Australia can affordably slash its emissions 60% below 1990 levels in just over 20 years, says a study released today by consultancy McKinsey & Company, but it will mean fitting two-thirds of coal-fired plants with carbon capture and storage technology by 2030. If that doesn't happen, costs would rise.
The study also says Kyoto's Clean Development Mechanism could make the abatement challenge massively cheaper – and concludes nuclear would make the task even less costly.
Timber industry association says it's time to consider 'carbon miles' * Garrett issues first EPBC Act remediation order, demands $250,000 bond * California government told – 'if you want 80% cuts be cautious about permit give-aways and borrowing, and think twice about a price safety valve'
* South Australia doubles container deposit levy * WWF urges Australia to boost protected lands to 15.5% by 2010 * NSW environment department issues business video clips * Energy agency updates renewables and energy efficiency policy databases * UN Secretary-General – 'now the real work begins'
The head of the International Energy Agency told last week's major economies meeting in Hawaii a "CO2 incentive" of US$200 a tonne would be needed to deliver a 50% cut in emissions by 2050, the IEA revealed yesterday.
Meanwhile, the head of Australia's mining union, Tony Maher, has canvassed the creation of a new climate change pressure group and has urged resource companies to massively boost their spending on carbon capture and storage.
"The introduction of emissions trading will constitute the most significant economic and structural reform undertaken in Australia since the trade liberalisation of the 1980s," Climate Change Minister Penny Wong this afternoon told the Australian Industry Group.
Senator Wong outlined five design principles for emissions trading, said details of a medium-term trajectory would be announced by year's end, and specified timetables for drafting legislation to introduce emissions trading and overhaul Australia's renewable energy target scheme. (with audio)
Last week's climate change summit meeting of major economies – attended by Australia's Penny Wong – did not steer clear of the tough questions, says White House environment adviser James Connaughton.
Meanwhile, the UK representative at the meeting says major economies are planning the second industrial revolution. But Wong has warned 'there is no quick fix'.
Treasury tells Rudd to put Australia 'on a clean energy footing' * Wong says we will set an interim target, as UN climate change chief urges major emitters to deploy climate change 'Marshall plan' * Victoria's Hazelwood power plant a cleaner fossil fuels case study as global energy agency suggests replacing or upgrading more than a third of the world's coal-fired capacity
* NSW environment group weighs in against NSW power industry privatisation * Program offers industry a 'low-risk' chance to test sustainability, Garrett says * 6-star green building flurry continues * Wood waste power plant proposed for WA
The European Commission last night unveiled plans for a sweeping overhaul of the EU's emissions trading scheme. It also proposed new measures to speed up the development of carbon capture and storage and to put Europe on a path to meet its 20% by 2020 renewables target.
And in comments likely to set off alarm bells for Australian exporters to Europe, EC President José Manuel Barroso floated the prospect of protecting the competitiveness of EU industry by requiring importers to obtain emission allowances.
CE Daily reports on the latest initiatives from the region widely seen as the global pacesetter on climate change policy. (with video
'Easy Being Green' sold to green energy retailer * WA geothermal legislation enters into force as first acreage released * EPA Victoria investigates Transpacific Cleanaway over contaminated soil stockpile * FTSE establishes environmental technology index
