It's Labor's first commitment period – with the Rudd government last night setting out where its climate change and environment cash will be spent over 2008-2012. New Budget climate measures will get $341.6 million in 2008-09 and a total of $2.3 billion over 2007-08 to 2011-12.
Meanwhile, Treasurer Wayne Swan says the review of the tax system – due to report by the end of 2009 – will 'look at the role to be played by environmental taxes'.
CE Daily looks at where the money will go and guides you through the maze of Budget papers.
NSW today introduced a bill to establish a 'clean coal' fund that could receive hefty contributions from the coal industry. But, unlike similar Queensland legislation passed last year, it doesn't commit the state to lobby for industry contributions to be treated as offsets under an emissions trading regime.
Meanwhile, Prime Minister Rudd and Climate Change Minister Penny Wong announced funding for cleaner coal projects in China and for a carbon accounting pilot project to help China prepare for 'possible participation in future global carbon markets'.
'We all know coal-fired power stations will sequentially close," the head of the National Generators Forum, John Boshier, tells CE Daily. But if generators don't get help making that transition then Australia will face power interruptions and price volatility as a result of closures that occur too soon, he says. Yet delivering assistance in the right way won't be easy, Boshier says. (plus audio)
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
