogen innovation partnership, which will support six projects focused on industrial decarbonization.
The prime ministers also said the AUKUS defense pact between Australia, the United States and Britain would boost security in the Indo-Pacific.
The AUKUS defense pact signed in 2021 will see Australia buy up to five nuclear-powered submarines from Washington in the early 2030s before jointly building and operating a new class, SSN-AUKUS, with Britain, roughly a decade later.
Albanese and Starmer reaffirmed their commitment to negotiate a bilateral treaty to develop the SSN-AUKUS submarine.
"Together, we're delivering better futures for our two countries, whether that's through protecting our national security with projects like AUKUS or delivering on our net zero commitments," Starmer said.
The Commonwealth meeting began this week with King Charles, the head of the grouping of 56 countries most with roots in Britain's empire, attending.
Climate change threats are a central topic of the talks, as more than half of the Commonwealth's members are small nations, many of them low-lying islands at risk from rising sea levels caused by climate change.



Oil Slumps More than 4% after Iran Downplays Israeli Strikes

Oil pump jacks work at sunset near Midland, Texas, US, August 21, 2019. REUTERS/Jessica Lutz/File Photo
Oil pump jacks work at sunset near Midland, Texas, US, August 21, 2019. REUTERS/Jessica Lutz/File Photo
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Oil Slumps More than 4% after Iran Downplays Israeli Strikes

Oil pump jacks work at sunset near Midland, Texas, US, August 21, 2019. REUTERS/Jessica Lutz/File Photo
Oil pump jacks work at sunset near Midland, Texas, US, August 21, 2019. REUTERS/Jessica Lutz/File Photo

Oil prices tumbled more than $3 a barrel on Monday after Israel's retaliatory strike on Iran over the weekend bypassed Tehran's oil and nuclear facilities and did not disrupt energy supplies, easing geopolitical tensions in the Middle East.
Both Brent and US West Texas Intermediate crude futures hit their lowest levels since Oct. 1 at the open. By 0750 GMT, Brent was at $72.92 a barrel, down $3.13, or 4.1%, while WTI slipped $3.15, or 4.4%, to $68.63 a barrel, Reuters said.
The benchmarks gained 4% last week in volatile trade as markets priced in uncertainty around the extent of Israel's response to the Iranian missile attack on Oct. 1 and the US election next month.
Scores of Israeli jets completed three waves of strikes before dawn on Saturday against missile factories and other sites near Tehran and in western Iran, in the latest exchange in the escalating conflict between the Middle Eastern rivals.
The geopolitical risk premium that had built in oil prices in anticipation of Israel's retaliatory attack came off, analysts said.
"The more limited nature of the strikes, including avoiding oil infrastructure, have raised hopes for a de-escalatory pathway, which has seen the risk premium come off a few dollars a barrel," Saul Kavonic, a Sydney-based energy analyst at MST Marquee, said.
"The market will be watching closely for confirmation Iran won't counter attack in the coming weeks, which could see the risk premium rise again."
Commonwealth Bank of Australia analyst Vivek Dhar expects market attention to turn to ceasefire talks between Israel and Iran-backed militant group Hamas that resumed over the weekend.
"Despite Israel’s choice of a low aggression response to Iran, we have doubts that Israel and Iran’s proxies (i.e. Hamas and Hezbollah) are on track for an enduring ceasefire," he said in a note.
Citi lowered its Brent price target in the next three months to $70 a barrel from $74, factoring in a lower risk premium in the near term, its analysts led by Max Layton said in a note.
Analyst Tim Evans at US-based Evans Energy said in a note: "We think this leaves the market at least somewhat undervalued, with some risk OPEC+ producers may push back the planned increase in output targets beyond December."
In October, the Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+, kept their oil output policy unchanged including a plan to start raising output from December. The group will meet on Dec. 1 ahead of a full meeting of OPEC+.