Greg Hunt News
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Australia will lower its expected revenue from selling carbon allowances after the European Union, its partner in a cap-and-trade system set to start in 2015, failed to win support for lifting record low prices.
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Australian opposition leader Tony Abbott, favored to win the Sept. 14 election, is unlikely to fulfill his pledge of scrapping the nation’s carbon price, according to Bloomberg New Energy Finance.
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Australian Prime Minister Julia Gillard’s Labor government narrowed the gap with the opposition six months ahead of a federal election, easing pressure on her after the party was defeated in a state vote.
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Australia’s price for carbon emissions will survive whatever happens in elections due next year, the government says. Power markets aren’t so sure.
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Australia should scrap its fixed price on carbon because it puts domestic companies at a disadvantage and immediately start emissions trading linked to global markets, the nation’s top industry lobby group said.
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Australia plans to renew its binding pledge to reduce emissions under the Kyoto treaty, breaking ranks with neighboring New Zealand and further aligning itself with the European Union.
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The Australian Greens plan “fast and furious” action to establish a climate change committee and impose a price on carbon emissions under a government led by the Labor Party’s Julia Gillard .
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Oliver Yates, the former Macquarie Group Ltd. banker who started this week as head of Australia’s A$10 billion ($10.5 billion) Clean Energy Finance Corp., plans to tap overseas expertise to strengthen his investment team.
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Australia’s government said its carbon tax plan will provide “certainty” to investors by establishing a mechanism for businesses to buy permits from overseas to meet emission reduction targets.
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China’s first steps to build what is destined to be the world’s second-biggest emissions market are boosting the prospects for fledgling programs from Australia to California.
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