Latest News as at 14 November 2008
Please check this page regularly for the latest developments in the science of climate change, international agreements on emissions, carbon markets and related areas. Our regular e-newsletter also provides further analysis of key developments.
Important Dates Coming Up
Friday 14 November 2008
Australia's states press for carbon trade changes
The premiers of South Australia and Tasmania have written to the federal government to raise concerns about a planned carbon emissions trading scheme amid warnings it may drive big polluting firms offshore or out of business. The National Newspaper, The Australian, also reported that Queensland, Victoria and Western Australia had also raised concerns about the impact of the regime on trade-exposed industries like cement and aluminum.
Source - The Australian
Friday 14 November 2008
Work begins on Clean Coal Pilot Project
Work is starting in at the Callide-A Power station in Biloela, central Queensland on Australia's first pilot plant using clean coal technology.
Source - ABC News
Tuesday 11 November 2008
Investor Groups call for clear and long term policy on climate change
The leading climate change investor groups in Europe, the US, Australia and New Zealand have called on global leaders to deliver a post-Kyoto deal before the end of next year.
The European Institutional Investors Group on Climate Change (IIGCC), US-based Investor Network on Climate Risk (INCR) and the Investors Group on Climate Change (IGCC) in Australia and New Zealand – which together represent 130 investors and $6.4 trillion (£4.1 trillion) in assets – have written to heads of state and leading climate change negotiators to warn that without " clear and long-term policy signals," their members will be unable to deliver the investment required to develop a low carbon economy.
Source - businessGreen.com
Wednesday 5 November 2008
Climate change refugees to be settled in PNG
The world's first climate change refugees will be relocated from their Pacific island home of Ontong Java to Papua New Guinea by March next year.
The Solomon Islands Broadcasting Corporation says 40 families will be relocated to Bougainville. It reports that flooding has made parts of their islands completely uninhabitable and the islands are expected to be fully submerged by 2015.
Source - ABC News
Wednesday 5 November 2008
$17.7 million Climate Fund for NSW Councils
The New South Wales Minister for the Climate Change and the Environment, Carmel Tebbutt, has announced over $17 million in funding to help local councils adapt to the affects of climate change. The money will go towards improving coastal waterways and infrastructure as well as flood risk management projects.
To see the News Release, click here
Thursday 30 October 2008
Treasury releases detailed modelling of the economic impact of the Carbon Pollution Reduction Scheme
Today Treasury released its report on the economic impact on the introduction of the Carbon Pollution Reduction Scheme.
Entitled "Australia's Low Pollution Future: The Economics of Climate Change Mitigation" the report has three key conclusions:
The report also finds that average annual GNP growth will only be one tenth of one per cent less than it would be in a world without action to tackle climate change.
To see a copy of the report and associated summaries, fact sheets and consultants reports, click here
Thursday 2 October 2008
Global carbon emissions rising rapidly: study
Global carbon emissions rose rapidly in 2007, The Global Carbon Project's annual study says, with developing nations such as China and India now producing more than half of mankind's output of carbon dioxide, the main gas blamed for global warming.
Source: Reuters website
Tuesday 30 September 2008
Garnaut Climate Change Review releases Final Report
Professor Ross Garnaut today released the Final Report of his Climate Change Review, concluding that the costs of Australia playing its proportionate part in an effective global effort are manageable.
"There is a path to Australia being a low-emissions economy within around 40 years, consistently with strong growth in material living standards," said Professor Garnaut.
Source: Garnaut Review website
Friday 5 September 2008
Garnaut Climate Change Review releases the Supplementary Draft Report Targets and trajectories
The Garnaut Climate Change Review has been commissioned by Australia's Commonwealth, state and territory governments to examine the impacts, challenges and opportunities of climate change for Australia. A Draft Report was released on 4 July 2008. The Supplementary Draft Report Targets and trajectories was released on 5 September 2008. The Final Report is due by 30 September 2008.
Source: Garnaut Review website
Friday 29 August 2008
A one billion dollar household energy efficiency fund, a one-off electricity rebate to all New Zealand households, and a targeted one off cash payment are part of a substantial climate change package announced by the government.
Source: New Zealand Government website
Thursday 28 August 2008
Dow Jones Indexes and Chicago Climate Exchange launch Global Emissions Index series
Dow Jones Indexes and the Chicago Climate Exchange (CCX) today announced the launch of the Dow Jones/CCX European Carbon Index and Dow Jones/CCX Certified Emissions Reductions (CER) Index, which serve as benchmarks for participants seeking exposure to the European Union Emissions Trading Scheme and Kyoto Protocol Clean Development Mechanism (CDM), respectively.
Source: Dow Jones Indexes website
Wednesday 27 August 2008
Emissions trading subsidy 'not sufficient' for businesses
New research into Australia's proposed emissions trading scheme shows compensation for businesses is not enough to stop many of them scaling back or moving offshore.
The research commissioned by the Business Council of Australia (BCA) studied 14 businesses from a range of emissions-intensive industries.
Source: ABC News website
Wednesday 20 August 2008
This is despite concerns such a move could give Australia "backdoor exposure" to the European Union scheme, drive the domestic price of carbon to more than $40 a tonne and push electricity prices up by 32 per cent.
Source: The Australian website
Tuesday 12 August 2008
Largest trade of future Australian Carbon Pollution Permits
Australia has recorded its largest transaction in carbon emissions, with 20,000 tonnes of carbon sold forward at A$21.50 ($19.51) a tonne, a carbon broker said on Friday, as the nation prepares to curb greenhouse gases.
Source: Reuters website
Tuesday 29 July 2008
Federal Opposition meets to discuss its Climate Change Policy
The Federal Coalition began 2 days of meetings in Canberra today, which will focus on the Opposition's climate change policy. The position decided will be put to a meeting of all Coalition members tomorrow.
Source: ABC News
Monday 28 July 2008
$75 Million Climate Ready Program Opens for Business
The Rudd Government's $75 million Climate Ready Program opened today for applications.
Climate Ready will be administered by AusIndustry and will support Australian businesses developing new products, processes and services to tackle climate change by providing dollar-for-dollar support for research and development, proof-of-concept and early-stage commercialisation activities.
Applicants can apply for grants ranging from $50,000 to $5 million.
The closing dates for the first four rounds are:
Wednesday 16 July 2008
Federal Government's Green Paper on the Carbon Pollution Reduction Scheme Released
Today the Federal Government released its Green Paper on the national emissions trading scheme, expected to commence in 2010. The paper outlines the preferred options for the trading scheme and compensation measures. However, the government will not announce short-term emissions caps - which will determine the likely carbon price- until the end of 2008.
Key Points
What's In
What's Out Business Assisitance Climate Change Action Fund to fund Assistance Measures To see more information on the Government's Carbon Pollution Reduction Scheme or read the Green Paper, click here Source: Carbon Pollution Reduction Scheme Green Paper, July 2008 and the Australian Financial Review 17 July 2008
Friday 4 July 2008 Draft Garnaut Report Released Today Professor Ross Garnaut sketched out a blueprint for an Australian national carbon-trading system. In his 600-page draft report, Garnaut called for tough limits on greenhouse gas emissions and a competitive auction for setting the price of emission permits, which would give the right to pollute. his report contained the following key principles for governing an emissions-trading system: Overall emissions caps should be set as an annual limit and lowered over time. The first cap, from 2010 to 2012, should be based on Australia's commitments to the Kyoto climate-change protocol. The caps decided for the post-2012 period "should reflect increasing levels of ambition". Changes to emissions caps should be based on international policy developments and agreements. The government should give five years' notice of movement to another "trajectory" (a different level of emissions caps). Coverage of the National Emissions Trading Scheme should include the six greenhouse gases as defined by the Kyoto Protocol emitted in connection with stationary energy (such as power plants), industrial processes, "fugitives" (which includes coal-mining and oil and gas production), transport, waste and forestry. The first four would be included from the outset in 2010 and the other two as soon as practicable. The inclusion of agriculture (Australia's second-biggest emitter) to be subject to progress on measurement and administration. Domestic carbon credits will have a small role. Unlimited credits should be accepted from forestry, before and during the running of the scheme. Credits for agriculture need to be analysed further. Permits will be issued by way of auction at regular intervals. Some additional permits may be awarded, in lieu of cash assistance, to firms that are in trade-exposed, emissions-heavy industries that face competition from less-regulated rivals overseas. International linking of the National Emissions Trading Scheme with other trading schemes should occur, but after careful consideration. Controlling the price of carbon is not supported except during the first 2 years of operation of the National Emissions Trading Scheme. Flexibility in the use of the permits is encouraged and unlimited hoarding of permits should be allowed. Official lending of permits by an independent carbon bank to the private sector should be allowed within five-year periods. Treatment of Trade Exposed Industries - international sector-specific agreements on emissions caps should be pursued as a priority. If they have not been reached by end-2012, assistance should be given to account for "material distortions" arising from major trading competitors not adopting similar constraints on emissions. The level of assistance should not amount to more than 30 percent of the cost of permits. Governance of the National Emissions Trading Scheme will be administered by an independent "carbon bank". Penalties for non-compliance with the Scheme legislation will be enforced and will not release the offender from the obligation to purchase permits. Permit Revenue from the auctioning of permits will be returned to households and businesses or invested in renewable energy, with some cash kept aside to cover the costs of the system and to purchase international permits or carbon credits. Source: Draft Garnaut Report and Reuters To read the Draft Garnaut Report, click here
Tuesday 1 July 2008
ACCC has released a carbon offsets guide for business and industry
The Australian Competition and Consumer Commission has released a guide entitled "Carbon Claims and the Trade Practices Act" designed to help companies avoid making misleading claims about their environmental performance.
In particular, it advises companies claiming carbon-neutral status to verify the integrity of their purchased carbon offsets and be clear about whether their claims of carbon neutrality includes both direct and indirct emissions, otherwise known as Scopes 1, 2 and 3 emissions.
Source: The Australian Competition and Consumer Commission