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Australia’s Labor announces A$1.5 bln gas plan that could send emissions higher

Published 11:49 on April 23, 2019  /  Last updated at 11:50 on April 23, 2019  /  Asia Pacific, Australia  /  No Comments

Australia’s opposition Labor party on Tuesday announced a plan to spend A$1.5 billion ($1.07 bln) on natural gas extraction projects that critics say would balloon carbon output despite the government running on a platform to strengthen the nation’s emissions targets.

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Minister says Australian emitters would have to splash A$25 bln on foreign offsets under Labor plan

Published 09:58 on April 18, 2019  /  Last updated at 01:49 on April 19, 2019  /  Asia Pacific, Australia  /  No Comments

Australia’s big emitters would have to buy carbon credits abroad to the tune of A$25 billion ($18 bln) if the opposition Labor party wins the country’s election next month, Finance Minister Mathias Cormann said Thursday.

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Australia maintains offset issuance rate but new project development remains slow

Published 09:37 on April 18, 2019  /  Last updated at 10:01 on April 18, 2019  /  Asia Pacific, Australia  /  No Comments

Australia’s Clean Energy Regulator again issued nearly 400,000 carbon credits this week, nearly twice the long-term average rate, but the influx of new projects has almost ground to a halt amid uncertainty over the domestic offset market’s future.

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Australia issues nearly 400k offsets to stay on track to double amount of yearly credits

Published 10:11 on April 12, 2019  /  Last updated at 10:11 on April 12, 2019  /  Asia Pacific, Australia  /  No Comments

Australia’s Clean Energy Regulator issued 393,357 carbon credits this week, data showed on Friday, keeping the agency on track to doubling the amount of issued offsets year-on-year.

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Miner Rio Tinto puts industry associations on climate notice

Published 09:26 on April 12, 2019  /  Last updated at 23:20 on April 12, 2019  /  Americas, Asia Pacific, Australia, EMEA  /  No Comments

Mining major Rio Tinto has threatened to end its membership in any industry organisations that lobby against or try to undermine the goals of the Paris Agreement.

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Australia election to decide way forward on climate policy, carbon markets

Published 09:55 on April 11, 2019  /  Last updated at 11:35 on April 11, 2019  /  Asia Pacific, Australia  /  No Comments

Australia’s Prime Minister Scott Morrison on Thursday called a national election for May 18, of which the outcome will play a decisive role for Australia’s future climate ambitions and the extent to which it will use emissions markets to reach its goals.

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Queensland government funds projects to boost state offset market

Published 10:10 on April 5, 2019  /  Last updated at 10:10 on April 5, 2019  /  Asia Pacific, Australia, Voluntary Market  /  No Comments

The Queensland government has allocated A$1 million ($710,000) under its Land Restoration Fund to six pilot projects designed to help develop the Australian state’s carbon offset market.

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Australia could face pressure to cancel ERF contracts, expert warns

Published 09:51 on April 5, 2019  /  Last updated at 09:51 on April 5, 2019  /  Asia Pacific, Australia  /  No Comments

Australia’s Clean Energy Regulator would likely come under pressure to cancel Emission Reductions Fund contracts under a new government, as Labor’s climate policy would push up secondary market ACCU prices, a legal expert has warned.

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Australia backloads new ERF cash, stretches funding period

Published 12:18 on April 2, 2019  /  Last updated at 23:57 on April 2, 2019  /  Asia Pacific, Australia  /  No Comments

Australia’s A$2 billion ($1.42 bln) top-up of the Emissions Reduction Fund will be allocated over 15 years instead of 10 as previously announced, with less than 10% of that due over the next four years, government budget papers showed Tuesday.

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Report backs calls to reform Australia’s Safeguard Mechanism

Published 10:24 on April 2, 2019  /  Last updated at 10:24 on April 2, 2019  /  Asia Pacific, Australia  /  No Comments

Australia’s industrial GHG emissions would rise 22% above 2005 levels by 2030 without reforms to the Safeguard Mechanism, analysts said Tuesday, though a potential new Labor government pushing such reforms might face an uphill battle in parliament should it try to legislate changes.

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