July 17, 2008
Australians Compensated For Emissions Trading System
Australian Climate Change Minister Penny Wong said power producers and households will be compensated for an emissions trading system starting in mid-2010, which will let markets decide the price of carbon, Bloomberg reports.
An Electricity Sector Adjustment Scheme and a Climate Action Fund will be established to assist businesses adapting to the new trading system. A proposed cent-for-cent cut in gasoline taxes to compensate drivers will cost the Fund around $1.7 billion annually.
The emissions trading system will also raise the average price of goods by 0.9 percent in the first year, including a 16 percent increase in energy prices, at a rate of around $20 a ton, according to Wong.
One thousand businesses producing more than 25,000 tons of carbon dioxide a year will be affected by the emissions trading system. Agriculture will be excluded, but will be reassessed in 2013 and included in 2015 at the earliest.
The government hopes the trading system will cover 75 percent of Australia’s greenhouse gas output.
Wong said that after consulting with utilities, free permits or one-time cash bonus may be issued by the government to coal-powered electricity generators. To help households cope with the system, the government plans to increase welfare payment and reduce taxes, especially for low-income families.
Advertisers
Stay competitive through sustainability.
Find out how at the SAP Sustainability Resource Center. >>
Unclear about the EPA's new GHG Rule?
Learn how it could affect your business. >>
EPA mandatory emissions reporting starts Jan 1st
CSA Standards can help your organization get ready for compliance. Find out how. >>
Product Environmental Compliance Best Practices
How to achieve compliance at a significantly lower cost. Download the full report. >>
Recent Daily News [ see all ]
- 11/20/2009
- 11/19/2009
- 11/18/2009
- Ontario May Follow California’s Lead on TV Energy Efficiency
- EPA Is One Step Closer to New Ship Emissions Standards
- European Paper Industry Cuts CO2 Emissions by 42% since 1990
- CDP Launches Water Disclosure Project
- Whirlpool Cuts Water Use by Nearly 22% from 2004 to 2008
- National Grid Again Rejects High Costs of Offshore Wind
- California City’s Green Building Ordinance Applies to Commercial Buildings
- Agilent To Save $3.5M Over 10 Years With Solar
- S. America Takes Most Urgent View of Copenhagen Talks
- Texas, China Wind Partners May Build U.S. Factory to Appease Critical Lawmaker
- Volvo, Mack Engines First to Meet 2010 EPA Emissions Standards
- Around the Web – Nike, Google, Nissan, Bush’s Green Library, WWF
- Fossil Fuel Emissions Rose 29% since 2000
- SEC Charges Four in ‘Green’ Investment Ponzi Scheme
- No Sunny Skies for Two Solar Projects in Texas, California
- Canada Delays GHG Emissions Regs, Russia Ups Emissions Cuts
- News Corp. Taps Hara for Energy Efficiency, Environmental Management
- Rising Sea Levels Would Hit U.S. East Coast Hardest
- Building an Energy-Efficient Data Center Using Virtualization Technology
- Trade Group on EPA Chemical Regs: ‘If Everything is a Priority, Then Nothing is a Priority’
- A/V Equipment Gets New Energy Star Requirements
- By Scaling Back Catalogs, JC Penney to Save 30% on Paper
- Around the Web – Starbucks, EcoFactor, UPS, Brownfields, Eco-Labels
- Subaru Touts Energy & Environmental Initiatives
- U.S., China Partner on Renewable Energy, Energy Efficiency
- Green Buildings Do Double Duty: Reduce Energy Use, Lower Financial Risk
- UK to Ease Rules for On-Site Renewable Energy Installations
- Intel Eyes Wind, Electric Cars
- Nike Tops Annual Climate Action Scores
- Iranian Tanker Firm to Cut Fuel Use 28%
- Corporate Jetsetters Can be Carbon Offsetters
- USPS Energy Use Down 9% From 2005 to 2008
- From Solar Applications to Christmas, LEDs Light the Night
- EPA May Regulate Sulfur Dioxide Emissions on Hourly Basis
- MITEI: Sustainable Energy & Terawatt-Scale Photovoltaics
- Around the Web – Health Care & Energy, Shell, NBC
Charts [ see all ]
Popular Topics
Energy Efficiency
Data Center
Emissions
Facilities
Electricity
Sustainability
Water
Supply Chain
Efficiency
Green Marketing
Strategy & Leadership
Research
Fleets & Transportation
Carbon Finance
Conventional Energy
Clean Energy
Waste & Recycling
Paper & Packaging
Policy & Law
Utilities
Construction
Comments and Discussions
Trade Association on Trade Group on EPA Chemical Regs: ‘If Everything is a Priority, Then Nothing is a Priority’
"Seriously… that..."
Gary Markowitz on Supermarkets Tackle Emissions Reductions, Fuel Efficiency
"Supermarkets waste over 10 percent of their energy through improper..."
peter in ireland on Ontario May Follow California’s Lead on TV Energy Efficiency
"Governor Schwarzenegger is shooting himself in the foot! 1...."
Environmental Leader on S. America Takes Most Urgent View of Copenhagen Talks
"The survey respondents (the PDF report mentions 4,000 respondents in 38..."
Jake on UPS Trying New Hydraulic Hybrid Trucks
"A point of clarification: the Reuters press release referenced herein reports that 20 UPS will purchase..."
Custom Organic Shirts on S. America Takes Most Urgent View of Copenhagen Talks
"90% of North Americans believe it is urgent to get a global climate..."
peter dublin on California City’s Green Building Ordinance Applies to Commercial Buildings
"Why energy efficiebnt regulation on buildings –..."




Join the Discussion