The Australian government will work with exporters to limit potential losses under its carbon emissions trading plan, Treasurer Wayne Swan said yesterday.
Australia will introduce trading from the middle of 2010 to help tackle climate change and meet an emissions limit to be set later this year. The plan will affect 1,000 businesses that produce an annual equivalent of more than 25,000 tonnes of carbon dioxide, with the government to compensate power producers and households while issuing free permits to industry.
Business groups are concerned higher energy costs may cut earnings at the resource companies driving Australia’s growth. Woodside Petroleum Ltd, Australia’s second-largest oil and gas producer, said last week it could shelve two liquefied natural gas projects, each worth A$30 billion (US$29 billion), because the government’s plan penalizes gas exports.
“While the government wants to make a solid statement about carbon emissions, they don’t want the economy to suffer,” said Gavin Wendt, head of resources research at Fat Prophets Funds Management in Sydney.
“Industry know they have to be seen to be doing something and there has to be flexibility as the policy is implemented, especially for the resources sector,” he said.
There will be a limited number of permits available to “emission intensive” industries, Swan told the Ten Network’s Meet the Press yesterday.
“We’ll take our time to talk to industry,” Swan said. “We will put forward a responsible position which is economically responsible and affordable and which protects those export- orientated industries that are emissions intensive.”
Australian Prime Minister Kevin Rudd released a discussion paper last week on the plan to reduce carbon emissions.
He needs support from the opposition or from minor parties to pass laws through the Australian Senate next year as his Labor government doesn’t hold an outright majority in the nation’s upper house.
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