Abbott Government Allocates $2.5 Billion for Heavy Industries to Cut Carbon Emissions
By Vittorio Hernandez | April 28, 2014 9:13 AM EST
In the last Labor-led government, industries had to pay $24 per tonne carbon tax to reduce carbon emissions in the atmosphere. Under Abbott administration, the government would instead pay Australia's heavy industries $2.5 billion to reduce their carbon emissions to meet the federal government's target of 5 per cent reduction or 421 million tonnes of carbon dioxide by 2020.
The plan actually is the centerpiece of the Coalition's direct action plan released by Environment Minister Greg Hunt on Thursday through a white paper. It would involve securing contracts from businesses with proposals to cut their emissions in government auctions every three months.
But some large projects would be allowed to secured funds outside the auctions.
The white paper said those eligible to access the funds are state government, landfill operators, coal and seam gas operators, electricity suppliers and abatement activities that are land-based.
The funds would also open to consortium of businesses and households that offer larger reductions.
Hunt said the funds would have a safeguard mechanism which would not operate until July 2015 to address the potential for some businesses not to meet their commitments. The safeguards would limit the number of covered businesses to 130 which would be Australia's heaviest emitters of CO2.
He estimated the price would be in the vicinity of $6 for every tonne of carbon abatement.
The plan would be hinged on the government repealing the carbon tax, but the Palmer United Party of mining billionaire Clive Palmer has threatened not to support the planned repeal.
To contact the editor, e-mail:
Most Popular Slideshows
- 2014 MLB World Series Game 1: San Francisco Giants 7, Kansas City Royals 1 [PHOTOS]
- 2014 MLB World Series - Game 2: Kansas City Royals 7, San Francisco Giants 2 [PHOTOS]
- NFL Thursday Recap - Denver Broncos 35, San Diego Chargers 21: Peyton Manning Has 3 TDs In Easy Win [PHOTOS]
- 2014 MLB World Series Game 3: Kansas City Royals 3, San Francisco Giants 2 [PHOTOS]
Join the Conversation
- Tesco Facing Crisis After Chairman Quits Citing Accounting Scandal In The Retail Giant
- #Snapgate: iPad Air 2 Breaks While Undergoing Bend Test
- Australian Federal Court Fines Reebok $350,000 & Orders Refunds For Shoe Endorsed By Miranda Kerr That Claims Unproven Health Benefits
- Perth Call Centre Staff Bad In English And Not Philippine And Indian Counterparts, Telstra Boss Says
- Xiaomi Redmi 1S vs. Sharp Aquos Crystal – Specifications, Features And Price Showdown
- Verizon Motorola Droid Turbo Leaked Live Images Surfaces, Scheduled To Get Unveiled On Oct 28
- Update HTC One M7 with LG G2 with Android 4.4.2 as Sprint OTA: Fixes and Installation
- U.S. Targets Buyers of ISIS Oil, Threatens Sanctions
- ISIS Syria Airstrike Bombing Has Killed 550 People, Civilians Included
- Russia Blocking OSCE Monitoring Of Its Border With Ukraine
- Russia Slams US 'Double Standards' In The Fight Against ISIS