Compensating investors in coal-fired power stations means the costs of their failure to properly consider risks would be borne by taxpayers, the Investor Group on Climate Change has warned.
WWF chief Greg Bourne has hit out at big emitters ‘crying poor’, releasing new research showing ten firms – including BP, the company he used to run in Australia – will receive free permits worth $1.86 billion in 2012-13, despite making $868.5 billion in profits over the past five years.
The Australian Conservation Foundation has asked Australia's corporate watchdog to investigate 'potential breaches of the Trade Practices Act' relating to public statements on the effects of the CPRS made by six major companies.
Chair of the Senate trading bills inquiry, Labor Senator Annette Hurley, has poured cold water on an ACF suggestion that a further round of legislation could be passed before mid-2010 if the current bill fails. Plus Colonial First State on the different messages firms can give to politicians and to investors, and more Senate testimony.
If the CPRS legislation fails under the weight of relentless, 'cynical' lobbying by industry associations, then no politician will have the courage to try again in the near future, warns WWF chief Greg Bourne.
Coal-fired generators need free permits equivalent to 'as few as 10 to 15% of the total emissions permit pool', according to the National Generators Forum. Meanwhile, Greenpeace has issued a musical anti-coal video to pressure the Rudd Government not to give money or free permits to fossil fuel-fired power stations.