EV push sees more than 100 companies unite, TPG calls on Bank of America and GrainCorp surges on wheat prices

More than 100 businesses and organisations have come together in an effort to have 1 million electric vehicles (EVs) on Australian roads by 2027.

Heading the charge includes retail giant Woolworths Group (ASX: WOW), Linfox, AGL Energy (ASX: AGL), infrastructure company Transurban Group (ASX: TCL) and various car-markers including Tesla, BMW, Volvo and MG Motor.

The companies are backing the Electric Vehicle Council’s push to get the Albanese Government to speedily legislate fuel efficiency standards in an effort to bring the nation up to speed with the US, New Zealand and Europe in its electric vehicle up-take.

As well, the push is seeking a greater coordinated charging infrastructure, local manufacturing, more electric buses and commercial vehicles, economic modelling that reflects the benefits of EVs and, ultimately, getting one million battery electric vehicle (BEVs) on nation’s roads.

Electric Vehicle Council chief executive officer Behyad Jafari said the Australian Government has made a strong start in its push to decarbonise, but now was the right time to increase its EV up-take.

“After years of inaction from Canberra, Australian EV policy is now ready to accelerate and business wants to ensure we don’t miss the moment,” he said.

Given that transport is Australia’s second largest source of emissions, EV uptake is critical to reaching the goal of net zero emissions by 2050.

Australians have been stalling in their uptake in the past, around 5% lower than the global average, but recent data shows a 65% leap in EV sales over the past year, signalling a fresh interest in transitioning to EVs.

It’s been predicted that in order reach the 1 million target, Australians will need to average 200,000 new BEV purchases over the course of the next five years.

Coles

As a result of recent cyberattacks against Optus and insurance provider Medibank (ASX: MPL), retail giant Coles Group’s (ASX: COL) boss has called for greater clarity on how to prevent such crimes, which are becoming increasingly sophisticated.

Coles’ chief executive Steven Cain said business leaders needed clearer regulatory framework for what the government deems as baseline preventive standards against cyberattacks.

The group has doubled its technology spending since its demerger from Wesfarmers in 2018 and more than doubled its cybersecurity spending in that time.

Coles has modelled its cybercrime protection on the Australian Cyber Security Centre’s “Essential Eight” framework, which outlines a set of preventive measures to make it harder to compromise systems.

But Mr Cain wants to know what standards are mandatory apart from the “Essential Eight” framework.

“I think making sure that everyone’s aware of what the standard should be, and that we share best practice to continually improve them would be helpful in driving this forward,” he said.

Cybersecurity company Imperva recently outlined that cyberattacks against Australian retailers are on the rise as a result of increased online commerce activity due to the pandemic which drove shoppers online.

TPG Telecom

Australian internet service provider TPG Telecom (ASX: TPG) has appointed The Bank of America as a strategic advisor “to assist with a strategic review” in a bid to help grow its new Vision Network business.

TPG aims to grow its new Vision Network wholesale infrastructure business, which was formed in September 2022, following a structural separation.

The provider considers it to be “Australia’s largest non-NBN residential wholesale access network” and renamed it from FTTB Wholesale after separating from TPG’s retail operations.

TPG Telecom chief executive officer and managing director Iñaki Berroeta said the business is now ready to accelerate its growth.

“Vision Network’s operations are best-in-class and, following completion of the last phase of functional separation from our retail operations earlier this month, the business has compelling opportunities to fulfil its potential to become a leading wholesale residential broadband platform for multiple retail service providers,” he said.

GrainCorp

Australian agriculture company GrainCorp’s (ASX: GNC) shares have surged this week as the price of wheat continues to rise across the globe.

Global wheat prices rose sharply to begin the week, following Russia’s withdrawal from the Black Sea grain export deal, which took place on the weekend.

Russia’s president Vladimir Putin confirmed the nation was suspending its deal with Ukraine on Monday, as a result of the drone attack on its fleet in Crimea, which he blames Kyiv for.

Putin said maritime safety was the upmost priority and implementing grain exports under such conditions were too much of a risk.

“Ukraine must guarantee that there will be no threats to civilian vessels,” he said.

Ukraine did not take responsibility for the attack, and, instead, Ukrainian President Volodymyr Zelensky accused Russia of “blackmailing the world with hunger”.

GrainCorp’s shares are up more than 15% so far this week, in light of the news, and it’s believed that Australia, a key wheat supplier to Asia, is unlikely able to fill the supply gap left.

BHP & Rio Tinto

BHP Group (ASX: BHP) has announced its teamed up with Rio Tinto (ASX: RIO) in an effort to advance the development of new technology which will increase water recovery from mine tailings, as a part of its waste management.

The giants believe the technology will also reduce potential safety risks and environmental impact related to tailings storage facilities.

Rio Tinto said the development would also promote sustainability within its operations.

“Removing more water from tailings would reduce potential risks associated with moisture in storage facilities, reduce the footprint required by such facilities, and create opportunities to productively re-use tailings, for example, as raw material for glass, construction or agriculture industries,” it said.

Through the agreement, both BHP and Rio will test the large-volume filter unit’s application at a BHP’s-owned copper mine in Chile.

It’s expected to remove up to 80% of the water in the tailings stream prior to its deposit in a storage facility.

The companies plan to start pilot construction at the beginning of 2023, before commencing operations in 2024.

BHP chief technical officer Laura Tyler said the partnership was an opportunity to aid future global mining operations.

“The world will need more critical minerals in the decades to come to support economic development and decarbonisation pathways,” she said.

“It is important that we keep working together across the global mining sector to raise standards and make sure our operations are as safe and sustainable as they can be.”

“Responsible management of tailings and improved water use is a big part of that,” she added.