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’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 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.
Australia is at risk of breaching a global agreement to cut greenhouse gases as power markets signal Prime Minister Tony Abbott will exploit the widest election victory in nine years to repeal the nation’s carbon system.