The Victorian Legislative Assembly has passed a bill to overhaul the state's waste management arrangements and formally end the EREP scheme, with Labor accusing the Government of turning revenue from the waste levy into a 'slush fund'.
New reports from an Australian group representing funds that manage more than $900 billion warn oil and gas reserves might have to remain unexploited and urge investors to seek climate change risk assessments from owners of large mines.
The Victorian Government will immediately phase-out a resource efficiency program that targets 250 large energy and water users, on the basis that it imposes an 'unnecessary compliance burden'.
Prime Minister Julia Gillard and state and territory leaders have agreed to energy reforms including measures to reward large power users that moderate their consumption in peak periods, while the PM said state proposals for devolving EPBC approval powers were too divergent.