Australia’s Labor announces A$1.5 bln gas plan that could send emissions higher
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.
Read MoreMinister says Australian emitters would have to splash A$25 bln on foreign offsets under Labor plan
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.
Read MoreAustralia maintains offset issuance rate but new project development remains slow
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.
Read MoreAustralia issues nearly 400k offsets to stay on track to double amount of yearly credits
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.
Read MoreMiner Rio Tinto puts industry associations on climate notice
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.
Read MoreAustralia election to decide way forward on climate policy, carbon markets
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.
Read MoreQueensland government funds projects to boost state offset market
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.
Read MoreAustralia could face pressure to cancel ERF contracts, expert warns
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.
Read MoreAustralia backloads new ERF cash, stretches funding period
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.
Read MoreReport backs calls to reform Australia’s Safeguard Mechanism
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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