Australia, the world’s second- biggest coal exporter, has picked more than a dozen industry representatives and academics to help set baselines, credits and possible penalties designed to reduce emissions.
Australia’s newly elected leaders, claiming a mandate to dump the old government’s climate policies, would actually protect programs the defeated Labor party was using to prepare for emissions trading.
Australia’s A$10 billion ($9.1 billion) clean-energy fund, set to be wound-up by the new Coalition government, is lobbying to stay in business to aid the nation’s fight to reduce greenhouse gas emissions.
Australia risks falling behind the U.S., China and other nations in cutting carbon emissions unless it raises its target for a 5 percent reduction by 2020, the government’s climate change adviser said.
The Australian opposition may support Prime Minister Tony Abbott’s bid to repeal the nation’s carbon tax if the government agrees to retain an emissions-trading program, Labor leader Bill Shorten said.
Coal and coal-seam gas projects in Australia planned by Santos Ltd., Arrow Energy Ltd., Hancock Prospecting Pty Ltd. and Glencore Xstrata Plc must face a federal environmental review of their impact on water, filings with the Australian government show.
Clean Energy Finance Corp., the Australian green development bank earmarked for closing by newly-elected Prime Minister Tony Abbott, is making a profit and prodding commercial banks to lend, according to its chief executive officer.
General Electric Co. says Australia will eventually adopt an emissions-trading system even as the government seeks to repeal a carbon-price mechanism imposed on the A$1.5 trillion economy by a previous administration.
The unprecedented collapse in European carbon prices is shattering Australia’s budget assumptions just as corporate resistance to the market weakens in the developed world’s biggest per capita polluter.