Xstrata will make cleaner coal investments totalling $250 million over the next decade, Xstrata Coal chief executive Peter Freyberg said this afternoon.
Freyberg said Australia must ensure a place for coal in the transition to a low-emission economy and warned the public must understand the sacrifices involved.
Energy and Resources Minister Martin Ferguson will shortly announce a new 'clean coal council', comprising representatives of industry and federal, state and territory officials.
The mining union says the move is welcome, but warns rapidly commercialising carbon capture and storage will require more industry cash and market reforms.
Meanwhile, Ferguson wants draft federal legislation on offshore CCS to be a 'road map' for equivalent state laws.
The Victorian government has convened an industry working group to ensure Latrobe Valley cleaner coal projects can minimise the costs of carbon capture and storage by sharing the use of CO2 pipelines and injection infrastructure.
A PwC survey of more than 100 senior power utility executives across the globe - including 15 in Australia - shows industry expectations of 'clean coal' are generally low, and most believe nuclear power will edge out renewables as the technology having the biggest impact on greenhouse gas emissions.
Resources and energy minister Martin Ferguson on the weekend released a long-awaited draft Bill amending offshore petroleum legislation to establish carbon capture and storage rights.
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.
