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.
NO HUMAN ERROR: After the incident, the Coast Guard Administration said it would obtain uncrewed aerial vehicles and vessels to boost its detection capacity Authorities would improve border control to prevent unlawful entry into Taiwan’s waters and safeguard national security, the Mainland Affairs Council (MAC) said yesterday after a Chinese man reached the nation’s coast on an inflatable boat, saying he “defected to freedom.” The man was found on a rubber boat when he was about to set foot on Taiwan at the estuary of Houkeng River (後坑溪) near Taiping Borough (太平) in New Taipei City’s Linkou District (林口), authorities said. The Coast Guard Administration’s (CGA) northern branch said it received a report at 6:30am yesterday morning from the New Taipei City Fire Department about a
IN BEIJING’S FAVOR: A China Coast Guard spokesperson said that the Chinese maritime police would continue to carry out law enforcement activities in waters it claims The Philippines withdrew its coast guard vessel from a South China Sea shoal that has recently been at the center of tensions with Beijing. BRP Teresa Magbanua “was compelled to return to port” from Sabina Shoal (Xianbin Shoal, 仙濱暗沙) due to bad weather, depleted supplies and the need to evacuate personnel requiring medical care, the Philippine Coast Guard (PCG) spokesman Jay Tarriela said yesterday in a post on X. The Philippine vessel “will be in tiptop shape to resume her mission” after it has been resupplied and repaired, Philippine Executive Secretary Lucas Bersamin, who heads the nation’s maritime council, said
REGIONAL STABILITY: Taipei thanked the Biden administration for authorizing its 16th sale of military goods and services to uphold Taiwan’s defense and safety The US Department of State has approved the sale of US$228 million of military goods and services to Taiwan, the US Department of Defense said on Monday. The state department “made a determination approving a possible Foreign Military Sale” to the Taipei Economic and Cultural Representative Office in the US for “return, repair and reshipment of spare parts and related equipment,” the defense department’s Defense Security Cooperation Agency said in a news release. Taiwan had requested the purchase of items and services which include the “return, repair and reshipment of classified and unclassified spare parts for aircraft and related equipment; US Government
More than 500 people on Saturday marched in New York in support of Taiwan’s entry to the UN, significantly more people than previous years. The march, coinciding with the ongoing 79th session of the UN General Assembly, comes close on the heels of growing international discourse regarding the meaning of UN Resolution 2758. Resolution 2758, adopted by the UN General Assembly in 1971, recognizes the People’s Republic of China (PRC) as the “only lawful representative of China.” It resulted in the Republic of China (ROC) losing its seat at the UN to the PRC. Taiwan has since been excluded from
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