jump to navigation

Rudd Government has delayed the start date of its proposed emissions trading scheme May 4, 2009

Posted by honestclimate in Discussions.
Tags: , , , ,
add a comment

Article from: The Australian

THE Rudd Government has delayed the start date of its proposed emissions trading scheme by a year to win Senate support for its Carbon Pollution Reduction Scheme.
The measure is just one of a series a compromise measures announced by the Prime Minister in an attempt to win the support of the Greens for its climate blueprint.

The package includes a very low fixed price on carbon for the first year of the scheme’s operation and extra assistance for each of the two categories of so-called trade exposed industries for the duration of the recession.

It also includes the concession that the government will consider a tougher emissions reduction target of 25 per cent of 2000 levels by 2020, in the unlikely event of a global agreement designed to limit the concentration of greenhouse gases in the atmosphere at 450 parts per million. Otherwise the government’s previously announced target range of 5 to 15 per cent would apply.

The amendments, signed off by the Cabinet subcommittee on climate change this morning, and later announced by Prime Minister Kevin Rudd at a press conference in Canberra, are designed to win support from Malcolm Turnbull’s opposition in the Senate and appease mounting industry concern about the costs of the scheme during the global recession.

Read the rest here

Advertisements

Energy industry warns of blackout April 14, 2009

Posted by honestclimate in Discussions.
Tags: , ,
add a comment

Energy industry warns of blackout

Article from:  The Australian, April 14, 2009

CONSUMERS face possible blackouts and power stations could go broke unless the Rudd Government offers an extra $6billion worth of free permits under its planned emissions trading scheme, the energy sector has warned.

If the extra assistance is not forthcoming, the sector, responsible for about 70 per cent of Australia’s carbon emissions, will ask the Government for a Rudd Bank-style financing facility to help raise the capital.

A survey by the Energy Supply Association of Australia has found the sector will need to find $100 billion over the next five years for refinancing, essential upgrades and new investments in low-emission generation to comply with the emissions trading scheme and new renewable energy targets.

The industry says it is facing a “perfect storm” of a credit squeeze caused by the financial crisis and the Rudd Government’s bank guarantee, inadequate compensation under the carbon pollution reduction scheme, and a decision by the Australian Energy Regulator that could reduce the profitability of energy network providers.

The Government has offered the electricity industry $3.9billion in free pollution permits to compensate for the “most probable and most extreme” writedowns in power station asset values because of the carbon pollution reduction scheme – an acknowledgement that the scheme will cause upheaval in the sector as it shuts down some high-polluting power plants early and invests in new low-polluting generation.

The ESAA said this amount must be increased to at least $10billion, to be delivered over the first five years of the scheme.

“If the Government does not increase the level of compensation, we will have no choice but to go to them asking for another finance facility for our sector,” association chief executive Clare Savage said.

“What is at stake here is the future of the energy market. If nothing is done, power stations are likely to be bankrupted, and if they closed, then there would be problems with electricity supply, or more likely governments would have to step in to take them over, and that would unravel the last 10 years’ hard work to set up a national electricity market.”

An ESAA survey found the energy sector would need to find $50billion for refinancing over the next five years, $6.3 billion for planned spending on existing assets, $12 billion for new lower-emission generation and $31billion for investments in the electricity networks.

The sector needs to fight for access to that capital in a market where banks and state governments have received federal government guarantees and where the carbon pollution reduction scheme means asset values are being written down.

The $40 billion energy distribution industry is facing a large reduction in its returns if the Australian Energy Regulator confirms a recent draft decision at the same time as it is being asked to fund billions of dollars in new network investments as the industry shifts to new types of generation.

According to the Energy Networks Association, the draft decision would reduce returns to the industry by more than 10 per cent.

“When you combine the effects of these decisions with the debt guarantees being offered to other sectors, it is tantamount to tying one hand behind the industry’s back while it fights for capital in the midst of a global financial crisis,” Ms Savage said.

“To help ensure these assets remain in service to support the transition to lower-emission technologies and give new investors in the energy supply sector confidence that when the Government institutes major policy change that has the potential to strand long-lived infrastructure assets, the value of these assets must be adequately recognised.”

The Government says the revenue it will raise from auctioning permits under the carbon pollution reduction scheme is already fully allocated in compensation to industry and households, meaning any increase in compensation to one sector would require taking something away from another.

Climate madness from Rudd & Wong November 29, 2008

Posted by honestclimate in Carbon Trading.
Tags: , , , ,
add a comment

Climate madness from Rudd & Wong

From Australian Climate Madness, November 28, 2008

That’s right, they just carry on regardless, brushing the observations and the science aside in their pointless quest to “tackle climate change” whilst at the same time committing economic suicide. Krudd and Co are preparing to release the white paper on Australia’s ETS, or, if you wish to use the government’s name for it (complete with two errors in four words), the Carbon* Pollution† Reduction Scheme…

The global financial situation has heightened the importance of providing business certainty on the scheme,” Senator Wong said in a statement.

The economy is already weakened, and the ETS will only make it worse. She just stops short of using the dreaded “D” word about the Opposition, however:

Opposition calls to delay carbon trading were undermining business certainty and were out of step with community attitudes.

“The opposition is looking for any excuse to delay action on climate change, but Australians understand that the longer we wait, the more it will cost us,” Senator Wong said.

Once such “excuse” possibly being the fact that it will make not one iota of difference to global climate even if CO2 is a driver of temperature, which, given present cooling trends, is looking less and less likely.

Pure climate madness.

* Carbon Dioxide ain’t Carbon
For the last time, it’s NOT POLLUTION

Read it here.

http://australianclimatemadness.blogspot.com/2008/11/climate-madness-from-rudd-wong.html

Recycling causes global warming! September 29, 2008

Posted by honestclimate in humour.
Tags: , , , , , , ,
add a comment

Recycling causes global warming!

honesclimate

honestclimate

By the blogowner, honestclimate, September 29, 2008

Australia’s largest recycling company has warned that the Government’s proposed emissions trading scheme would force it to immediately close two recycling and paper manufacturing facilities with the direct loss of 160 jobs.

Visy, renowned as one of the nation’s greenest companies, has slammed the proposed scheme’s cost of $20 on a tonne of emissions, in its response to the Government’s emissions trading green paper.

“The CPRS (Carbon Pollution Reduction Scheme) does not recognise the carbon benefits from recycling, leading to severe collateral impacts on Australia’s domestic recycling/remanufacturing industries.

I'm bad!

I'm bad!

Read the rest of the article, click link below

http://www.theaustralian.news.com.au/story/0,25197,24416686-2702,00.html